Electra Gold Ltd.

June 27, 2008 - TSX Symbol: ELT

PRIVATE PLACEMENT

Electra Gold Ltd. has arranged a private placement of 2,750,000 million units at a price of eight cents ($0.08) per unit. Each consists of one common share and one purchase warrant at ten cents ($0.10) per warrant. The warrant period is one year from the date of issue. The 2,750,000 million units are subject to a four month hold period. The proceeds raised will be used to advance Electra’s key projects and general working capital.

The Company will also issue shares for debt in the amount of $139,285.87 at eight cents ($0.08) per unit equal to 1,741,073 shares to certain contractors who have performed work for the company over the last year. These shares are subject to a four month hold period.

The foregoing is subject to regulatory acceptance.

For further information please contact:

A. Salman Jamal
Director, VP 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.