White Tiger Gold Receives Positive Nasedkino NI 43-101 Technical Report and Completes US$19 Million Drawdown from VTB Facility

TORONTO, ONTARIO--(Marketwire - Oct. 10, 2012) - White Tiger Gold Ltd. (TSX: WTG) ("White Tiger Gold" or the "Company") announces the completion of an updated National Instrument 43-101 ("NI 43-101") technical report on the Company's Nasedkino project (the "Nasedkino Project") entitled "Technical Report 43-101 for Nasedkino Project, Mogocha, Transbaikal Region, Russian Federation" (the "Nasedkino Technical Report"). The completion of the Nasedkino Technical Report enabled the Company to draw down US$19 million from Tranche B of the US$150 million senior secured term loan facility (the "VTB Facility") entered into between the Company's wholly-owned subsidiary Diascia Investments Limited ("Diascia") and VTB Capital plc ("VTB") on February 2, 2012.

Commenting on the Nasedkino Technical Report, Jim McBurney, CEO of White Tiger, said "White Tiger was created to provide investors with exposure to a gold company focused on production growth and to the considerable exploration potential of Russia. The Nasedkino Technical Report validates this strategy and represents an important milestone for the continued development of our Russian assets. The Nasedkino Technical Report confirms the attractiveness of the Nasedkino Project (including the Uryum license area) and enables us to access Tranche B of the VTB Facility. The Company's is well-advanced with the expansion of the currently producing Savkino mine and is pleased to now have the initial drawdown of the debt funding for the development of the Nasedkino Project. In a market in which development capital is scarce, Tranche B of the VTB Facility is an important step to keep us on track to achieve our near- and medium-term production targets."

The Nasedkino Technical Report, which was prepared by SRK Consulting (Russia) Ltd ("SRK") and is dated October 9, 2012, is an integral part of the Company's evaluation of the development the Nasedkino Project and extended exploration of Uryum license area. A copy of the Nasedkino Technical Report will be filed on SEDAR at www.sedar.com within 45 days.

VTB Capital has reviewed and accepted the findings of the Nasedkino Technical Report, a condition precedent to the release of the US$40 million Tranche B of the VTB Facility. The initial drawdown of US$19 million under Tranche B has been received by the Company and will be used to fund the Company's capital development program.

Highlights of Nasedkino Technical Report

• An increase in gold ounces contained in the following resource categories:
  
  • measured and indicated resources approximately 400%;
    
  • inferred resources approximately 152%; and
    
• an initial estimate of mineral reserves (as presented in Table 2).
• The increase in mineral resources is attributable to the 43,806m exploration drilling program completed in March 2012.
  
• Development schedule assumes commissioning of a 1.4 Mtpa process plant in fourth quarter 2014, which will process over the Base Case life of mine a total 10.4 Mt at an average gold grade of 1.58 g/t and 0.17% copper.
  
• Life of mine average unit cash costs are forecast at US$660 per ounce of gold with construction capital costs estimated at US$125.2 million.
  

During 2011 and 2012 the Company continued its exploration programs on the Nasedkino and Uryum license areas, which included a combined 68 exploration holes with meters drilled of 23,619m and 20,187m respectively.

Mineral resource estimates at the Nasedkino and Uryum license areas were classified in the Nasedkino Technical Report following CIM guidelines on the basis of the density of drill hole data using a cut-off grade of 0.55 g/t Au. These estimates are presented in Table 1, and are compared to the initial mineral resource estimates of Micon International Co Limited ("Micon") for the Nasedkino Project prepared as of September 24, 2010. A copy of Micon's NI 43-101 compliant technical report on the Nasedkino Project entitled "Nasedkino Project, Chita Region, Russian Federation, Mineral Resources, NI 43-101 Technical Report" dated November 22, 2010, is available under White Tiger Gold's SEDAR profile at www.sedar.com.

