Gander Mountain Company Will Enter Florida and West Virginia in Fall 2006

ST. PAUL, Minn., March 23 — Gander Mountain Company [GMTN] today announced the signing of leases for two new outdoor lifestyle specialty stores to open in the fall 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. One of the new stores will be located in Lake Mary, Florida, just north of Orlando, and the other will serve Charleston, West Virginia. The company has previously announced new store openings this spring in Tyler, Texas; Mooresville, North Carolina; and Blaine, Minnesota. Later in the year, the company anticipates announcing an additional one to three new store openings for the fall of 2006.

Gander Mountain is remodeling existing buildings for both of the stores and expects to open them in September 2006. The Lake Mary store will be approximately 80,000 square feet and the Charleston store will occupy 65,000 square feet, and both will have additional outside selling space for larger items such as ATVs. Each will include an in-store professional gunsmith, a full-service archery shop with shooting lanes, a Power Shop for servicing small engines and a Gander Lodge meeting space, available to local organizations free of charge. The Lake Mary store will carry Gander Mountain’s broader assortment of Genmar fishing and recreational boats, in addition to the usual selection of canoes, kayaks and aluminum fishing boats.

“We are excited to introduce Gander Mountain’s extensive assortment and unparalleled customer service to customers in these two great hunting and fishing markets,” said Mark Baker, president and CEO. “With this first store in Florida, we take a significant step forward in increasing the geographic diversity of our stores, while the opening in West Virginia adds to our growing presence in the mid-Atlantic region.”

About Gander Mountain Company

Gander Mountain Company [GMTN], headquartered in Saint Paul, Minnesota, is the nation’s largest retail network of stores for hunting, fishing, 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, 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(R)” culture, Gander Mountain dedicates itself to creating outdoor memories. There are currently 98 conveniently located Gander Mountain outdoor lifestyle stores in 18 states. For the nearest store location call 800-282-5993 or visit http://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 http://www.gandermountain.com/ and at the SEC’s website at http://www.sec.gov/ .

Gander Mountain Company
CONTACT: Shannon Burns, CFA, Director of Investor Relations and Corporate
Communications of Gander Mountain Company, +1-651-325-4337,
Shannon.burns@gandermountain.com

Web site: http://www.gandermountain.com/