Wega Mining ASA Elects Not To Proceed With Second Investment Of Units



    (TSX.V:TLG)

    RICHMOND, BC, Aug. 31 /CNW Telbec/ - Tagish Lake Gold Corp., (TSX-V: TLG)
("Tagish") announces that Wega Mining ASA has decided not to proceed with the
proposed second tranche of the investment of C$8,000,000 in common share
purchase units, as described in the Company's news release of June 26, 2007.
Wega has determined, after review of the technical information, that Tagish's
project does not meet the size and other investment criteria set by Wega. Wega
has advised that there were no significant issues with the legal and financial
aspects of the Company or mineral resource estimates of the project.
    While pursuing other sources of financing, the Company will continue work
on the environmental assessment report to be filed this fall for permitting of
production from the Skukum Creek deposit, and on the feasibility study
currently being undertaken by Genivar.
    In consideration of Wega's decision, the Company will not proceed with
the special meeting of shareholders scheduled for Wednesday, September 5, 2007
at which shareholders were to consider a resolution approving the proposed
private placement by Wega.

    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 has a
currently defined measured plus indicated resource of 1,420,000 tonnes grading
6.8 g/t Au and 131 g/t Ag (MineTech International Ltd., 2007 Update), and the
Mt. Skukum gold deposit.

    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.

    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR ACCURACY OF THIS RELEASE




For further information:

For further information: visit the Company's website at
www.tagishgold.com, or contact: Tagish Lake Gold Corp.: Robert Rodger, (604)
273-6477, Fax: (604) 273-6488, investor@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

Organization Profile

TAGISH LAKE GOLD CORP.

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