Table 1. Mineral Resource* estimates comparison table on the Nasedkino and Uryum License Areas by Micon September 24, 2010 versus SRK May 1, 2012

		Micon September 24, 2010**			SRK May 1, 2012***
License Area	Resource Category	Tonnes, Mt	Au Grade, g/t	Gold, Koz	Tonnes, Mt	Au Grade, g/t	Cu Grade, %	Gold, Koz	Copper, Kt
Nasedkino	Indicated	2.7	1.52	133	14.3	1.5	0.16	668	22.6
	Inferred	2.3	2.01	151	1.4	1.1	0.16	50	2.3
Uryum	Inferred				5.9	1.8	0.06	330	3.3

*	Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
**	The cut-off grade is based on and assumed metal price of US$1,200/oz of gold, operating costs estimates, royalty and a metallurgical recovery of 87% for gold. Copper and silver were not used in the pit limits optimization for reporting mineral resources. Reported as contained within a potentially economically mineable open pit at a cut-off grade of 0.62 g/t Au.
***	Open pit mineral resources are reported at a cut-off grade of 0.55 g/t Au based on a price of US$1,600/oz of gold and gold recoveries of 88% and copper recoveries of 83%, without considering revenues from other metals.

Two extensive metallurgical test programs have been completed to date. During 2006-2008 mineralogical analysis and laboratory tests were undertaken by the LICIMS and OOO NZP Center-EstaGeo laboratories, and also at the MISiS Udokan-Engineering pilot plant. NIiPI TOMS conducted a second stage of test work (2010-2012). Each of the foregoing Russian laboratories and plants are independent of White Tiger Gold.

Mining is expected to be conventional open pit mining. It is proposed that material will be drill and blasted and the blasted rock will be loaded using hydraulic excavators with 4.5-6.5m³ buckets loading 55 tonne off-highway haul-trucks. Expected average stripping ratio for the life of mine is 4.8x.

Mineral reserves are derived from pit designs based on optimized pits for the Nasedkino Project using the indicated mineral resources only. As part of an upside analysis SRK also evaluated optimized pits including inferred material but this information was not used in the estimation of mineral reserves.

Table 2. Mineral Reserve⁽¹⁾ Statement, Nasedkino Project as at March 7, 2012

Reserve Category	Ore Tonnes, Mt	Au Grade, g/t	Cu Grade, %	Gold, koz	Copper, Kt
Probable	10.4	1.58	0.17	526	17.5

(1)	Mineral reserves are the indicated resources within a designed open pit using a cut-off grade of 0.8 g/t that is based on a long-term gold price of US$1,241/oz

SRK is not aware of any legal, political, environmental or other risks that could materially affect the potential development of the mineral resources or mineral reserves at the Nasedkino Project. SRK notes that the project requires further detailed design studies to validate the costs, that the capital cost assumptions include expected benefits from using Chinese suppliers, and that there are opportunities to optimize the mining sequence.

Initial capital costs for the development and construction of the Nasedkino Project to an annual production rate of 1.4 Mt of ore are forecast to be US$125.2 million. SRK evaluated two scenarios based on long-term gold price of US$1,241/oz in the Nasedkino Technical Report and an 8% discount rate:

• Base Case: this evaluated the economic potential of the mineral reserves only.
• Upside Case: this evaluated the economic potential of the mineral reserves and inferred resources to demonstrate the potential impact of developing additional resources including those at Uryum.

The results of the economic evaluations are summarized in the table below and highlight the positive economics of the project and the substantial project valuation upside potential through additional exploration on the Uryum license area. The economic evaluations are preliminary in nature and the "Upside Case" economic evaluation includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the economic evaluations will be realized.

Table 3. Economic Valuation of Nasedkino Project

	Ore Tonnes (Mt)	IRR (%)	NPV 8% (US$m)	Payback (yr)
Base Case	10.4	20	47.2	4
Upside Case	14.3	23	83.5	4

The next phase of the Russian design and approval process is to prepare the Design Report or TEO Project. This report will contain detailed designs and will provide the basis for obtaining more accurate quotes for equipment supply and construction. This phase is expected to be completed by August 2013.

