Yukon Gold Reports Increased Size of Marg Mineral Resource



    TORONTO, July 23 /CNW/ - Yukon Gold Corporation, Inc. ("Yukon Gold" or
the "Company")(TSX: YK) (OTCBB: YGDC) (Frankfurt: W8Y) is pleased to announce
a Mineral Resource Estimate July 18, 2008 as an upward revision to the
Resource Estimate dated June 30, 2008 on the 100% owned Marg Property in the
Yukon.
    Both Resource Estimates have been provided by Scott Wilson Roscoe Postle
Associates Inc. ("Scott Wilson RPA"). The July 18 Estimate is an upward
revision of the Resource Estimate of June 30th due to an amendment of the
copper refinery charge.

    At a C$70 Net Smelter Return (NSR) cut-off the Resource Estimate is:

    Indicated Mineral Resource: 5.70 million tonnes at 1.52% Copper,
    3.66% Zinc, 1.91% Lead, 47.77 g/t Silver, and 0.78 g/t Gold with an NSR
    C$/tonne value of $113

    Inferred Mineral Resource: 2.15 million tonnes at 1.18% Copper,
    3.39% Zinc, 1.63 % Lead, 38.18 g/t Silver, and 0.65 g/t Gold with an NSR
    C$/tonne value of $95.

    There is no change in the resource model only in the NSR calculation.
    Details of the updated Resource Estimate will be included as part of the
upcoming Scoping Study/Preliminary Economic Assessment.
    The Resource Estimate July 18 used an NSR cut-off. The NSR value was
estimated by Scott Wilson RPA based on assumptions for long term metal prices,
metallurgical recoveries, US exchange rate, trucking costs, port costs,
shipping costs, and smelter charges. The NSR does not include assumptions for
mine operating costs and capitalized expense recovery. These NSR estimates
should be considered very preliminary at this stage.
    A summary of the July 18, 2008 Resource Estimate at various NSR cut offs
is tabulated below.

    
           Scott Wilson RPA Mineral Resource Estimate July 18, 2008

    Category    NSR     Tonnes  % Cu  % Zn  % Pb  g/t Ag  g/t Au       NSR
              Cut-off  Millions                                     C$/tonne

    Indicated   $60      6.73   1.43  3.43  1.78   44.65    0.72       106
    Indicated   $70      5.70   1.52  3.66  1.91   47.77    0.78       113
    Indicated   $80      4.88   1.60  3.87  2.03   50.32    0.83       120
    Indicated   $90      4.15   1.69  4.07  2.13   52.64    0.88       126

    Inferred    $60      2.95   1.06  3.13  1.52   35.80    0.58        87
    Inferred    $70      2.15   1.18  3.39  1.63   38.18    0.65        95
    Inferred    $80      1.49   1.30  3.67  1.76   41.03    0.73       104
    Inferred    $90      1.05   1.37  4.02  1.89   43.96    0.81       112

    Notes: 1. The classification of mineral resources follows CIM Definition
              Standards.
           2. Mineral resources have been estimated by kriging into blocks
              constrained by wireframed mineral lenses.
           3. NSR values are based on assumed metallurgical recoveries of 60%
              for Cu, 80% for Zn, and 60% for Pb; and on metal prices of
              US$2.50 for Cu, US$0.90 for Zn, US$0.70 for Pb, US$13.50 for
              Ag and US$800 for Au; and foreign exchange of C$1.00 equals
              US$0.90.
           4. High assay values were not cut.

    Below is a table of the comparison of the estimates of July 18 and
June 30, 2008

       YUKON GOLD - MARG DEPOSIT -- RE

SOURCE at C$70 NSR CUT-OFF VALUE Category Tonnes Cu (%) Zn (%) Pb (%) Ag (g/t) Au (g/t) NSR ('000) ($/t) Indicated (previous) 4,713.58 1.61 3.92 2.06 51.04 0.85 102.54 Indicated (updated) 5,703.17 1.52 3.66 1.91 47.77 0.78 113.21 ------------------------------------------------------------------------- Difference 21.0% -5.6% -6.6% -7.0% -6.4% -7.8% 10.4% Inferred (previous) 1,377.92 1.28 3.78 1.79 41.96 0.77 90.80 Inferred (updated) 2,152.67 1.18 3.39 1.63 38.18 0.65 94.66 ------------------------------------------------------------------------- Difference 56.2% -7.8% -10.5% -9.3% -9.0% -16.7% 4.3% About Yukon Gold Yukon Gold Corporation, Inc. (Yukon Gold) explores and develops mining properties with a commitment to moving projects towards production. Yukon Gold's 100% owned Marg Deposit is an advanced stage copper/lead/zinc/silver/gold deposit in the Tombstone Belt in Yukon, Canada. Currently there are 29.5M of the Company's common shares outstanding. The technical information in this Press Release has been reviewed by Dr. William Roscoe, P.Eng., President of Scott Wilson RPA and a Qualified Person. FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. Cautionary Note to US Investors - The United States Securities and Exchange Commission (SEC) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The reader is cautioned that the terms "resource," "indicated" and "inferred" are not terms recognized by SEC guidelines for disclosure of mineral properties. Generally, "indicated" and "inferred" estimates do not rise to the level of certainty required by SEC guidelines. The mineralized material described above is not considered a "reserve" as that term is used in the mining industry and in SEC disclosure guidelines. The Company must undertake a feasibility study before it can estimate the value of the Marg Deposit. U.S. investors are urged to consider closely the disclosure in our Form 10-KSB, File No. 000-51068. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.

For further information:

For further information: Yukon Gold Corporation, Inc., Cletus Ryan, VP
Corporate Development, (416) 865-9869 or 1-800-295-0671 x12, Email:
cryan@yukongoldcorp.com, Website: www.yukongoldcorp.com, Company Website:
www.yukongoldcorp.com

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