Tagish Undertakes Non-Brokered Private Placement of Units, Terminates Flow-Through Unit Offering and Grants Stock Options


    RICHMOND, BC, June 28 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX-V: TLG)
announces that, in consideration of the proposed C$10,000,000 equity
investment by Wega Mining ASA disclosed in the Company's news release of June
26, 2007, Tagish has elected not to proceed with its C$4,000,000 flow-through
unit offering announced on May 25, 2007.
    The Company has, however, decided to undertake a non-brokered private
placement offering of up to 5,000,000 common share units (the "Units") at a
subscription price of C$0.20 per Unit for gross proceeds of up to C$1,000,000.
Certain Directors and/or Officers of the Company will participate in this
private placement in an aggregate amount of up to C$750,000. Each Unit
consists of one common share in the capital of the Company and one
non-transferable common share purchase warrant entitling the holder to acquire
one additional common share at a price of C$0.30 per share for twenty-four
(24) months from the date of issuance. In connection with the balance of the
offering, the Company has agreed with certain eligible registrants to pay a
finders' fee in cash of 8% of the proceeds raised from participating
subscribers introduced to the Company by such registrants and grant finders'
warrants on terms similar to those included in the flow-through share units
equal to 8% of the Units subscribed by such subscribers.
    The anticipated proceeds of the offering will be used for working capital
    Completion of this proposed private placement will be subject to the
negotiation, execution and delivery of definitive subscription agreements, TSX
Venture Exchange acceptance of the proposed subscribers and documentation
related to the offering. Any securities to be issued with will be subject to a
hold period of four months from the closing date in accordance with the rules
and policies of the TSX Venture Exchange and applicable Canadian securities
    Tagish also announces that it has granted incentive stock options to
certain directors and senior officers to purchase an aggregate of 1,800,000
common shares at an exercise price of $0.20 per share. The options are for a
term of five years and expire on June 25, 2012. Tagish has concurrently
granted incentive stock options to consultants to purchase an aggregate of
100,000 common shares at an exercise price of $0.21 per share. These options
are for a term of two years and expire on June 25, 2009. All options and
shares issuable upon exercise, if any, will be subject to a four-month hold
period from the date of grant in accordance with TSX Venture Exchange policy.
The grants were made pursuant to the Company's 2006 Stock Option Incentive
Plan and are subject to the terms and conditions set out in the Plan and the
policies of the TSX Venture Exchange.

    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 and the Goddell Gully gold deposit and the Mt. Skukum gold

    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
of the Company have not been registered under the United States Securities Act
of 1933, as amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S. Persons
unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.

    Certain statements contained in this news release using the terms "may",
"expects to", "projects", "estimates", "plans", and other terms denoting
future possibilities, are forward-looking statements in respect to various
issues including upcoming events based upon current expectations which involve
risks and uncertainties that could cause actual outcomes and results to differ
materially. The future conduct of the Company's business and the feasibility
of its mineral exploration properties are dependent upon a number of factors
and there can be no assurance that the Company will be able to conduct its
operations as contemplate and the accuracy of these statements cannot be
guaranteed as they are subject to a variety of risks that are beyond our
ability to predict or control and which may cause actual results to differ
materially from the projections or estimates contained herein. The risks
include, but are not limited to, the risks described in the above press
release; those risks set out in the company's disclosure documents and its
annual, quarterly and current reports; the fact that exploration activities
seldom result in the discovery of a commercially viable mineral resource and
are also significant amounts of capital to undertake and the other risks
associated with start-up mineral exploration operations with insufficient
liquidity, and no historical profitability. 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; Tagish Lake Gold Corp.: Robert Rodger, P.Eng., Patrice
Nazareno, (604) 273-6477, Fax: (604) 273-6488, pnazareno@tagishgold.com,
www.tagishgold.com; Renmark Financial Communications Inc.: Barbara Komorowski,
bkomorowski@renmarkfinancial.com; John Boidman, jboidman@renmarkfinancial.com;
(514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com

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