Pan-Nevada Gold Corporation
TSX VENTURE : PNV

Pan-Nevada Gold Corporation

October 25, 2006 19:40 ET

Pan-Nevada Increases Financing to $1,050,000

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 25, 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 increased the size of the private placement it originally announced on October 18, 2006 by Cdn$150,000 to a Cdn$1,050,000 private placement financing consisting of 3,500,000 units (the "Units") at Cdn$0.30 per Unit. Each Unit will consist 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 Cdn$0.40 for a period of eighteen months.

Closing of this financing is subject to regulatory approval and completion of final documentation. The securities to be issued under this private placement will be subject to a four-month hold period. 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.

The Units to be placed in the U.S. will not be registered under the U.S. Securities Act of 1933, and they may not be offered or sold in the U.S. absent registration or an applicable exemption from the registration requirements of the Securities Act.

On behalf of the Board of Directors,

John E. Watson, President

Forward-Looking Statements

Certain information set forth in this press release, including management's assessment of plans and projects, contains forwardlooking 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 forwardlooking 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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