Pan-Nevada Gold Corporation
TSX VENTURE : PNV

Pan-Nevada Gold Corporation

March 27, 2006 09:30 ET

Pan-Nevada Gold Announces Nine Month Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 27, 2006) -

Highlights: Successful drilling at Pan; Significant property acquired; $2,000,000 Raised

Pan-Nevada Gold Corporation (TSX VENTURE:PNV) announced today that it has released its financial report for the period ended January 31, 2006. Both quarterly and cumulative nine month figures are incorporated in the documents which are available on the Company website at www.pannevada.com and at the SEDAR website http://www.sedar.com.

Selected highlights from the nine month period include:



- Phase IV drilling at Pan Gold Project successful
- Company acquires option on Jessup Gold Property
- Company raises gross proceeds of $2,047,340
- Pan-Nevada Gold Corporation is successor name to Castleworth
Ventures Inc.


Drilling and Property: On August 15, 2005, the Company announced that it confirmed and expanded a new gold system at Pan and that 24 of the first 41 holes drilled as part of its Phase IV (2005) drill program showed potentially economic intercepts of interest in the Black Stallion area. In mid-September the Company reported that offset drilling continued to expand gold resources at Pan and that a further 17 holes encountered potentially economic intercepts of gold mineralization. On October 11, 2005, the Company announced that a further 12 holes encountered potentially economic intercepts of gold mineralization successfully bringing its 2005 drill program to a finish at Pan.

On November 29, 2005, the Company announced that it entered into a 12 month property option agreement whereby it can acquire a 100% leasehold interest in the Jessup gold property located 80 miles northeast of Reno, Nevada. The Company received approval for the agreement on January 11, 2006.

Financings: On July 19, 2005, the Company completed a 4,118,350 unit private placement priced at $0.40 per unit for gross proceeds of $1,647,340. Each unit consisted of one common share and one non-transferable share purchase warrant. Each share purchase warrant entitles the holder to purchase an additional common share in the capital of the Company at $0.50 until July 19, 2006 and at $0.55 until July 19, 2007.

On January 9, 2006, the Company issued 1,000,000 common shares at $0.40 per share for gross proceeds of $400,000 for a non-brokered private placement. This financing will be used for the Company's drilling program and other exploration activities on the Jessup gold property.

Administrative: On October 11, 2005, the Company held its Annual General Meeting. All proposed resolutions were passed and in January 20, 2006, the Company changed its name from "Castleworth Ventures Inc." to "Pan-Nevada Gold Corporation" and its symbol on the TSX Venture Exchange changed to PNV.

Financial Results: During the nine month period ended January 31, 2006, the Company incurred a loss of $352,218 (2004 - $940,269). Some significant expenses are as follows:

Consulting and management fees of $83,860 (2005 - $142,353), office expenses of $79,428 (2005 - $24,956), professional fees of $52,259 (2005 - $17,756), rent expenses of $12,422 (2005 - $7,640), shareholder communication expenses of $10,065 (2005 - $15,280), stock-based compensation of $67,885 (2005 - $111,305), transfer agent and regulatory fees of $24,705 (2005 - $7,815), travel and promotion expenses of $22,986 (2005 - $21,584).

Consulting and management fees in the current period decreased due to a temporary reduction in consulting fees charged by a director. Significantly higher fees in the comparative period are attributed to an increase in the complexity and volume of exploration, compliance, work and the short-term engagement of corporate advisory services. Office expenses increased significantly compared to the previous period as a result of substantial losses on foreign exchange and professional fees in the current period were higher because of accounting and legal fees related to the two private placements.

Rent expense during the current period increased compared to the prior year. The Company received free rent in May and June from a Company controlled by a director. In July the rent increased to US $1,500 per month as a result of the company occupying a larger space. Shareholder communication costs decreased compared to the previous year as a result of the cancellation of advertising on a mineral resource internet website while transfer agent and regulatory fees are significantly higher in the current period as a result of completing the two private placements.

Subsequent to the quarter's end,

Corporate Development Advisor Retained: On February 6, 2006, the Company announced that it has engaged the corporate development services of Minvest Inc. Minvest's mandate is to identify key financial institutions and investors, strengthening the Company's profile in the mining and financial communities, and to search for new corporate opportunities.

Jessup Drill Program: On February 27, 2006, the Company announced that it has retained Eklund Drilling for Phase 1 of the drill program (reverse circulation; 15,000 to 18,000 feet) on the Jessup property. Drilling is expected in March.

Monte Property Acquired: On March 21, 2006, the company announced that it has entered into a lease agreement for a 100% interest in the Monte property, a highly prospective 93-claim, 1,860 acre gold property on the southeast extension of the prolific Battle Mountain-Cortez Trend.and 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.

Pan-Nevada's objective is to create wealth for its stockholders by acquiring, exploring, and developing advanced-stage projects located within the major gold producing areas of Nevada. The Company's total land position is in excess of 12,000 acres, comprised of nine projects on the Tonopah/Walker Lane Trend, two on the Battle Mountain-Eureka Trend and one on the Carlin Trend. Two of the projects have known mineralization or resources of potentially economic grade and dimension.

On behalf of the Board of Directors,

John E. Watson, President

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

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