RICHMOND, BC, Jan. 28 /CNW Telbec/ - 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, 2007. 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 ensure its 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 km(2) 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.
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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.
For further information:
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, 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)