Wega Mining ASA to make investment of up to C$10 million in Tagish Lake Gold Corp

Wega Mining ASA and Tagish Lake Gold Corp. (TSX-V: TLG - News) announced today that they have entered into a subscription agreement pursuant to which Wega Mining has agreed to make an equity investment of up to C$10 million in Tagish Lake Gold Corp.

Under the terms of the subscription agreement, Wega Mining's investment will be structured as follows:

- Wega Mining will make an initial investment (subject to, among other
things, receipt of any required regulatory approvals and customary
closing conditions) of approximately C$2,000,000 consisting of Units at
a price of C$0.20 per Unit; and

- Wega will make a second investment of approximately C$8,000,000
consisting of Units at a price of C$0.20 per Unit.


Each Unit will consist of one Common Share and one Warrant. Each Warrant will entitle the holder to acquire one Common Share on or before the 2nd anniversary of the date of issue at an exercise price of C$0.30 per share subject adjustment in accordance with its terms. The Units will separate into Common Shares and Warrants immediately upon issuance. All securities to be issued will be subject to a hold period of four months from the respective closing date in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.

The closing of the initial investment is expected to occur upon receipt of the requisite approval of the TSX Venture Exchange. The closing of the second investment is expected to occur on or about August 9th , 2007 subject to, among other things, completion of a due diligence review by Wega Mining, receipt of all required regulatory, stock exchange and shareholder approvals and other customary closing conditions.

The proceeds of the equity investment will be used by Tagish Lake Gold Corp. to complete the "Skukum Creek Deposit Exploration & Feasibility Program" during the balance of 2007. Exercise of the warrants will be instrumental in providing the financing to bringithe deposit to production by 2009.

Following the closing of the two transactions, Wega will own 50 000 000 common shares of Tagish Lake Gold Corp. representing approximately 35 % of the issued and outstanding shares or 45 % fully diluted when the warrants are exercised. Effective as of the closing date of the second investment, the board of directors of Tagish Lake Gold Corp. will be comprised of six directors, two of whom will be nominees of Wega Mining. Thereafter, as long as Wega Mining owns at least 17.5% of the outstanding common shares, it will be entitled to nominate a number of directors for election that is proportionate to the percentage of common shares held by Wega Mining.

Robert Rodger, President of Tagish Lake Gold Corp states: "We are pleased that Wega Mining ASA has joined with Tagish to move the Skukum Creek project to production. With financing available, the Company can focus its efforts on the work on the high grade Skukum Creek gold-silver deposit as well as advancing the other gold deposits on the Skukum property."

"Adding Tagish Lake to its Western Canada project portfolio, Wega Mining will leverage its development and project organisation, to bring all three deposits (two deposits held by Merit Mining Corp) to commercial production over the next two years. In total, Merit Mining and Tagish Lake are set to produce at least 200,000 oz per year of gold and gold equivalents from the end of 2009 and 300,000 oz per year from 2011" said Lars Marius Furu, CEO of Wega Mining ASA.

Tagish Lake Gold Corp. is a TSXV listed company (TLG) which 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, and the Mt. Skukum gold deposit.

Wega Mining ASA is an Oslo-based international mining company focused on exploring, developing and operating gold, copper and zinc deposits. The company currently holds exploration licenses in Guinea, Canada, Portugal, Ecuador, Romania and Norway, and a gold-copper development project in Canada. It trades on Oslo Axess, an exchange regulated by the Oslo Stock Exchange, under the ticker WEMI. Further information can be accessed at www.wegamining.com.