Gander Mountain Files Amended S-3 Registration Statement

Chairman and vice chairman comment on routine filing and reaffirm their long-term support

ST. PAUL, Minn., May 5, 2008 --- Gander Mountain Company (Nasdaq: GMTN), today announced that pursuant to pre-existing contractual commitments it has filed an amended Registration Statement on Form S-3 registering 9,769,052 shares of its common stock.  The registered shares were originally sold in two private placement transactions pursuant to purchase agreements that contained customary registration rights for the benefit of the purchasers.  The first private placement transaction occurred in December 2006, involving the sale of 5,701,255 shares of common stock to a trust affiliated with David Pratt, chairman of the board of Gander Mountain Company.  The second private placement transaction occurred in December 2007, involving the sale of 4,067,797 shares of common stock, of which 3,065,000 shares were sold to an entity controlled by Pratt, and 1,002,767 shares were sold to Holiday Stationstores, Inc., an affiliate of Ronald Erickson, vice chairman of the board, and Gerald Erickson, a director of Gander Mountain Company.  The net proceeds from the second transaction were used to partially fund the acquisition of Overton’s, Inc.

“This is a routine filing intended merely to fulfill the company’s registration rights obligations, and I remain committed to building Gander Mountain’s business,” said Pratt.  Ronald Erickson commented, “This filing completes customary registration rights, nothing more.  Holiday has believed in the Gander Mountain business since its purchase in 1997 and we remain long-term supporters of the company.”

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About Gander Mountain Company

Gander Mountain Company (Nasdaq: GMTN), headquartered in Saint Paul, Minnesota, is the nation’s largest retail network of stores for hunting, fishing, boating, camping, marine and outdoor lifestyle products and services. Since 1960, the Gander Mountain brand has offered an expanding assortment of competitively priced outdoor equipment, technical apparel and footwear, as well as gunsmith, archery, boat, ATV and marine services. The stores feature national, regional and local brands as well as the company’s owned brands. Focused on a “We Live Outdoors” culture, Gander Mountain dedicates itself to creating outdoor memories.  There are currently 113 conveniently located Gander Mountain outdoor lifestyle stores in 23 states.  For the nearest store location call 800-282-5993 or visit www.GanderMountain.com. Gander Mountain is also the parent company of Overton’s (www.overtons.com), a leading catalog and Internet based retailer of products for boating and other marine enthusiasts. 

Cautionary Note Regarding Forward-Looking Statements

Any statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors" section of the company's Annual Report on Form 10-K for fiscal 2007 and other required reports, as filed with the SEC, which are available at http://www.GanderMountain.com and at the SEC's website at http://www.sec.gov.