Tagish Lake CCAA Plan of Arrangement and Compromise Approved and Tagish Lake Enters Into Credit Agreement With New Pacific

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.