SOURCE: Arctic Oil & Gas

February 24, 2009 17:13 ET

Arctic Oil & Gas Announces New Name and Trading Symbol: Placer Gold Corp. (OTC: PGCR)

LAS VEGAS, NV--(Marketwire - February 24, 2009) - Placer Gold Corp. (PINKSHEETS: PGCR), formerly Arctic Oil & Gas Corp. (PINKSHEETS: AOAG) (the "Company"), has received our new trading symbol and will begin trading under the new symbol tomorrow Feb 25th, 2009. The new symbol on this date will be PGCR.

The Company is advancing financing, mining and development plans for a number of Alaska and South American placer gold projects, which are scheduled for development in 2009-2010.

Company Management has been conducting ongoing meetings with potential mine finance partners in Europe and the US and has received strong interest in our project financing proposals.

Gold Price Commentary: Mr. Sterling commented that, "Central banks around the world are rapidly devaluating their currencies by overuse of the printing press. Investors should remember that during German 'Weimarer' hyperinflation period investor's cash and government bonds became worthless. Increasingly analysts believe that the comex may run short of bullion causing the entire paper gold market to 'crash' and gold could then rise very quickly to $2,000 or $3,000."

Mr. Sterling also commented that, "Placer Gold Corp., equity, has more leverage than physical gold, because it is backed by large alluvial gold deposit assets, enjoying potentially lower cost of production and a long mine life. Placer Gold's large alluvial gold deposits have the potential to return substantial amounts of gold and dividends back to our shareholders during the life of the mines."

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This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Actual results may differ from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks associated with resource exploration risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, government regulation and taxation. More information about factors that potentially could affect AOAG's financial results is included in its filings with the Securities and Exchange Commission.

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