White Tiger Announces Filing of Third Quarter 2012 Financial Results

TORONTO, ONTARIO -- (Marketwire) -- 11/14/12 -- White Tiger Gold Ltd. ("White Tiger" or the "Company") (TSX: WTG) today announced the filing of its interim financial statements and management's discussion and analysis for the three and nine month periods ended September 30, 2012 which are both available on White Tiger's website at www.whitetigergold.com and have been filed on SEDAR at www.sedar.com. All figures are quoted in Canadian dollars unless otherwise indicated.

Commenting on the Third Quarter 2012 Financial results, Jim McBurney, CEO of White Tiger, said "The Company is extremely pleased with the continued progress with the development of our Russian asset base and with the operating and financial results achieved year to date."

Highlights for Q3 2012 Include:

--  Net profit of $2.0 million compared to a net loss of $1.0 million in the
    corresponding period last year;

--  Comprehensive income of $1.2 million compared to a comprehensive loss of
    $3.1 million for Q3 2011;

--  Revenue of $14.5 million compared to revenue of $12.6 million in the
    corresponding quarter last year;

--  Gross profit of $8.1 million compared to a gross profit of $5.2 million
    for Q3 2011;

--  Gold production of 8,528 ounces compared to 8,194 ounces for Q3 FY2011;
    and

--  Gold production of 20,713 ounces for the 12 month period ended September
    30, 2012.

Financial Results for the Three Months Ending September 30, 2012

The Company reported a net profit from continuing operations of $2.0 million, or $0.01 per share, in the third quarter of 2012 compared to a net loss of $1.0 million or $(0.01) for the corresponding period of 2011. Third quarter results were impacted by higher than anticipated production at the Company's Savkino mine, higher realized gold prices, and lower operating costs, offset by higher administration expenses and higher finance costs. Ounces of gold produced for the three months ended September 30, 2012 was 5% higher than the corresponding period in 2011.

Cash provided from continuing operations for the three months ended September 30, 2012 was $1.9 million as compared with $3.3 million for the three months ended September 30, 2011. Due to the severe climatic variations in Eastern Russia, the Company's inventories are generally higher in the second half of the year, and impacts the cash provided from operating activities.

During the third quarter the Company used $9.3 million for property, plant and equipment expenditures and for the continued development work on the Nasedkino Project. For the corresponding period in 2011, the Company used $9.5 million, most of which was spent on the development of the Savkino mine. During the third quarter the Company issued equity instruments for proceeds of $9.6 million, while in 2011 the Company received loans from third parties of $4.5 million.

Financial Results for the Nine Months ending September 30, 2012

The Company reported a net loss from continuing operations of $8.7 million, or $(0.02) per share, for the nine months of 2012 compared to a net loss of $6.8 million or $(0.06) for the corresponding period of 2011. The year to date results were impacted by higher than anticipated production at the Company's Savkino mine, higher realized gold prices, and lower operating costs, offset by higher administration expenses and higher finance costs. Ounces of gold produced for the nine months of 2012 was 20% higher than the corresponding period in 2011. For the nine months ended September the Company has produced 13,630 ounces. For the twelve months ended September the Company has produced 20,713 ounces.

The Company reported a loss from discontinued operations of $171.8 million resulting from the deconsolidation of Century Mining in May 2012.

Cash used in continuing operations for the nine months ended September 30, 2012 was $1.9 million as compared with $7.2 million used in the nine months ended September 30, 2011. Despite the higher loss in 2012 over 2011, this increase was offset by a deferral of accounts payable for $6.1 million.

For the nine months ended September 30, 2012, the Company used $16.5 million for property, plant and equipment expenditures and for the continued development work on the Nasedkino Project. For the corresponding period in 2011, the Company used $21.5 million, most of which was spent on the development of the Savkino mine.

For the nine months ended September the Company had proceeds from issue of common shares through private placements of $20.7 million. In March of this year, the Company made a drawdown of USD$40.0 million under a loan facility with VTB Capital plc. (the "VTB Facility"). The proceeds of the VTB Facility were used to repay existing secured and unsecured bank loans and for the Savkino operations.

Key Milestones for 2012/2013

From now through 2013, the Company is planning to achieve a number of key milestones as part of the strategy of production growth to a medium term production target of 130,000 ounces of gold per annum.

At the Savkino mine the phase 2 expansion project is well-advanced and on track to bring a new pit into operation in 2013. During the remainder of 2012, the Company also plans to complete construction, installation and commissioning of the second crushing and screening unit, install pump stations, complete the expansion of heap leaching pads and finish the construction of new accommodation facilities for 116 people. Concurrently, the Company plans to expand the gold recovery plant and to start the installation of additional equipment. The Company continues to expect Savkino to produce approximately 20,000 ounces of gold in 2012.

At its Nasedkino project, an updated National Instrument 43-101 ("NI 43-101") compliant technical report ("Technical Report") will be filed in the fourth quarter. The Company has started the construction design of a mine and preparatory work on supplying grid power to the site. In addition, in conjunction with its activities at the Nasedkino license area, the Company intends to continue prospecting on the areas adjacent to the Nasedkino license area that form part of the Uryum license area.

About White Tiger

White Tiger Gold Ltd. is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.

Caution Concerning Forward-Looking Information

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") relating, but not limited to, the Company's expectations, intentions and beliefs (including, without limitation, statements regarding, the Company's mines, projects and licence areas, exploration and development plans (including the timing thereof) and potential, anticipated gold production, future plans and objectives of the Company, plans with respect to the completion of design work on a new processing facility at the Nasedkino project and plans with respect to the preparation of an updated NI 43-101 compliant technical report on the Nasedkino project (including the timing thereof)). Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by the management of the Company in light of their experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that may cause actual results to vary include but are not limited to: changes in equity and debt markets; inflation; uncertainties relating to the availability and costs of financing needed to complete exploration, development and production activities; failure to establish estimated mineral resources or mineral reserves (the Company's mineral resource and mineral reserve figures are estimates and no assurances can be given that the indicated levels of gold will be produced); exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which the Company has an interest; unexpected geological or hydrological conditions; the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties, including the failure of major mining and/or milling equipment; the availability to the Company of suitable financing alternatives; the ability of the Company to service its existing debt facilities; fluctuations in gold and other commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of the Company; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws; political, economic and other risks arising from the Company's activities in Russia; fluctuations in foreign exchange rates; and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Contacts:

White Tiger Gold Ltd.

Jim McBurney

Chief Executive Officer
info@whitetigergold.com
www.whitetigergold.com