VIKING GOLD COMPLETES PRIVATE PLACEMENT

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

TORONTO, Nov. 2 /CNW/ - Viking Gold Exploration Inc. (the "Company") is pleased to announce that it has completed a private placement of 3,750,000 units at a price of $0.08 per unit for gross proceeds of $300,000.  Each unit is comprised of one common share and one common share purchase warrant entitling the holder to purchase one additional common share at a price of $0.15 per share for a period of 24 months from the closing of the offering.  The common shares and warrants comprising the units are subject to a 4-month restricted period.  The Company paid $8,800 in cash and issued 110,000 compensation warrants to acquire common shares at a price of $0.08 per share for 24 months, as finder's fees.  The net proceeds of the private placement will be used for general working capital purposes.

The Company currently has the right to accelerate the expiry of 14,000,000 warrants, each exercisable at $0.20 per share, that were issued as part of the financing completed in January 2010 if the Company's stock trades over $0.30 for 30 consecutive days.  The Company confirms that it will not exercise this right prior to October 7, 2011.

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

For further information:

please contact us at [phone] ext. 227 or visit our website at: www.vikinggold.ca