Tagish Lake Gold Corp.
TSX VENTURE : TLG

Tagish Lake Gold Corp.

April 23, 2008 10:13 ET

Tagish Lake Gold Corp.: Update on Financing Proposals and Status of Debt Facility With Macquarie Bank Limited

RICHMOND, BRITISH COLUMBIA--(Marketwire - April 23, 2008) - Tagish Lake Gold Corp., (TSX VENTURE:TLG) The Company has been working diligently on securing financing and has received a number of proposals concerning the provision of finance to the Company. The Company has been in discussions with certain parties concerning their expressions of interest, and should have further news on developments in the near future. It is the Company's intention to conclude a form of business arrangement that would ensure that creditors of the Company are paid and that will allow the Skukum Creek project to move ahead.

On April 18, 2008 the Company received notice ("Notice") from Macquarie Bank Limited ("Macquarie") that Macquarie intends to enforce its security against the Company due to certain events of default of the Company under the C$1,500,000 secured feasibility finance facility with Macquarie. The Company and Macquarie have finalised the terms of a Conditional Waiver with respect to the Credit Agreement under which Macquarie would refrain from enforcing its security until May 12, 2008, subject to the Company satisfying certain conditions and undertakings. Macquarie, as secured creditor, is supportive of the Company's efforts in locating and evaluating serious offers to provide financing to the Company.

About Tagish Lake Gold Corp.

Tagish Lake Gold Corp. explores for and develops high grade gold-silver mineral deposits in the Yukon Territory of Canada. The Company is currently focused on its wholly owned, 178 km2 Skukum Mineral District, located 80 km by road south of Whitehorse. The Skukum Mineral District hosts the high-grade Skukum Creek gold-silver deposit, the Goddell Gully gold deposit and the Mt. Skukum gold deposit. Tagish is currently at the Feasibility stage and is anticipating moving toward production in late 2009.

Should you wish to receive Company news via email, please email lmalcolm@tagishgold.com and specify "TLG News" in the subject line.

Tagish Lake Gold Corp.,

Greg Hawkins, Chairman

This news release includes certain forward looking statements in respect to various issues including upcoming events. These forward looking statements are based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. Mineral exploration is subject to a high degree of risk, which even a combination of experience, knowledge, and careful evaluation may fail to overcome. Exploration activities are also expensive. The Company will therefore require additional financing to carry on its business, and such financing may not be available when it is needed. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.

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

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