Viking Gold completes non-brokered private placement (Tranche No. 1)

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/

TORONTO, Jan. 4 /CNW/ - Viking Gold Exploration Inc. (the "Company") announced today that it completed Tranche No. 1, a non-brokered private placement of 3,400,000 units for gross proceeds of $170,000, on December 30, 2009. The units were sold at a price of $0.05 per unit with each unit being comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.20 per share for a period of 36 months following the closing of the offering. The common shares and warrants comprising the units are subject to a statutory hold period expiring May 1, 2010.

The Company plans to complete its Tranche No. 2 follow-up offering prior to January 31, 2010.

The proceeds of these offerings will be used 80% to fund the Company's exploration programs on its property near Yellowknife, NT and 20% for general working capital purposes.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

SOURCE Viking Gold Exploration Inc.

For further information: For further information: Robert Ginn, CEO at (416) 364-6244 ext. 227 or visit our website at: www.vikinggold.ca

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Viking Gold Exploration Inc.

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