NEWS RELEASE

Electra Gold Ltd has arranged for a non-brokered private placement of 1,250,000 units at a price of .08 a unit. Each units consists of 1 share and 1share purchase warrant exercisable into a share  at .10 for a period of 1 year. A 10% finders 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.

Electra Gold Ltd. is pleased to announce that it has entered into an agreement with Syndicated Capital Corp. and A. Salman Jamal of Vancouver, British Columbia for investor relations services. The term of the contract is for 12 months commencing November 1, 2005 and terminating on October 30, 2006 subject to renewal by mutual agreement. SCC will receive $5,000 per month, for a total of $60,000, which will be paid out of cash flow. The Company's objective in entering into the agreement is to increase awareness in the investment community. A. Salman Jamal is the principal of Syndicated Capital Corp. and has provided investor relations services for other listed companies. Under the Company's stock option plan, the Company has granted incentive stock options to purchase a total of 500,000 shares to Mr. Jamal, at an exercise price of $0.10 per share.

Mr. Jamal can be contacted at:

Syndicated Capital Corporation
604-694-1994 Business
604-694-1995 Fax
888-410-1994 Toll Free
www.syndicatedcc.com

The private placement and the options are 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 Jo Shearer at (604) 647-2227 or (604) 970-6402.