CLOSING OF FINANCING HAS BEEN DELAYED

The Company announced today, that closing of the financing announced in the news release dated November 8, 2005 has been delayed.  The Company hopes to complete the announced financing before the end of the year. The financing consists of on non-brokered private placement of 1,250,000 units at a price of .08 a unit. Each unit consists of 1 share and 1share purchase warrant exercisable into a share at .10 for a period of 1 year. A 10% finder's fee will be paid in cash. In addition, the company will issue to the finder, 10% warrants. Each warrant is exercisable to purchase a unit at a price of .08 for a period of 1 year. The proceeds of the private placement will be used for working capital.

The private placement is subject to regulatory approval.

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

On behalf of the Board of Directors,

“J. T. Shearer”

President

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 Salman Jamal at 604-694-1994 Business, 604-694-1995 Fax, 1-888-410-1994 Toll Free or email asj@syndicatedcc.com