ELECTRA GOLD LTD. IS PLEASED TO ANNOUNCE THAT HARVEY BAY WAS APPOINTED TO THE POSITION OF CHIEF FINANCIAL OFFICER (CFO) AS OF FRIDAY, JANUARY 30, 2004.

Harvey Bay has been appointed to the position of Chief Financial Officer on Friday, January 30, 2004.  Mr. Bay has agreed to assist Electra Gold to achieve its goals in connection with the financing of the Company in regard to the development of its current projects, most importantly the Apple Bay Project located near Port Hardy, BC on the north end of Vancouver Island.  Electra Gold is seeking to obtain a permit to mine from the British Columbia Government and is working out the final details of a long term sales agreement with Ash Grove Cement Company's plant located in Seattle, Washington. 

Mr. Bay, CMA, has been a financial executive in the mineral resources industry for over 20 years.  His experience includes corporate, project, operations and joint venture management; financial and cost accounting; as well as most aspects of site, land, contracts and personnel administration.  Mr. Bay served in senior financial and administrative roles with Cameco Corporation (1981 – 1989); Neptune Resources Corporation (1989 – 1990); Hudson Bay Mining & Smelting Co. Limited (1991 – 1994) and Claude Resources Inc. (1994 – 1997).  He was initially brought into Claude to form part of the new Operations Management Team subsequent to a debt restructuring of Claude through to generating annual revenues in excess of $25 million.  Since 1997, Mr. Bay has worked as an independent consultant and has assisted a number of other companies, including Claude, primarily in the area of corporate governance and capital issuance matters.  Mr. Bay is also a director and CFO of Shore Gold Inc.

Electra Gold Ltd. is a mining company, specializing in industrial minerals and dedicated to preserving the environment.

On behalf of the Board of Directors

“Douglas Stelling”

Chairman and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

For further information, please see website at www.electragoldltd.com or contact Douglas Stelling at (604) 647-2227