(TSX-V: TLG)
RICHMOND, B.C. June 11 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX-V: TLG) Further to the Company's previous news releases (January 10, 2007, November 20 and September 13, 2006), Tagish and Macquarie Bank Limited ("Macquarie") have closed the debt portion of the interest-bearing C$1,500,000 secured feasibility finance facility for the completion of the definitive feasibility study for the Company's Skukum Creek gold-silver project. The Company has drawn down the first C$750,000 tranche concurrent with the closing. All funds advanced to the Company will be due and repayable on June 7, 2009. The second tranche will be made available conditional on, among other things, successful review of the feasibility study's progress.
Excavation of drifts and raises continues on the Rainbow Two and Berg zones, outlined in diamond drilling last year. Mineral resource estimates, mineral process testing and tailings disposal plans are ongoing. The appointment of an engineering firm to complete the feasibility report will be announced shortly.
In connection with the draw down, Tagish has granted Macquarie 1,600,000 non-transferable common share purchase warrants, each warrant entitling the holder to acquire one common share at a price of C$0.25 per share until June 7, 2009. The first tranche warrants are subject to a hold period that will expire on October 8, 2007 in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws. Tagish has also paid Macquarie a finance fee of $37,500 and will reimburse certain expenses related to the transaction.
About Macquarie Bank Limited
Macquarie is a leading provider of financing for the global resources industry, and Macquarie has extensive experience in providing debt finance to gold projects worldwide.
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 the Mt. Skukum gold deposit.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE.