Gander Mountain Company Announces Lease Signings
for 11 New Stores to Open in Summer and Fall 2005 

ST. PAUL, Minn., June 7, 2005 — Gander Mountain Company (Nasdaq: GMTN) today announced the signing of leases for 11 new outdoor lifestyle specialty stores to open in the summer and fall of 2005, including one replacement store, in line with the company’s announced plans to open a total of 18 to 20 new stores in 2005. The company has already opened eight new stores in 2005, including the replacement of its store in Duluth, Minn. Gander Mountain stores offer a broad assortment of equipment, apparel and services for hunting, fishing, camping, boating and other outdoor pursuits at great value, while delivering exceptional service through knowledgeable associates who are passionate about the outdoors. Most of the new stores are 60,000 to 65,000 square feet plus outside selling space, and all will include ATV sales and service, an in-store professional gunsmith, a full-service archery shop with shooting lanes and a Gander Lodge meeting space available to local organizations free of charge.

“We are looking forward to introducing the Gander Mountain brand in four new states this year, Arkansas, Kansas, North Carolina and Maryland, all of which are home to many outdoor enthusiasts,” said Mark Baker, president and CEO.  “Entering these new markets furthers our goal of diversifying our store base geographically. We look forward to building on the enthusiastic customer response to our grand openings this year.”

The new stores, scheduled to open in between June and October, will be located in the following markets:
 
Baxter, Minn.
Greensboro, N.C.
Greenwood, Ind.
Johnstown, Pa. 
Joliet, Ill.
Salisbury, Md.
Sherman, Texas
Sherwood, Ark.
Texarkana, Texas
Wichita, Kan.
Woodbury, Minn. (replacement)
 

About Gander Mountain Company
Gander Mountain Company (Nasdaq: GMTN), headquartered in Saint Paul, Minnesota, leads specialty retailers in serving the needs of outdoor enthusiasts with products and services for hunting, fishing, camping and boating. Gander Mountain offers competitively priced outdoor equipment, technical apparel and footwear, as well as gunsmith, archery, ATV and marine services.  The stores feature national and regional brands as well as the company’s owned brand. Focused on a We Live Outdoors® culture, Gander Mountain dedicates itself to creating outdoor memories.  There are currently 89 Gander Mountain outdoor lifestyle stores in 14 states.  For the nearest store location call 800-282-5993 or visit www.GanderMountain.com.

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 “Risks and Factors Affecting Current and Future Results” section of the company’s Annual Report on Form 10-K for fiscal 2004, as filed with the SEC, which is available at www.GanderMountain.com and at the SEC’s website at www.sec.gov.  

Contact: Shannon Burns
Director of Investor Relations
651-325-4337