CORPORATE UPDATE
January 28, 2008 - Richmond, BC - Tagish Lake Gold Corp., (TSX-V: TLG) ("Tagish" or "the Company") announces that it has obtained waivers with respect to the delivery date of the anticipated definitive feasibility study for the Company's Skukum Creek gold-silver project and other financial covenants from Macquarie Bank Limited ("Macquarie") pursuant to the Company's interest-bearing C$1,500,000 secured feasibility finance facility originally announced on June 11, 2000. Macquarie has provided the Company with a written waiver effective until March 31, 2008.
Tagish has also discontinued its $500,000 non-brokered private placement of share units at a subscription price of C$0.13 per unit originally announced on December 11, 2007. The Company will re-consider its financing options in light of its obligations to Macquarie, its current cash position and its projected budget for completion of the definitive feasibility study for the Company's Skukum Creek gold-silver project.
Robert Rodger, P.Eng has been engaged as a consultant to ensure the timely and accurate completion of the Genivar feasibility study and to continue with the ongoing permitting preparation and submission. Mr. Rodger's intimate knowledge of the project and of the feasibility and permitting process will be a great asset to ensuring success.
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.
FOR FURTHER INFORMATION, visit the Company's website at www.tagishgold.com, or contact:
Tagish Lake Gold Corp.
Greg Hawkins, Chairman
Lindsay Malcolm, Investor Relations
lmalcolm@tagishgold.com
Tel: 604-273-6447
Fax: 604-273-6488
www.tagishgold.com
Renmark Financial Communications Inc.
Barbara Komorowski : bkomorowski@renmarkfinancial.com
John Boidman : jboidman@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com
Should you wish to receive Company news via email, please email lmalcolm@tagishgold.com and specify "TLG News" in the subject line.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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.
