Tagish Lake Enters Into Agreement With New Pacific for Second-Step Transaction

   Tagish Lake Gold Corp. (TSX VENTURE: TLG) (the "Company") announces today that it has entered into an agreement with New Pacific Metals Corp. ("New Pacific") to pursue a plan of arrangement (the "Arrangement") whereby New Pacific would acquire the remaining issued and outstanding common shares of the Company ("Shares") which it does not currently hold. The Arrangement is being proposed in order to allow New Pacific to acquire the Shares that were not deposited under the recently expired take-over bid by New Pacific for the Shares. If the Arrangement is completed, the Company will become a wholly-owned subsidiary of New Pacific.

The Company intends to seek an order from the Supreme Court of British Columbia (the "Court") authorizing a meeting of the shareholders of the Company (on a date to be announced) to consider the approval of the Arrangement.

The Company also intends, subject to the approval of the Court, to cancel the meeting of the shareholders of the Company which is scheduled to be held on November 17, 2010. As disclosed in the October 27, 2010 news release of the Company, the previous directors of the Company have each resigned and have been replaced with nominees of New Pacific. Given that the only matter to have been considered at the November 17, 2010 meeting was the removal and appointment of the directors, the meeting is no longer necessary. Shareholders of the Company who have received the notice of meeting and management information circular in respect of such meeting are advised to disregard such materials.

The Company also announces that effective October 27, 2010, Graham Dickson has been removed as President and Chief Executive Officer of the Company, Sun Feng has been removed as Chairman of the Company, Graham Scott has been removed as Corporate Secretary of the Company, and Rui Feng has been appointed as the President 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 Arrangement.

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