Hy Lake Gold

Hy Lake Gold Inc. (CNQ: HYLK; FRANKFURT: HYK) (“Hy Lake Gold” and “the Company”)

is pleased to announce the closing of a non-brokered private placement of 1,500,000 units

(“Units”) of the Company at $0.60 per unit for gross proceeds of $900,000 as previously

consists of one common share and one common share purchase warrant (“Warrant”).

Each Warrant will entitle the holder to purchase one additional common share of Hy Lake at a

price of $0.80 for a period of 24 months from the date of closing (the “Warrant Term”). If after

the date that is six months following closing, the common shares of Hy Lake Gold close at $1.00

or more for 10 consecutive trading days, then the Warrant Term shall be automatically reduced

to 30 days from the date that the Company provides the holders of Warrants with written notice

of the new expiry date (the “Acceleration Right”).

This financing is non-brokered and a finder’s fee of 7% cash and 7% compensation options will

be paid to eligible finders. Each compensation option will be exercisable for one Unit at $0.60

for a period of 24 months from the date of closing. For greater certainty, the Warrants forming

part of the Units issuable upon exercise of the compensation options shall be subject to the

Acceleration Right. All of the securities issued and issuable in the Offering will have a hold

period expiring four months and one day after the day of closing.

Hy Lake Gold is a junior exploration company currently focussed on gold exploration in Red

Lake Ontario. Hy Lake Gold can earn a 75% working interest in the Jamie Frontier property by

spending a total of $1,000,000 on the property by January 19, 2010. The first and second years

commitment to expenditures have been completed.

There are 15,429,781 shares of the Company outstanding after the completion of this closing.

For further information, please contact Mr. Robert Seitz, President of Hy Lake Gold Inc., at 416-

203-9181, ext. 4500, or visit the Hy Lake Gold website at www.hylake.com.