RICHMOND, B.C. June 11 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX-V: TLG)
Further to the Company's previous news releases (January 10, 2007, November 20
and September 13, 2006), Tagish and Macquarie Bank Limited ("Macquarie") have
closed the debt portion of the interest-bearing C$1,500,000 secured
feasibility finance facility for the completion of the definitive feasibility
study for the Company's Skukum Creek gold-silver project. The Company has
drawn down the first C$750,000 tranche concurrent with the closing. All funds
advanced to the Company will be due and repayable on June 7, 2009. The second
tranche will be made available conditional on, among other things, successful
review of the feasibility study's progress.
Excavation of drifts and raises continues on the Rainbow Two and Berg
zones, outlined in diamond drilling last year. Mineral resource estimates,
mineral process testing and tailings disposal plans are ongoing. The
appointment of an engineering firm to complete the feasibility report will be
In connection with the draw down, Tagish has granted Macquarie 1,600,000
non-transferable common share purchase warrants, each warrant entitling the
holder to acquire one common share at a price of C$0.25 per share until
June 7, 2009. The first tranche warrants are subject to a hold period that
will expire on October 8, 2007 in accordance with the rules and policies of
the TSX Venture Exchange and applicable Canadian securities laws. Tagish has
also paid Macquarie a finance fee of $37,500 and will reimburse certain
expenses related to the transaction.
About Macquarie Bank Limited
Macquarie is a leading provider of financing for the global resources
industry, and Macquarie has extensive experience in providing debt finance to
gold projects worldwide.
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 Skukum
Creek gold-silver deposit and the Goddell Gully gold deposit, and the Mt.
Skukum gold deposit.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE.
For further information:
For further information: visit the Company's website at
www.tagishgold.com, or contact: Tagish Lake Gold Corp., Robert (Bob) Rodger,
President; Patrice Nazareno, Investor Relations, email@example.com,
(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