GOLDEN TAG ANNOUNCES COMMENCEMENT OF DRILL PROGRAM ON AQUILON PROPERTY, JAMES BAY, QUEBEC AND CLOSING OF PRIVATE PLACEMENT

March 31, 2005

Montreal, Quebec -Golden Tag Resources Ltd. (TSX-V:GOG) is pleased to announce that a second phase diamond drilling program is due to commence on or around April 1, 2005 on the Aquilon Gold Property in James Bay, Quebec where the Company is earning a 60% interest (see Golden Tag’s news release of November 20, 2003). The planned seven hole, 1000 meter program will test the Red Toad Zone along its strike extension and at depth. This program is in response to a first phase program in October 2004 where drill results indicate the Red Toad Zone is continuous over a minimum strike length of approximately 100 meters and has been confirmed from the surface to depth of 36 meters. Hole AQU- 04-03 intersected 4.33 meters of mineralization at an average grade of 10.03 g/t Au (see Golden Tag’s news release of November 9, 2004).

 

Golden Tag also announces today the closing of a private placement resulting in proceeds of $150,000 being received by the Company. Pursuant to this private placement, the Company issued an aggregate of 750,000 units at a price of $0.20 per unit. Each unit is comprised of one (1) common share of Golden Tag and one (1) common share purchase warrant entitling the subscriber to acquire one (1) common share at a price of $0.25 at any time before February 28, 2007. Furthermore, the units are subject to a four (4) month hold period during which no transactions are permitted. Such a hold period will end on June 28, 2007. In accordance with the TSX Venture Exchange Policy 5.1, a finders fee was paid to one finder by way of issuance of an aggregate of 52,500 common shares of Golden Tag. The net proceeds of the offering will be used by Golden Tag for exploration on the Aquilon Property in James Bay, Quebec and for working capital purposes.

 

 

 

 

For additional information, please contact:

 

Golden Tag Resources Ltd.

Marc A. Carrier, President & CFO

Ph: (514) 426-8542

Fax: (514) 426-8543

Email: pres@goldentag.ca

Web: www.goldentag.ca

 

Cautionary Statement: Statements in the release that are "forward looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. For a discussion of the risk factors that are inherent in the Mining Industry see our public filings at www.sedar.com.

 

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 news release.

 

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