VIKING GOLD COMPLETES PRIVATE PLACEMENT

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/

TORONTO, Jan. 4 /CNW/ - Viking Gold Exploration Inc. (the "Company") is pleased to announce that it has completed a non-brokered private placement of 2,233,332 units at a price of $0.30 per unit for gross proceeds of $670,000.  Each unit is comprised of one flow-through common share and one-half common share purchase warrant, with each whole warrant entitling the holder to purchase an additional non-flow-through common share at a price of $0.50 per share until December 30, 2011.  The common shares and warrants comprising the units are subject to a 4-month restricted period.  The Company paid $42,700 in cash and issued 142,333 compensation warrants to acquire an equal number of non-flow-through common shares at a price of $0.30 per share until December 30, 2011, as finder's fees. 

The net proceeds of the private placement will be used to fund the Company's exploration activities.

Upon completion of the private placement Viking Gold Exploration Inc. has a total of 60,856,702 common shares issued and outstanding.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

SOURCE Viking Gold Exploration Inc.

For further information:

Mr. Mark Edwards, CEO at (416) 364-6244 ext. 227 or visit our website at: www.vikinggold.ca

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Viking Gold Exploration Inc.

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