SKYGOLD ANNOUNCES 2.4 MILLION UNIT FINANCING

Vancouver, BC – December 12, 2007 – Skygold Ventures Ltd. (TSX-V: SKV) (the “Company”) is pleased to announce that it will sell to Canadian resident investors on a non-brokered private placement basis up to 2,400,000 units at a price of $1.30 per unit for to raise gross proceeds of up to $3,120,000.  Each unit will consist of one flow through common share and one-half of one non-transferable common share purchase warrant.  Each whole warrant will entitle the holder to purchase one non-flow-through common share at a price of $1.75 per share for a period of 12 months following closing of the offering.

Finders’ fees payable in cash and/or units and non-transferable finder’s warrants may be payable in respect of a portion or all of the units sold under the offering. 

The flow-through funds raised from the sale of the units will be used for general exploration expenditures on the Company’s Spanish Mountain project and will constitute Canadian exploration expenses (as defined in the Income Tax Act) that will be renounced to investors for the 2007 taxation year.

Mr. Fulcher states: “This funding will ensure a continued aggressive exploration program at Spanish Mountain through the merger process with Wildrose.  Three drills will continue the exploration at Spanish Mountain in early January 2008 with plans currently underway to add a fourth drill shortly after start up.”

The offering and the payment of any finders’ fees thereunder are subject to acceptance for filing by the TSX Venture Exchange.  All securities issued in connection with this offering will be subject to a four-month hold period in accordance with securities regulation.

About Skygold:

Skygold is a Vancouver based resource company that on completion of the merger with Wildrose Resources Ltd. (see press release dated December 5, 2007) will have a 100% interest in the Spanish Mountain project as well as five other projects in the Cariboo gold belt of central British Columbia.  The Spanish Mountain project is a large bulk tonnage, advanced stage, sediment hosted gold deposit.  Work is currently underway on a 43-101 compliant resource estimate which should be completed in the first quarter of 2008.

Skygold is also quickly advancing five early stage projects with the potential to host Spanish Mountain type mineralization.  Drill programs are currently being planned for at least three of the projects in 2008.

On Behalf of the Board,
SKYGOLD VENTURES LTD

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. 

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements".  All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward-looking statements.  Forward-looking statements are statements that are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.  In this news release, predictions about the sale of units under the offering, the completion of the proposed merger with Wildrose Resources Ltd., the completion of a 43‑101 compliant resource estimate and the completion of drill programs for at least three projects in 2008 are forward-looking statements.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions.  Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.