TSX APPROVES COMPANY RESTRUCTURING: TRADING COMMENCES

Electra Gold Ltd. (the 'Company') is pleased to announce that the TSX Venture Exchange has approved the Company's restructuring and trading of the Company's shares has commenced as of April 4, 2003. The restructuring included settlement of debt for shares, a private placement, a property acquisition, and appointment of a new director and president.

Shares For Debt

The Company has issued or will issue 4,523,126 shares to settle outstanding debt of $1,474,535.97. A total of 29 creditors were involved. Doug Stelling, the Company's President, was one of the creditors. The shares for debt are subject to a one year hold period expiring April 7, 2004 and have now been issued, except for shares to be issued to creditors in certain jurisdictions where local securities laws require additional documentation.

Property Acquisition

The Company has closed agreements dated September 30, 2002 between the Company, Homegold Resources Ltd. ('Homegold'), Robert W. Howich and Johan Shearer. Pursuant to the agreements, the Company has leased the mineral rights to the Apple Bay property located near Port Hardy on Vancouver Island. This property is an industrial mineral property containing cement feedstock and Kaolin as well as strong potential for development of base and precious metal deposits. In consideration for the lease of mineral rights, the Company has issued 1,500,000 shares (deemed price of $0.10) to Homegold and 1,500,000 shares (deemed price of $0.10) to Robert W. Howich. Electra will pay two royalties, which combined total $1.00 per ton of industrial product sold on one portion of the property and $1.10 per ton on another portion of the property. The Company also has agreed to spend $100,000 in exploration expenditures during the first year of the agreement.

The Company will also pay a 3% net smelter return royalty for all base and precious metals produced from the property. The shares issued are subject to a one year hold period expiring April 7, 2004. Homegold is owned by Johan Shearer. Mr. Shearer has been appointed as a director of the Company at a directors'meeting held on April 11, 2003.

Non-Brokered Private Placement

The Company has closed the private placement announced October 18, 2002. The private placement consisted of 3,000,000 shares issued at $0.10 per share and 750,000 two year share purchase warrants to purchase 750,000 shares exercisable at $0.15 per share during the first year and $0.25 per share in the second year. A total of 15 placees were involved, including insiders. The shares issued are subject to a one year hold period expiring April 7, 2004.

Escrow Agreement

In addition to applicable hold periods, the Company's insiders have agreed to escrow their shares such that 25% of their shares are released from escrow on issuance and 25% on the 6, 12 and 18 month anniversaries of the issuance of the shares.

Board Changes

The Company is pleased to announce that it has appointed Johan Shearer as a director effective April 11, 2003. Mr. Shearer is an accomplished geologist and claims staker. He has been involved in mining exploration continuously since 1973. Mr. Shearer specializes in industrial minerals and has taken several quarries to production. He has also been a director of several public companies. Also effective April 11, 2003, Johan Shearer was appointed as president and Doug Stelling, having resigned his office as president, was appointed Chairman of the Board and Chief Executive Officer of the Company.

Grant of Stock Options

At a Directors'Meeting held on April 11, 2003, the Company granted 1,300,000 Stock Options, subject to regulatory approval, to various optionees, at a price of $0.10 per cents per share. The options expire on April 11, 2005.

Effective at the opening, on April 4, 2003 trading was reinstated in the securities of the Company.

Doug Stelling, Chairman of the Board, CEO
CONTACT: TEL: (604) 647-2227
FAX: (604) 669-5375

Email: electragold@telus.net

The TSX Venture Exchange has in no way approved or disapproved the contents of this news release