SOURCE: Arctic Oil & Gas Corp.

December 15, 2008 13:30 ET

Norton Sound and Onshore Alaska Placer Gold Project JV

Year One: 300,000 Ounce Gold Production Potential

LAS VEGAS, NV--(Marketwire - December 15, 2008) - Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a resources development company, is pleased to announce the Company's precious metals division is progressing joint venture its plans for two new mine developments in 2009. The JV partners intend to finance and develop two or more large-scale placer mines starting on the various granted State leases, with gold production in commencing in 2009.

Denali Placer Gold Mine Expansion: The mine has a 1 million yards per year mining-processing plant already on site. The Company plans to upgrade the existing mine production equipment to a 60,000 ounces per year mining operation commencing in 2009, with estimated Gold production costs of $300/ounce. Tenements are fully permitted Claims with 500,000 ounce drill indicated placer resources.

Norton Sound Alaska Oceanic Placer Gold Mine: The company is finalizing plans to construct new large-scale suction-cutter gold dredges to produce 250,000 ounces in the next summer season. Norton Sound offshore placer gold grades are approximately 0.50 grams/M3 ($13.40/M3 at $835/oz; estimated from over 3,000 drill samples), which should result in Gold production costs of less than $200/ounce. The tenements are OCS 720 square mile Leases Application and 2,000 acre Granted State Waters Leases, with 1.5-10 million ounce placer Gold resource potential.

Ocean Going Gold Dredges:

The Company is receiving strong institutional investor interest in its planned Non-dilutive, private LLC offering for institutional investors to fund these two mines and others under consideration. The interest stems in large part from the increasing shortage of physical gold bullion supplies to satisfy both rapidly increasing central and regional bank reserves needs, as well as increasing bullion demands from large institutional groups and individual fleeing paper assets.

The Company plans to bring all corporate filings up to date in the first quarter, 2009.

OIL-GAS: The Company and partners have speculative Claims and lease applications over four areas with proven and potential oil and or gas reserves. The Company believes that in the future the oil price will rise to levels which will justify their development.

Please visit and

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 oil & gas 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.

Contact Information