Qualified Persons

The Nasedkino Technical Report was prepared by SRK. The mineral resource estimates in the Nasedkino Technical Report were prepared by Liubov Egorova, MAusIMM (CP) under the supervision of Ben Parsons (MAusIMM (CP)), and the mineral reserve estimates in the Nasedkino Technical Report were prepared by Maxim Lesonen MAusIMM (mining) and Dmitry Yermakov MAusIMM (CP) (mineral processing), under the supervision of David Pearce FAusIMM (CP). By virtue of their education, membership to a recognized professional association and relevant work experience Mr. Parsons and Mr. Pearce are considered to be independent "qualified persons" as defined in NI 43-101.

Mr. Pearce has reviewed, approved and verified the technical information disclosed in this press release (other than the mineral resource estimates), including sampling, analytical and test data underlying the technical information, and Mr. Parsons has reviewed, approved and verified the data disclosed in this press release relating to the mineral resource estimates, including sampling, analytical and test data underlying the mineral resource estimates. SRK visited the Nasedkino Project from 11-16 November 2011 to ascertain the geological and geographical setting of the Nasedkino and Uryum deposits; observe the extent of the exploration work completed to date; inspect drilling rigs and quality issues; review sample preparation methodology; inspect core logging and sample storage facilities; discuss geological interpretation and inspect drill core; assess constraints relating to the exploration property; visit the sample preparation facility at the project and at the ALS laboratory in Chita; review data for the assay database from historical sampling; and hold discussions with personnel involved in the current exploration activities. Mr. Pearce visited the site on 28-29 June as part of the National Instrument 43-101 guidelines.

SRK is satisfied with the quality of the laboratories used for the metallurgical testing, and based on its quality control investigations there is no evidence of bias within the current database that would materially impact the mineral reserve and resource estimates.

In order to verify the information incorporated within the 2006-2012 drill programmes, SRK has: completed a check of the digital drilling database against the diamond drill core to confirm both geological and assay values and provide a reasonable representation of the Nasedkino Project; compared the lithological coding used in the database versus the text description of each interval; and verified the quality of geological and sampling information and developed an interpretation of gold grade distributions appropriate to the use in the mineral resource model.

About White Tiger Gold

The Company is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.

Caution Concerning Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") relating, but not limited to, White Tiger Gold's expectations, intentions and beliefs (including, without limitation, statements relating to the Nasedkino Project with respect to estimates of mineral resource and mineral reserve quantities, mineral resource and mineral reserve qualities, the feasibility of open-pit operations, the commissioning of a processing plant (including the timing thereof and costs associated therewith), the capital costs, the planned level of output and the sustainability of production, metallurgical test work, the timing and completion of Russian technical studies, the filing of the Nasedkino Technical Report (including the timing thereof), the use of proceeds from the initial drawdown of Tranche B of the VTB Facility, and targets, goals, objectives and plans and the timing associated therewith. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by management of White Tiger Gold in light of its experience, current conditions and its expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that may cause actual results to vary include but are not limited to: failure to establish estimated mineral resources and/or mineral reserves; the grade, quality and recovery of mineral resources and/or mineral reserves varying from estimates; changes in equity and debt markets; uncertainties relating to the availability and costs of financing needed to complete exploration, development and production activities; delays in the exploration and development of the Nasedkino Project; unexpected geological or hydrological conditions; operational and technical difficulties, including the failure of major mining and/or milling equipment; the availability to White Tiger Gold of suitable financing alternatives; as well as other risks and uncertainties which are more fully described in White Tiger Gold's Annual Information Form dated April 5, 2012 and in other filings made by White Tiger Gold with Canadian securities regulatory authorities and available at www.sedar.com.

Any forward-looking statement and information speaks only as of the date on which it is made and, except as may be required by applicable laws, White Tiger Gold disclaims any intent or obligation to update any forward-looking statement and information, whether as a result of new information, future events or results or otherwise. Although White Tiger Gold believes that the assumptions inherent in the forward-looking statements and information are reasonable, forward-looking statements and information are not guarantees of future performance and accordingly undue reliance should not be put on such statements or information due to the inherent uncertainty therein.

The mineral resource and mineral reserve figures disclosed in this press release are estimates and no assurances can be given that the indicated levels of gold will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While White Tiger Gold believes that the mineral resource and mineral reserve estimates disclosed in this press release are well established, by their nature mineral resource and mineral reserve estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on White Tiger Gold.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred mineral resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred mineral resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as mineral reserves. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration.