Toronto, Ontario (FSCwire) - California Gold Mining Inc. (“California Gold” or the “Company”; CGM - TSXV) is pleased to announce that it has closed the first tranche of the non-brokered private placement first announced on May 16, 2014 pursuant to which it has issued 5,600,000 common shares (“Common Shares”) at a price of $0.05 per Common Share for gross proceeds of $280,000 (the “Offering”).  As part of the Offering, insiders subscribed for a total of 4,100,000 Common Shares, or about 73% of the first tranche. 

The Corporation may raise additional funds, up to the announced total of $750,000 in one or more additional tranches which are expected to close on or before June 30, 2014.  Insiders of California Gold may subscribe for over 25% of the private placement.

The Company intends to use the net proceeds of the Offering for exploration and development of its Fremont Property and for general corporate purposes.

“This financing demonstrates the continued financial support by the insiders of California Gold”, stated Chad Williams, Interim President and CEO.  “These individuals clearly believe in the strong investment merit of the Company’s assets and management”.

All Common Shares issued shall be subject to a statutory four month hold period which shall expire on September 24, 2014. 

About California Gold Mining Inc.

California Gold Mining Inc. (formerly Upper Canada Gold Corp. TSX-V:UCC) is focused on developing its flagship Fremont gold project in Mariposa County, California. The project consists of a land package totalling 3,351 acres of historically producing gold mines. The Fremont Property lies within California’s prolific Mother Lode Gold Belt that has produced over 50 million oz of gold historically. The Company purchased the property in March 2013.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of California Gold contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause California Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements in this document include statements regarding the Company’s expectations regarding completion of additional tranches of the current financing, participation levels of insiders, timing of closings and anticipated use of proceeds from the private placement.  There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward looking statements. Any factor could cause actual results to differ materially from California Gold's expectations. California Gold undertakes no obligation to update these forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, unless otherwise required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

Patrick Cronin

Chairman

647-977-9267 x103

Website:          www.caligold.ca

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