Toronto, Ontario - January 4, 2010 - Viking Gold Exploration Inc. (TSX-V: VGC), hereafter "the Company", announced today that it completed Tranche #1, a non-brokered private placement of 3,400,000 units for gross proceeds of $170,000, on December 30, 2009. The units were sold at a price of $0.05 per unit with each unit being comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.20 per share for a period of 36 months following the closing of the offering. The common shares and warrants comprising the units are subject to a statutory hold period expiring May 1, 2010. The Company plans to complete its Tranche #2 follow-up offering prior to January 31, 2010.

The proceeds of these offerings will be used 80% to fund the Company’s exploration programs on its property near Yellowknife, NT and 20% for general working capital purposes.