Attention Business Editors:

Yukon Gold Announces First Tranche of Private Placement of up to $1,000,000

    TORONTO, July 24 /CNW/ - Yukon Gold Corporation, Inc. ("Yukon Gold" or
the "Company"), (TSX: YK) (OTCBB: YGDC) (Frankfurt: W8Y) is pleased to
announce the closing of the first tranche of a non-brokered private placement
of up to $1,000,000. The Corporation has completed the sale of 4,134,000
common shares on flow-through basis at a price of $0.15 per share for gross
proceeds of $620,010. All of the securities issued pursuant to this offering
have a hold period expiring four months after the closing date.
    The proceeds from the private placement of flow-through shares will be
used by Yukon Gold for program expenditures on the Marg Property and the Mt.
Hinton Property. Full details on the Marg Property and Mt. Hinton Property
projects can be found at www.sedar.com.
    Following the issuance of the common shares pursuant to the first tranche
of the private placement there are 33,650,629 common shares issued and
outstanding.

    About Yukon Gold

    Yukon Gold Corporation, Inc. (Yukon Gold) explores and develops mining
properties with a commitment to moving projects towards production. Yukon
Gold's 100% owned Marg Deposit is an advanced stage
copper/lead/zinc/silver/gold deposit in the Tombstone Belt in Yukon, Canada.

For further information: Yukon Gold Corporation, Inc., Cletus Ryan, VP
Corporate Development, (416) 865-9869 or 1-800-295-0671 x12, Email:
cryan@yukongoldcorp.com, Website: www.yukongoldcorp.com