NEWS RELEASE

The Company is pleased to announce the closing of the flow through private placements announced on October 12, 2005 for an aggregate amount of $131,000 for the purchase of 1,637,500 units at a price of $0.08 per unit.. Each flow-through unit consists of one flow-through share plus one share purchase warrant. Each whole warrant is exercisable to purchase one further common share at a price of $0.10 per share. The warrants are exercisable for one year from closing. The shares will be issued with a 4 month hold period expiring on March 28, 2006.

Proceeds of the private placement will be used for to further develop the Company's Lang Bay Kaolin Property, near Powell River .  Work has already started in organizing the large data file of drill core and processed samples on the Lang Bay Property.

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 private placement and the options are subject to regulatory approval.

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 A. Salman Jamal, Syndicated Capital Corp. 604-694-1994  info@syndicatedcc.com www.syndicatedcc.com