Electra Gold Ltd. Completes Debt Settlement

September 29th, 2014 - Electra Gold Ltd. (TSXv: ELT) (the “Company” or “Electra Gold”) announces that the TSX Venture Exchange (the “Exchange”) has approved a debt settlement agreement of $1,218,953.20 by the issuance of 24,000,000 common shares.

Electra Gold entered into a Debt Settlement Agreement with each of the creditors to settle the debt through the issuance of 24,000,000 common shares. All of the shares issuable under the settlement agreement have been escrowed in accordance with Section 6.62 of Exchange Policy 5.4: Escrow, Vendor Consideration and Resale Restrictions.

On Behalf of the Board of Director

ELECTRA GOLD LTD.

“J.T. Shearer”

Jo Shearer

President

Tel: 604.696.1022

Neither 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 release.

Forward Looking Statement

This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update, or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties as it relates to Electra Gold Ltd., please refer to the Company’s 2013 Annual Financials filed with SEDAR.