Emgold completes $8 million private placement financing


    TSX Venture Exchange: EMR
    OTC Bulletin Board:   EGMCF
    U.S. 20-F Registration: 000-51411
    Frankfurt Stock Exchange: EML

    VANCOUVER, Oct. 22 /CNW/ - Emgold Mining Corporation (EMR - TSX Venture)
(the "Company" or "Emgold") is pleased to announce it has completed its
previously announced non-brokered private placement offering (the "Offering"),
which was fully subscribed and raised gross proceeds of $8,000,326. A total of
72,730,236 units (the "Units") were issued at a price of $0.11 per Unit.
Closing of the final tranche of the Offering occurred on Friday, October 12,
    Sargent Berner and Kenneth Yurichuk, co-executive chairmen of Emgold,

    "We very much appreciate the support provided not only by our previous
    shareholders, but also by investors new to Emgold through this financing.
    Emgold now has in hand all of the funding that should be required to
    complete the permitting process for the Company's Idaho-Maryland Gold
    Mine in Grass Valley, California. Emgold remains committed as its first
    priority in the coming year to obtaining all of the permits necessary to
    re-open and operate the Idaho-Maryland and is presently anticipating that
    the Environmental Impact Report will be completed by July 2008 and the
    Conditional Mine Use Permit will follow within 60 days. The present
    financing should also allow us to deal with unanticipated delays in the
    process, should they occur. We are confident that obtaining the
    conditional mine use permit ultimately will allow Emgold and our
    shareholders to realize the value of the known gold resource present at

    Each Unit in the Offering was comprised of one fully paid and
non-assessable common share of the Company (a "Common Share") and one
transferable common share purchase warrant (a "Warrant"). Each Warrant
entitles the holder to subscribe for one additional previously unissued common
share (a "Warrant Share") in the capital of the Company for a period of 24
months following the date of issue at an exercise price of $0.15 per Warrant
    Emgold paid finder's fees to eligible finders (the "Finders") in the form
of cash in the sum of $547,998, equal to 8% of the proceeds raised by such
Finders, and 4,981,803 non-transferable options (the "Finder's Options"),
equal to 8% of number of Units sold by such Finders. Each of the Finder's
Options is exercisable to acquire a Unit of the Company (the "Finder's Units")
at a price of $0.11 per Finder's Unit for a period of 18 months from the date
of issuance, subject to adjustment. Each Finder's Unit will be comprised of
one common share of the Company and one non-transferable common share purchase
warrant of the Company exercisable to acquire one additional common share of
the Company for a period of 24 months from the date of issuance of the
Finder's Option at a price of $0.15.
    This Offering closed in four tranches. All securities issued or issuable
in connection with the Offering will be subject to a hold period and may not
be traded for four months plus one day from the date of each closing, being
January 28, 2008, February 6, 2008 and February 13, 2008, as applicable.
    The directors and certain of the officers of the Company subscribed to
the Offering. Due to this relationship, the portion of the Offering subscribed
for by the directors and officers is considered to be a "related party
transaction" as defined under TSX Venture Exchange Policy 5.9 - Insider Bids,
Issuer Bids, Going Private Transactions and Related Party Transactions
("Policy 5.9") and Ontario Securities Commission Rule 61-501 (the "OSC Rule").
However, the Offering is exempt from the valuation requirements of Policy 5.9
and the OSC Rule for related party transactions as its securities are solely
listed on the TSX Venture Exchange. The Offering is exempt from the minority
approval requirements of Policy 5.9 and the OSC Rule for related party
transactions as on the basis that the fair market value of the Units of the
Company issued to the directors and officers represents less than 25% of the
Company's current market capitalization.

    The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an available exemption from the
registration requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of the
securities in any State in which such offer, solicitation or sale would be

    The proceeds of the Offering will be used to cover remaining costs
associated with the Company's permitting application for the Idaho-Maryland
Gold Mine and for working capital.
    For more information about Emgold, the Idaho-Maryland Project in Grass
Valley, California and the Stewart, Rozan and Jazz Properties in British
Columbia, please visit www.emgold.com or www.sedar.com.

                     On behalf of the Board of Directors,

                              Sargent H. Berner
                            Co-Executive Chairman

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release. No regulatory authority has approved or
    disapproved the information contained in this news release.

    This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and events or
developments that the Company expects are forward-looking statements. Although
the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration successes, and
continued availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such statements are
not guarantees of future performance and that actual results or developments
may differ materially from those projected in the forward-looking statements.
For more information on the Company, Investors should review the Company's
filings that are available at www.sedar.com or the Company's website at

For further information:

For further information: Michael O'Connor, Manager, Investor Relations,
Tel: (604) 687-4622, Fax: (604) 687-4212, Email: info@emgold.com

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