Pan-Nevada Gold Corporation
TSX VENTURE : PNV

Pan-Nevada Gold Corporation

November 24, 2006 19:52 ET

Pan-Nevada Closes $1,050,000 Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 24, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Pan-Nevada Gold Corporation (TSX VENTURE:PNV) (the "Company") announced today that it has completed the Cdn$1,050,000 private placement financing originally announced on October 25, 2006. At closing Pan-Nevada issued 3,500,000 units (the "Units") at Cdn$0.30 per Unit, each Unit consisting of one share and one half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share of the Company at $0.40 until May 23, 2008.

The shares and warrants comprising the Units and any shares issued on exercise of the warrants are subject to a hold period expiring on March 24, 2007. There are no commissions or finders fees payable on the financing.

Proceeds from the financing will be used for work on the Company's properties and for general corporate purposes.

On behalf of the Board of Directors,

Wayne Yang, Director

Forward-Looking Statements

Certain information set forth in this press release, including management's assessment of plans and projects, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including: the results of exploration activities; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits, results of initial feasibility, prefeasibility and feasibility studies, market reaction to future exploration results; the Company's anticipated strategies for growth; the results from future exploration opportunities; the price of metals; currency fluctuations; increases in costs; general market and industry conditions; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, and other factors.

Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, programs and financial position could differ materially from those expressed in or implied by these forward-looking statements, and, accordingly, no assurance can be given that the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits will derive therefrom. Pan-Nevada Gold Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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