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Skygold Ventures Ltd.: Skygold Closes Private Placement

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^{Published in Stocks and Investing on Tuesday, September 29th 2009 at 5:18 GMT, Last Modified on 2009-11-04 07:51:25 by Market Wire}  

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2009) - Skygold Ventures Ltd. ("Skygold" or the "Company") (TSX VENTURE:SKV) is pleased to report that it has closed the private placement which was announced on September 23, 2009. A total of 13,000,000 common share units (the "Units") were issued at a price of $0.17 per Unit for gross proceeds of $2,210,000.

Each Unit consisted of one common share and one share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder to purchase one common share for a period of three years at a price of $0.23 per share. A total of 543,809 additional Units were issued to a finder in lieu of cash payment in connection with the private placement.

All of the securities issued in connection with the private placement are subject to four month hold periods that expire on January 28, 2010. The proceeds of the private placement will be used to fund programs on the Company's Spanish Mountain and Spanish Creek properties and for general working capital. The private placement is subject to the final acceptance of the TSX Venture Exchange.

About Skygold

Skygold is an exploration company focused on advancing its flagship Spanish Mountain gold project in central southern British Columbia. The Company is well funded with a current cash position of $4.4 million, including the $2.21 million gross proceeds from the private placement. The Company has applied for Mineral Exploration Tax Credit refunds from the Province of British Columbia totaling $1.9 million. These funds are expected to be received in 2009. For more information, please visit [ www.skygold.ca ].

On Behalf of the Board,

SKYGOLD VENTURES LTD

Brian Groves, President

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.