Gander Mountain Company Announces Lease Signings
for Three New Stores to Open in Spring 2006 

ST. PAUL, Minn., November 16, 2005 — Gander Mountain Company (Nasdaq: GMTN) today announced the signing of leases for three new outdoor lifestyle specialty stores to open in the spring of 2006. 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. All of the new stores will be built for Gander Mountain with approximately 65,000 square feet plus outside selling space. Each will include 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.

The new stores, scheduled to open in April and May, will be located in the following markets:
Blaine, Minn. (replaces Fridley, Minn.)
Mooresville, N.C.
Tyler, Texas

“Our new store in Greensboro, our first in North Carolina, has been a top performer this fall, so we are excited to introduce Gander Mountain to more customers in that market, and east Texas is a great area for hunting and fishing,” said Mark Baker, president and CEO. “The new store in Blaine will bring an expanded assortment of products and services to our customers in the northern suburbs of Minneapolis.”

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, regional and local 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 98 Gander Mountain outdoor lifestyle stores in 18 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 and other required reports, as filed with the SEC, which are 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
Shannon.burns@gandermountain.com