(TSX.V:TLG)
RICHMOND, BC, March 1 /CNW Telbec/ - Tagish Lake Gold Corp., announces that it has closed the previously announced non-brokered private placement of units with Macquarie Bank Ltd. for gross proceeds of C$500,000. (See News Release of November 20, 2006)
All securities issued in this private placement will be subject to a hold period expiring on June 28, 2007 in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.
In addition, the Company has closed the previously announced non-brokered private placement of shares for gross proceeds of C$155,000 with one of its directors. (See News Release of January 26, 2007)
The securities issued in this private placement will be subject to a hold period expiring on June 13, 2007 in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.
Proceeds from these offerings will be used for the Company's exploration program at Skukum Creek and for working capital.
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, with a currently defined measured plus indicated resource of 1,120,000 tonnes grading 8.0 g/t Au and 153.1 g/t Ag (MineTech International Ltd., 2003), and the Mt. Skukum gold deposit.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE.
This news release includes certain forward looking statements in respect to various issues including upcoming events. These forward looking statements are based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. Mineral exploration is subject to a high degree of risk, which even a combination of experience, knowledge, and careful evaluation may fail to overcome. Exploration activities seldom result in the discovery of a commercially viable mineral resource. Exploration activities are also expensive. The Company will therefore require additional financing to carry on its business, and such financing may not be available when it is needed. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.