TLG Troilus Gold Corp (delisted)

Tagish Lake Gold Corp. (TSX VENTURE: TLG) (the "Company" or "Tagish") announces that yesterday the Supreme Court of British Columbia approved the offer by 379489 Ontario Street Holdings Inc. ("379489") to provide the Company with a debtor in possession loan in the amount of $500,000 (the "DIP Loan"), and that the Company expects that the DIP Loan will be advanced within the next few days. The DIP Loan will be provided to the Company for a term of up to six months, at an annual interest rate of 14%, and on the security of a super-priority security interest and charge on all of the existing and after-acquired property, assets and undertaking of the Company. In connection with the DIP Loan, the Company has agreed to pay to 379489 a commitment fee of $25,000, to reimburse 379489's reasonable costs and expenses, and to enter into definitive loan documents.

The Company also announces that earlier this week it received notification that, as expected, YS Mining Company Inc. ("YS Mining") has made an application to the British Columbia Securities Commission for, among other things, a cease trade order with respect to the take-over bid made on July 21, 2010 by New Pacific Metals Corp. for all of the shares and proven debt of the Company. The Company has instructed its special counsel to attend the hearing of this application to observe and to represent the interests of shareholders (and other stakeholders) of the Company in receiving full, true and plain disclosure of all material facts relating to the New Pacific bid. A date for the hearing of YS Mining's application has not yet been determined.

The Board and the Special Committee of the Board of the Company will continue to monitor events and will respond to future developments as they unfold.

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 and the Mt. Skukum gold deposits.

This news release contains forward-looking statements (within the meaning of applicable securities laws) relating to the Company. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Forward-looking information in this news release includes, without limitation, statements made in respect of the advance of the DIP Loan and the hearing of YS Mining's application to the British Columbia Securities Commission.

All forward-looking statements in this news release are qualified by these cautionary statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, should not be unduly relied upon and will not necessarily be accurate indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements, include, but are not limited to YS Mining deciding not to pursue its application for a cease trade order or 379489 deciding not to advance the DIP Loan.

Forward-looking information is based on various material factors or assumptions, which are based on information currently available to the Company.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements.

The forward-looking statements contained in this news release are made as of the date of this news release and should not be relied upon as representing the Company's views as of any date subsequent to the date of this news release. The Company assumes no obligation to update or revise these forward- looking statements to reflect new information, events, circumstances or otherwise, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Tagish Gold Lake Corp. John Resing Chair of Special Committee (425) 454-7992