MONTREAL, QUEBEC--(Marketwire - Feb. 3, 2012) - TOMAGOLD CORPORATION (TSX VENTURE:LOT) ("TomaGold" or the "Company") - is pleased to announce the beginning of a 3,000 metres, 21 holes, drill program on the 100% owned Monster Lake Property located to the southwest of the Chapais-Chibougamau mining districts.

The Monster lake property was recently acquired by TomaGold, along with two other gold projects (Urban and Vassan), from Stellar Pacific Ventures inc. Over the past two years, Stellar drilled 46 diamond drill holes (5,235 m) on gold bearing structures defined along a 4 km long NNE striking mineralized corridor. The mineralization is related to dark quartz-sulphide veins within an altered shear zone ranging from 3 to 10 metres in width in basaltic units.

Significant results were obtained by Stellar all along the mineralized system. The following table is a summary of the best intercepts (2010 and 2011 programs):

The Company intends to pursue Stellar's definition drilling program in following up on surface mineralization as defined by intensive stripping and channel sampling in the summer and fall of 2011. The Company will test several sectors of the mineralized system, including newly discovered zones in the south of the property and the well-known Eratix showing in the centre of the property.

ABOUT MONSTER LAKE PROPERTY

The Monster Lake property is located 44 kilometres South-West of the town of Chibougamau in northern Quebec. It is easily accessible by road and has a major power line nearby. From 1984 to 1995 SOQUEM drilled 142 holes for nearly 20,000 meters of diamond drill core and excavated several trenches along this 4 kilometre long mineralized corridor. Before Stellar's drilling, there were more than 45 known intersections of greater than 1 g/t Au from drill core or channel samples. The 3 principal showings, Eratix, Zone IV & III and Zone 52, have been drilled at 50 meter interval, but for the most part with only one hole per section, leaving several now economic intersections wide open, along strike and at depth.

The technical content of this press release have been reviewed and approved by Mr. Maurice Giroux, a qualified person as defined in NI 43-101 regulation.