(TSX V: TLG)
RICHMOND, BC, Oct. 2 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX: V - TLG)
(the "Company") has issued the un-audited financial statements of the Company
for the quarter ended July 31, 2006. The statements and BC Form 51-102F1
Management Discussion and Analysis are available on the Internet at
www.sedar.com.
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For the quarter ended: July 31, 2006 July 31, 2005
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(Amounts in Canadian Dollars)
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Revenue $ 0 $ 0
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Exploration expenses $ 680,016 $ 110,381
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General and administrative expenses $ 160,082 $ 119,025
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Net income (loss) $ (160,082) $ (124,172)
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Working capital $ 212,241 $ 254,030
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Deferred acquisition and exploration $17,005,552 $15,212,735
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Other capital assets $ 134,773 $ 62,337
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Shareholders' equity $16,681,566 $15,230,102
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Number of shares 78,183,042 38,780,764
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The Company expended a total of $680,016 during the quarter ended July 31,
2006 on exploration on its mineral properties. The expenditures were for
extension of the underground workings and diamond drilling on the 1300m level
at Skukum Creek. The objective remains unchanged to increase the resource on
the Skukum Creek deposit. In order to achieve this objective, deposit
definition is being undertaken on the Rainbow Two zone. The planned drill
program was just increased to 6,500 metres from 5,000m. The drill program will
also test the newly discovered Berg zone.
The drill program is underway, and results have been encouraging.
There were no write-offs during the quarters ended July 31, 2006 or
July 31, 2005.
Subsequent to the end of the Quarter, the Company closed private
placements on August 24, September 1 and 11, 2006 with gross proceeds of
$1,319,200 in flow-through funds and $889,500 in non flow-through funs.
Financing is necessary to allow the Company to pursue the corporate
objective of production from the Company's exceptional gold-silver properties.
The Company had working capital of $212,241 at July 31, 2006, compared to
$254,030 at July 31, 2005.
The financial statements and BC Form 51-102F1 are available upon request
directed to the Company at the address below.
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 June 2003, available on Sedar); and the Mt.
Skukum gold deposit.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE
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