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Re:   News Release - Monday, January 04, 2010
      Skygold Announces Change of Company Name to  Spanish Mountain
      Gold and Closes Financing
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Skygold Ventures Ltd. ("Skygold" or the "Company") (SKV-TSXV) is
pleased to announce that it will be changing its name to "Spanish
Mountain Gold Ltd." in January 2010 and that it has closed the
previously announced $2 million "flow-through" financing.

"Spanish Mountain Gold Ltd"

The Company's Board of Directors has approved "Spanish Mountain Gold
Ltd ." as the Company's new name. Subject to regulatory approval, the
name change will become effective later in January. The Company will
issue a further news release prior to the effective date of the name
change and provide the new trading symbol. The name change reflects the
future focus of the Company as it transitions from pure exploration to
advancing to a development stage of the Spanish Mountain Gold Project
in south-central British Columbia. 

The main strategic focus of Spanish Mountain Gold Ltd will be to
prepare for the commissioning of a Preliminary Economic Assessment of
the Spanish Mountain Project in early 2010. This will be the first step
to advance the project to the development stage. Preparatory work will
include the completion of processing of HQ diameter drill core samples
at G&T Metallurgical Laboratory in Kamloops, BC. Processing of these
samples is currently underway to i) ascertain the potential for gold
grade enhancement by utilizing larger samples from the larger diameter
HQ drill core compared to smaller samples from NQ drill core and, ii)
further refinement of metallurgical recoveries (the Company has
previously disclosed that grinding and flotation of the mineralized
material  recovers 88% to 90% gold).

There will also be ongoing exploration of Thunder Ridge which is
located approximately 100km south of Spanish Mountain.

Financing

The Company closed a non-brokered private placement on December 30,
2009, pursuant to which it issued 6,100,000 "flow-through" common share
units ("FT Units") at a price of $0.33 per FT Unit for gross proceeds
of $2,013,000. Each FT Unit consisted of one common share issued on a
flow-through basis and one share purchase warrant (a "Warrant") of the
Company. Each Warrant entitles the holder to purchase one
(non-flow-through) common share for a period of three years at a price
of $0.33 per share. The Company intends to use the proceeds to fund
programs on the Company's Spanish Mountain Gold Project and Thunder
Ridge properties. A cash finders' fee of 6% was paid to Wellington West
Capital Markets Inc. All of the securities issued in connection with
the private placement are subject to four month hold periods.  The
private placement is subject to the final acceptance of the TSX Venture
Exchange.

On Behalf of the Board,
SKYGOLD VENTURES LTD

Brian Groves
 
Brian Groves.
President

Contact:

Tim Mikula 
(604) 484-6317  

or 

B&D Capital Partners
(604) 685-6465
 
www.skygold.ca     

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 facts, that address events or
developments that Skygold Ventures Ltd. expects to occur, are
forward-looking statements.  Forward-looking statements are statements
that are not historical facts and 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.  Although the Companies believe the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
perfo rmance 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
the conditions of the letter agreement not being satisfied.  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. Except as
required under applicable securities laws, 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.

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

Skygold Ventures
Suite 615 -- 800 West Pender St.
Vancouver , B.C. V6C 2V6
tel. (604)484.6317
Fax (604) 684-0279
www.skygold.ca

For more information contact B&D Capital Partners 604.685.6465

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Copyright (c) 2010 SKYGOLD VENTURES LTD. (SKV)  All rights reserved.
For more information visit our website at http://www.skygold.ca/ or
send mailto:info@skygold.ca
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