Pan-Nevada Gold Corporation

Pan-Nevada Gold Corporation

March 21, 2006 09:00 ET

Pan-Nevada Gold Acquires Cortez Trend Property; Fieldwork Expected in May

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 21, 2006) - Pan-Nevada Gold Corporation (TSX VENTURE:PNV) announced today that it has entered into a lease agreement with the Lyle Campbell Trust for a 100% interest in the Monte property, a highly prospective 93-claim, 1,860 acre gold property located in White Pine County, Nevada on the southeast extension of the prolific Battle Mountain-Cortez Trend. The site is located approximately 35 miles southeast of Eureka, Nevada, approximately 15 miles south of U.S. Highway 50.

John E. Watson, Pan-Nevada's President and CEO noted that "...this acquisition provides Pan-Nevada a large-scale exploration opportunity in close proximity to our Pan Project. The Monte property is approximately 15 miles southeast of the Pan Project and hosts similar geology and targets."

Monte is a large, under-explored Mississippian-hosted gold system; with claims covering over 3 lineal miles of a faulted anticlinal crest that is silicified and gold-mineralized over a substantial length.

The Monte lease covers the north portion of the Easy Junior deposit (partially mined by Echo Bay in the early 1990's) and includes several known areas of poorly-drilled mineralization. Previous exploration has identified a number of targets with favorable untested structure, alteration, and/or geochemistry. The Monte system occupies a faulted regional fold along with parasitic folds formed at the boundary between two distinct regional structural domains. Both shallow and deep targets are envisioned on the property.

"The acquisition of this key property is firmly in line with our stated goal of building value, and is a solid addition to our portfolio of gold bearing properties located on major Nevada gold trends," Watson said.

Initial fieldwork at Monte is expected to commence in May.

Pan-Nevada's mission is to enhance shareholder value by acquiring, exploring, and developing advanced-stage projects located within the major gold producing areas of Nevada.

The Company has announced significant resource estimates(i) at two of its projects, Pan and Afgan, both located in the Battle Mountain-Cortez Trend. The Afgan Project is estimated to contain a resource of 1.85 million tons at a grade of 0.027 opt Au (Indicated), and 1.29 million tons at a grade of 0.026 opt Au (Inferred). The Pan Project currently reports a resource of 18.96 million tons at a grade of 0.019 opt Au (Measured and Indicated) and 8.3 million tons at a grade of 0.026 opt Au (Inferred) which does not yet incorporate substantial drilling completed during 2005. Follow-up drilling is planned for the Pan Project later in 2006.

The Company maintains a comprehensive investor-oriented website at where technical reports outlining these estimates may be found.

On behalf of the Board of Directors,

John E. Watson, President

(i) Both Afgan and Pan estimates are from N.I. 43-101 compliant technical reports authored by M. Gustin P.Geo., of Mine Development Associates of Reno, NV. The Afgan report is dated April 28, 2004; the Pan report is dated January 15, 2005.

We seek Safe Harbor.

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

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