Tagish Lake Gold Corp.
TSX VENTURE : TLG

Tagish Lake Gold Corp.

September 29, 2005 13:48 ET

Tagish Lake Gold Corp.: Financial Statements for the Period Ending July 31, 2005

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - Sept. 29, 2005) - Tagish Lake Gold Corp. (TSX VENTURE:TLG) (the "Company") has issued the un-audited financial statements of the Company for the three month period ending July 31, 2005. The statements and BC Form 51-102F1 Management Discussion and Analysis are available on the Internet on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.



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For the quarter ending: July 31, 2005 July 31, 2004
--------------------------------------------------------------
(Amounts in Canadian Dollars)
--------------------------------------------------------------
Revenue $ 0 $ 0
--------------------------------------------------------------
Exploration
expenses $ 110,381 $ 52,347
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General and
administrative
expenses $ 119,025 $ 141,229
--------------------------------------------------------------
Net income
(loss) $ (124,172) $ (141,229)
--------------------------------------------------------------
Working
capital $ 254,030 $ 355,869
--------------------------------------------------------------
--------------------------------------------------------------
Deferred
acquisition
and
exploration $ 15,212,735 $ 14,769,210
--------------------------------------------------------------
Other capital
assets $ 62,337 $ 77,335
--------------------------------------------------------------
--------------------------------------------------------------
Shareholders'
equity $ 15,230,102 $ 15,217,234
--------------------------------------------------------------
Number of
shares 38,780,764 31,297,673
--------------------------------------------------------------


The Company expended a total of $110,381 during the quarter ending July 31, 2005 on exploration on its mineral properties. The expenditures were for underground diamond drilling at Skukum Creek. Based on the results (See news releases of April 13, 2005 and May 2, 2005), the diamond drilling indicates that the Rainbow Two zone has the potential to allow the Company to achieve its mineral resource objective.

There were no write-offs during the periods ending July 31, 2005 and July 31, 2004.

The Company completed non-brokered private placements for gross proceeds of C$437,000 during the quarter.

As described in the news release of September 8, 2005, the Company has initiated a non-brokered private placement of silver denominated convertible debentures. This offering has been described by the Korelin Economic Report (www.kereport.com) as "a truly novel financing initiative". Copies of the Offering Memorandum and Subscription Agreement are available from the Company.

This, and other financing initiatives, will be necessary to allow the Company to pursue the corporate objective of production from the Company's exceptional Skukum Creek gold-silver mineral deposit. Given the up-trend in the precious metals markets, the timing is right for the Company to move forward to its objective.

The Company had working capital of $254,030 at July 31, 2005, compared to $355,869 at July 31, 2004.

The financial statements and BC Form 51-102F are available upon request directed to the Company at the address below.

About Tagish Lake Gold Corp.

Tagish Lake Gold Corp. is focused on exploration and development of high grade gold-silver mineral deposits in the Yukon territory of Canada, in particular the Skukum Mineral District (covering 178 km2) that is owned by Tagish. The Skukum Mineral District, located 80 km by road south of Whitehorse, hosts the Skukum Creek gold-silver deposit, and the Goddell Gully and Mt. Skukum gold deposits.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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