Tagish Lake Gold Corp. CCAA Proceedings Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2010) - As previously announced, on April 9, 2010, Tagish Lake Gold Corp. (TSX VENTURE: TLG.V) ("Tagish Lake" or the "Company") commenced proceedings under the Companies' Creditors Arrangement Act (Canada) (the "CCAA Proceeding") in the Supreme Court of British Columbia (the "Court") and obtained the Initial Order, providing protection from the Company's creditors until May 7, 2010 and appointing Grant Thornton Limited as the Monitor for the Company. On May 7, 2010, the Court granted an Order (the "Confirmation Order") confirming and extending the creditor protection provided under the Initial Order to July 7, 2010. On that same date, the Court also granted an Order (the "Claims Process Order"), approving the claims process (the "Claims Process") for the Company's creditors.

On July 7, 2010, the Court granted an Order further extending the creditor protection provided under the Initial Order to 11:59 p.m. on September 7, 2010 (the "Extension").

Among other things, Tagish Lake intends to use the Extension to deal with the claims of its creditors, move forward with the restructuring process and consider any further developments in connection with a Plan of Compromise and Arrangement for the Company.

Additional information filed by the Company or the Monitor relating to the CCAA Proceeding is available at the Monitor's website at:

http://www.grantthornton.ca/services/reorg/bankruptcy_and_insolvency/creditor_updates/tagish

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 does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Certain statements contained in this news release using the terms "may", "expects to", "projects", "estimates", "plans", and other terms denoting future possibilities, are forward-looking statements in respect to various issues including upcoming events based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. The future conduct of the Company's business and the feasibility of its mineral exploration properties are dependent upon a number of factors and there can be no assurance that the Company will be able to conduct its operations as contemplate and the accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; the fact that exploration activities seldom result in the discovery of a commercially viable mineral resource and are also significant amounts of capital to undertake and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.

Neither the 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 news release.

Contacts

Graham Dickson
Tagish Gold Lake Corp.
President & CEO
604-688-9427