Electra Announces Closing of Second Tranche of Non-Brokered Private Placement

Vancouver, B.C., December 1, 2014 – Electra Gold Ltd. (TSX-V: ELT) (“Electra” or the “Company”) has closed the second tranche of its previously announced non-brokered private placement (the “Private Placement”), issuing 3,400,000 units (the “Units”) at $0.05 per Unit for gross proceeds of $170,000, each Unit consisting of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.10 per share for a period of 24 months.

Further to the news release issued by Red Star Capital Ventures Inc. (NEX: RSM.H) (“Red Star”) on November 28, 2014, 3,400,000 of the Units were issued to Red Star for gross proceeds of $170,000. Following completion of the Private Placement, Red Star will distribute these Units pro rata to its shareholders and thereafter be dissolved.

All of the securities issued under the Private Placement are subject to a hold period expiring on April 2, 2015.

The proceeds of this Private Placement will be used for the Company’s operations, and for general and corporate purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Electra Announces Appointment of Officers

Electra is pleased to announce the appointment of Ms. Jody Bellefleur as Chief Financial Officer and Ms. Frances Petryshen as Corporate Secretary of the Company.

Ms. Jody Bellefleur has been Chief Financial Officer of Zimtu Capital Corp. since June, 2013 and has been with the Zimtu group of companies since 2008. She is responsible for regulatory financial reporting including preparation of quarterly financial statements and management discussion and analysis. Ms. Bellefleur is a CGA with over 20 years’ experience as a corporate accountant. Ms. Bellefleur has worked as an accountant for various publicly listed mineral exploration companies exclusively for 6 years and prior to that, with a private manufacturing company for 12 years. She has been a Member of the Certified General Accountants Association of British Columbia since 1998. Ms. Bellefleur is a graduate of the University of British Columbia with a Bachelor of Commerce degree.

Ms. Frances Petryshen brings over 25 years of management experience with a specialization in corporate compliance and governance for public and private organizations. She has been a Director and Officer of several public and private companies. Most recently, she is Corporate Secretary of Zimtu Capital Corp. and a number of its related companies. Ms. Petryshen is an Accredited Director and a Fellow with the Institute of Chartered Secretaries and Administrators (“ICSA”) where she currently serves as Director and Chair of the BC Branch and is also a Director of the National Board.

About Electra Gold

Electra Gold Ltd. was incorporated in 1976 and has since September 2003 been in continuous production with a cement raw material operation on North Vancouver Island and operated the Aurora Gold Mine in Nevada in the 1990’s.

For further information on Electra Gold Ltd. please visit www.electragoldltd.com

Or contact: Tyler Lowes 604-681-1568.

On behalf of the Board of Directors,

“John Costigan”

President and Director.

Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news 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 –looking statements in this news release include completion of a financing and the issuance of securities. 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.