TLG Troilus Gold Corp (delisted)

Tagish Lake Gold Corp. (the "Company") (TSX VENTURE: TLG) announced today that at a meeting of the creditors of the Company held on October 22, 2010, 100% of the creditors present or represented by proxy approved the amended Plan of Compromise and Arrangement (the "Plan of Arrangement") under the Companies' Creditors Arrangement Act (Canada) (the "CCAA"). Pursuant to the Final Order of the Supreme Court of British Columbia (the "Court"), the Court has authorized the implementation of the Plan of Arrangement which will result in the repayment of all proven claims of creditors against the Company as determined pursuant to the CCAA proceeding (the "Proven Claims"). Please see the Company's news release of October 15, 2010 for further details of the CCAA proceeding.

The Company further announces that it has entered into a credit agreement (the "Credit Agreement") to receive a loan in the principal amount of up to $8,250,000 (the "Loan") with New Pacific Metals Corp. ("New Pacific"). New Pacific holds approximately 79.8% of the issued and outstanding common shares of the Company.

The Plan of Arrangement contemplates that the Company enter into the Credit Agreement to fund the required payments under the Plan of Arrangement. In accordance with the Plan of Arrangement, New Pacific has provided the proceeds of the Loan directly to Grant Thornton Limited, the monitor appointed under the CCAA proceeding (the "Monitor"). The Monitor will distribute the proceeds of the Loan as set out in the Plan of Arrangement, which includes payment of the Proven Claims.

Pursuant to the terms of the Credit Agreement, New Pacific agreed to provide a non-revolving credit under which the Company could borrow by way of a single advance. The amount owing under the Loan is due and payable on or before October 31, 2011. The interest for the Loan is the annual rate of interest announced by the Bank of Montreal being its prime rate plus 7%. As security for its obligations under the Credit Agreement, the Company has delivered to New Pacific a registered debenture in the principal amount of up to $10,000,000 secured by a fixed charge on the Company's assets, including a charge over the Company's assets with respect to the Skukum Creek property. No shares of the Company are to be issued in connection with the Loan.

The Company further announces the re-constitution of its board of directors. Effective October 26, 2010, Graham C. Dickson, Robert E. Chafee, Sun Feng, Peter Holbeck, John Resing and Neil Steenberg have each resigned as directors of the Company and each of Rui Feng, Jack Austin, Greg Hawkins, David Kong and Joanne Yan have been appointed as directors of the Company.

This news release may contain 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 Loan and the Credit Agreement and the continuity of the CCAA proceedings.

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. 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 Lake Gold Corp. Rui Feng Director 604-669-9397