Tagish Lake Gold Corp.

Tagish Lake Gold Corp.

May 14, 2008 09:51 ET

Tagish Lake Provides Update and Announces Private Placement

RICHMOND, BRITISH COLUMBIA--(Marketwire - May 14, 2008) - Tagish Lake Gold Corp. ("Tagish Lake") (TSX VENTURE:TLG) -

Tagish Lake is pleased to announce that Kingsdale Capital Markets Inc. is prepared, on a best efforts basis, to secure the necessary funding required to satisfy Tagish Lake's financial commitment to Macquarie Bank with regards to the C$1.5 million feasibility study credit agreement. This funding will enable Tagish to retire the debt facility with Macquarie and move more quickly to completing the feasibility study. Macquarie has been advised of this event and has issued a Conditional Waiver to June 2, 2008, to allow Tagish Lake and Kingsdale Capital Markets Inc. to complete this funding.

Tagish Lake has enlisted the support of Kingsdale Capital Markets Inc. to spearhead and help develop a restructuring program that will address both management and financing issues, including working capital, that will allow Tagish Lake to move forward with a Skukum Creek project production decision.

The Board of Directors of Tagish Lake have approved a private placement of 50,000,000 common shares at $0.05 without a warrant, for total proceeds of $2,500,000 (the "Private Placement"). Tagish Lake has received subscription agreements for the non-brokered first tranche of the Private Placement for 6,800,000 common shares with proceeds of $340,000. Certain insiders of the Company, namely Robert Chafee (a director of the Company) and CM Exploration Services, have subscribed for 4,000,000 shares. Proceeds of the private placement will be used for general corporate purposes. The closing of the Private Placement is subject to TSX-V approval and all of the common shares issued pursuant to the Private Placement will be subject to a four-month hold restriction.

Tagish Lake held its Annual General Meeting on April 30th and reports that all resolutions were passed, including the election of the Board of Directors, the appointment of Auditors and the acceptance of the Financial Statements. There has been no change to the Board of Directors.

About Tagish Lake Gold

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.

Tagish Lake Gold Corp.

Greg Hawkins, Chairman

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

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 does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information