Yukon Gold Announces First Tranche of Private Placement of up to $1,000,000

TORONTO, July 24 /CNW/ - Yukon Gold Corporation, Inc. ("Yukon Gold" or the "Company"), (TSX: YK.TO) (OTCBB: YGDC.OB) (Frankfurt: W8Y) is pleased to announce the closing of the first tranche of a non-brokered private placement of up to $1,000,000. The Corporation has completed the sale of 4,134,000 common shares on flow-through basis at a price of $0.15 per share for gross proceeds of $620,010. All of the securities issued pursuant to this offering have a hold period expiring four months after the closing date.

The proceeds from the private placement of flow-through shares will be used by Yukon Gold for program expenditures on the Marg Property and the Mt. Hinton Property. Full details on the Marg Property and Mt. Hinton Property projects can be found at www.sedar.com.

Following the issuance of the common shares pursuant to the first tranche of the private placement there are 33,650,629 common shares issued and outstanding.

About Yukon Gold

Yukon Gold Corporation, Inc. (Yukon Gold) explores and develops mining properties with a commitment to moving projects towards production. Yukon Gold's 100% owned Marg Deposit is an advanced stage copper/lead/zinc/silver/gold deposit in the Tombstone Belt in Yukon, Canada.

Contacts

Yukon Gold Corporation
Inc.
Cletus Ryan
VP Corporate Development
(416) 865-9869 or 1-800-295-0671 x12
Email: cryan@yukongoldcorp.com
Website: www.yukongoldcorp.com