RICHMOND, BC, Aug. 21 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX.V - TLG)
wishes to report on progress in moving the Company towards its production
The drift portion of the underground program is essentially complete.
While results from additional assays are pending, the horizontal continuity in
the Rainbow Two and Berg zones is demonstrated visually. The vertical
continuity is being confirmed by driving raises on the Rainbow Two and Berg
zones. The surface preparation work continues for the new portal at the 1100 m
Wega Mining ASA
According to the terms of the subscription agreement, Wega will invest an
additional C$8,000,000 in Tagish, representing an additional
40,000,0000 Units. The acquisition of the Units by Wega is subject to certain
conditions including: (i) Wega completing a due diligence review of the
assets, business and affairs of Tagish; (ii) Wega entering into an agreement
with certain officers and/or directors of Tagish to provide for mutual
pre-emptive rights related to the future sale of any shares of Tagish held by
the parties to the agreement; and (iii) Tagish and Wega obtaining all
necessary regulatory approvals, including that Tagish receive the requisite
level of approval from its shareholders for the additional private placement
of the Units to Wega. To that end, a Special Meeting of Tagish Shareholders
will be held at the offices of Getz Prince Wells in Vancouver on September 5,
2007 to approve the investment by Wega.
In response to a request from Wega, the due diligence period has been
extended to August 31, 2007 from August 9.
On closing of the second tranche, Wega will be entitled to appoint two
Directors to a six member Board. In order to facilitate this change,
Robert Rodger will resign as a Director, but will remain President of the
Virtually all of the warrants expiring on August 3 and 19 were exercised,
providing the Company with gross proceeds of C$1,600,000.
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, the Goddell Gully gold deposit and the Mt. Skukum gold
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.: Robert Rodger,
President, (604) 273-6477, 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) 939-3717, www.renmarkfinancial.com; Should you wish
to receive Company news via email, please email firstname.lastname@example.org and
specify "TLG News" in the subject line.