May 1, 2007 TSX Symbol: ELT

Financing Has Closed

The Company is pleased to announce the closing of the non‐brokered flow through private placement of 1,250,000 units at a price of .08 a unit. Each unit consists of 1 share and 1 share purchase warrant exercisable into a share at .12 for a period of 1 year.

For further information see:
A. Salman Jamal
Director, VP Finance and Corporate Communications
604-694-1994 Business
604-694-1995 Fax
888-410-1994 Toll Free

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

J. T. Shearer, M.Sc., P.Geo, President, is the Qualified Person as defined by NI 43-101 who supervised the preparation of the technical material of this release.

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.