July 24, 2008 - TSX Symbol: ELT

FINANCING HAS CLOSED

Electra Gold Ltd. is pleased to announce that it has closed its non-brokered non-flow-through private placement of 2.75 million units at $0.08 a unit, subject to TSX approval. All of these units are subject to a four month hold period. Each unit consists of one share and one share purchase warrant exercisable into one share at $0.10 for a period of one year. Pro group participants include Patrick Grundle at 50,000 units and Lowell Schmidt at 100,000 units.

Electra Gold Ltd. has closed its shares for debt arrangement of 1,741,073 shares at a price of $0.08 per share subject to TSX approval. Insider participants include Dave O’Brien 26,906 shares, Deborah Brand 25,000 shares, Homegold Resources Ltd. 1,318,292 shares, Kiesman Capital 145,875 shares and Lana Eagle 225,000 shares. All of these shares are subject to a four month hold period.

For further information please contact:

A. Salman Jamal
Finance and Corporate Communications
604-694-1994 Business
604-694-1995 Fax
888-410-1994 Toll Free

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