Golden Tag Res. to raise 3 million

MONTREAL, QUEBEC--(Marketwire - Nov. 12, 2010) - Golden Tag Resources Ltd. (TSX VENTURE:GOG - News; "Golden Tag") announces that it will be seeking to raise up to $3 million through the issuance of up to 6 million units at a price of $0.50 per unit, each unit consisting of one common share (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one Share at a price of $0.60 per Share for the period ending 12 months from the closing, and thereafter at a price of $0.70 per Share for the period ending 24 months from the closing. Powerone Capital Markets Limited will act as a finder in connection with the financing and will receive a finder's fee in cash plus finder's warrants equal to 10 per cent of the number of units sold under the private placement. Each finder's warrant will be exercisable for one unit at a price of $0.50 per unit for a period of 24 months from closing. The terms of the placement and finders fees are subject to TSX venture acceptance. Completion is targeted for end of November and is subject to the negotiation and execution of definitive agreements as well as customary closing conditions. Proceeds will be used for exploration and general corporate purposes.

Golden Tag Resources Ltd. is a junior exploration company exploring for high grade gold and silver deposits at the San Diego silver project in Durango State, Mexico; the Aquilon Gold project in James Bay, Quebec; and the McCuaig gold project in Red Lake, Ontario. Golden Tag has 39,770,958 issued and outstanding shares.

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. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.

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

Contact:

Marc A Carrier, President

Golden Tag Resources Ltd.

514-426-8542

514-426-8543 (FAX)

  pres@goldentag.ca

  www.goldentag.ca