RICHMOND, BC, Oct. 24 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX-V: TLG)
announces that it has closed the first of two tranches of its previously
announced non-brokered private placement of flow-through share units at a
subscription price of C$0.17 per unit for gross proceeds of C$479,400. Each
unit consists of one flow-through common share in the capital of the Company
and one-half of one non-transferable common share purchase warrant, each whole
warrant entitling the holder to acquire one additional non flow-through common
share at a price of C$0.25 per share for eighteen (18) months from the date of
The funds will be used for the 5,000 m diamond drilling program to
increase the resource in the Rainbow Two and Berg zones, by testing the
extensions of these zones above the 1400 m elevation and below the 1200 m
In connection with the closing of the offerings today, the Company has
agreed with certain eligible registrants to pay a finders' fee in cash of
$29,780 and grant finders' warrants on terms similar to the warrants included
in the units to purchase 175,200 common shares.
All securities issued will be subject to a hold period expiring on
February 19, 2008 in accordance with the rules and policies of the TSX Venture
Exchange and applicable Canadian securities laws and such other further
restrictions as may apply under foreign securities laws.
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 Skukum Creek
gold-silver deposit and the Goddell Gully gold deposit, and has a currently
defined measured plus indicated resource of 1,420,000 tonnes grading 6.8 g/t
Au and 131 g/t Ag (MineTech International Ltd., 2007 Update), and the Mt.
Skukum gold deposit.
Should you wish to receive Company news via email, please email
firstname.lastname@example.org 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 seldom result in the discovery of a commercially viable
mineral resource. 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.
For further information:
For further information: visit the Company's website at
www.tagishgold.com, or contact: Tagish Lake Gold Corp.: Robert Rodger,
President; Lindsay Malcolm, Investor Relations, email@example.com, (604)
273-6447, Fax: (604) 273-6488, www.tagishgold.com; Renmark Financial
Communications Inc.: Barbara Komorowski, firstname.lastname@example.org;
John Boidman, email@example.com, (514) 939-3989, Fax: (514)