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TORONTO, ONTARIO--(Marketwire - March 5, 2012) - PC Gold Inc. (News - Market indicators)(FRANKFURT:AJ2) ("PC Gold" or the "Company") is pleased to report preliminary results from the 2012 winter drill program, which has intersected additional high-grade mineralization in the newly identified No. 22 Vein (444.38 g/t over 1.50 m, see January 11th, 2012 news release) located in the Shaft 3 area of its 100% owned Pickle Crow property. The initial phase of the winter drilling program has intersected the No. 22 vein in five of six holes; four holes have encountered visible gold and one hole (PC-12-253) has abundant fine-grained visible gold and returned 137.19 g/t gold over 1.00 m (4.00 oz/ton over 3.3 ft). Assays are pending for the remaining five holes.
The No. 22 vein and other shallow high-grade veins in the Shaft 3 area are likely, with further drilling, to contribute additional resources to the Pickle Crow Mine which currently hosts a 1.26 million ounce NI 43-101 inferred gold resource* (10,150,000 tonnes averaging 3.9 g/t gold, cut, diluted and constrained). This includes a higher grade underground component comprising 1.1 million ounces averaging 5.4 g/t gold, including a high grade vein component of 600,000 ounces averaging 9.3 g/t gold, which the Company is focused on proving up.
- 137.19 g/t gold over 1.00 m (4.00 oz/ton over 3.3 ft) from 24.70 to 25.70 m in hole PC-11-253.
- No. 22 Vein intersected in 5 of 6 initial holes drilled to date in the winter program with 4 returning visible gold. Assay results for the remaining 5 holes are expected later this month.
Note: Reported widths are drilled core lengths; true widths are unknown at this time. All assays are performed by Accurassay Laboratories of Thunder Bay, Ontario. All assays reported are uncut. Reported widths are drilled core lengths, true widths are unknown at this time.
Commenting on the results, JP Chauvin, President and CEO said: "We continue to be impressed by the drill results from the No. 22 vein area. It is a rare opportunity to have such prospective ground at surface 400m from the mine workings that has seen so little historical exploration".
The No. 22 vein and other nearby gold-bearing veins located south of the No. 3 Shaft are hosted within volcanic and gabbroic rocks of the Confederation Assemblage, which traditionally were not thought to host Pickle Crow type veins, and therefore have experienced little exploration. The No. 22 Vein may represent the up dip projection of the high-grade No. 8 vein structure (mined from the 2850 to 2350 foot level). The winter drill program will continue to focus on these veins at shallow depths.
Maps and photographs of the vein intercepts discussed in this news release can be viewed on the Company's website at: http://www.pcgold.ca/pr5mar2012/.
PC Gold has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of drill core, the details of which can be viewed on the Company's website at http://www.pcgold.ca/en/QAQC_Procedures_46.html.
Neil Pettigrew, M.Sc., P.Geo., Vice President, Exploration for PC Gold and the Company's Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.
PC Gold is attending the PDAC 2012 Conference in Toronto, Canada from March 4 to 7 (booth # 2500 in the Investors Exchange). PC Gold's management team will be available to meet with investors.
* Entirely NI 43-101 Inferred category. The NI 43-101 resource estimate was prepared by Fladgate Exploration Consulting Corporation, and audited and approved by Micon International Limited under the direction of Mr. B. Terrence Hennessey, P.Geo., MAusIMM, Vice President of Micon, an independent Qualified Person as defined by NI 43-101. Mr. Neil Pettigrew, Vice President, Exploration for PC Gold and the Company's Qualified Person, is also a partner in Fladgate. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category.
A copy of the NI 43-101 compliant technical report dated June 2, 2011 containing full details of the resource estimation and entitled: "A Mineral Resource Estimate for the Pickle Crow Property, Patricia Mining Division, Northwestern Ontario, Canada" can be obtained from the Company's website at: http://www.pcgold.ca/en/Technical_Reports_52.html.
This news release may contain forward looking statements concerning future operations of PC Gold Inc. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.