Tagish Corporate Progress Report
Tue Aug 21, 2:31 PM
ca.news.finance.yahoo.com
(TSX.V: TLG)
RICHMOND, BC, Aug. 21 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX.V - TLG) wishes to report on progress in moving the Company towards its production objective.
Work Programme
The drift portion of the underground program is essentially complete. While results from additional assays are pending, the horizontal continuity in the Rainbow Two and Berg zones is demonstrated visually. The vertical continuity is being confirmed by driving raises on the Rainbow Two and Berg zones. The surface preparation work continues for the new portal at the 1100 m elevation.
Wega Mining ASA
According to the terms of the subscription agreement, Wega will invest an additional C$8,000,000 in Tagish, representing an additional 40,000,0000 Units. The acquisition of the Units by Wega is subject to certain conditions including: (i) Wega completing a due diligence review of the assets, business and affairs of Tagish; (ii) Wega entering into an agreement with certain officers and/or directors of Tagish to provide for mutual pre-emptive rights related to the future sale of any shares of Tagish held by the parties to the agreement; and (iii) Tagish and Wega obtaining all necessary regulatory approvals, including that Tagish receive the requisite level of approval from its shareholders for the additional private placement of the Units to Wega. To that end, a Special Meeting of Tagish Shareholders will be held at the offices of Getz Prince Wells in Vancouver on September 5, 2007 to approve the investment by Wega.
In response to a request from Wega, the due diligence period has been extended to August 31, 2007 from August 9.
On closing of the second tranche, Wega will be entitled to appoint two Directors to a six member Board. In order to facilitate this change, Robert Rodger will resign as a Director, but will remain President of the Company.
Warrants
Virtually all of the warrants expiring on August 3 and 19 were exercised, providing the Company with gross proceeds of C$1,600,000.
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, 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.
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 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.
Contacts
visit the Company's website at www.tagishgold.com
or contact: Tagish Lake Gold Corp.: Robert Rodger
President
(604) 273-6477
Fax: (604) 273-6488
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
Should you wish to receive Company news via email
please email investor@tagishgold.com and specify "TLG News" in the subject line. |
