PC Gold Inc.

PC Gold Inc.

July 16, 2008 09:00 ET

PC Gold Prepares for Start of 45,000 Metre Per Year Drill Program on Pickle Crow Gold Mine Property

OTTAWA, ONTARIO--(Marketwire - July 16, 2008) - PC Gold Inc. (TSX:PKL) ("PC Gold" or "the Company") has selected Major Drilling Group International Inc. as the contractor for the pending drill program on its Pickle Crow Gold Mine Property in northwestern Ontario, Canada. The term of the contract is for one year, with an option to renew for an additional year, subject to a rate review. The contract calls for 45,000 metres of combined shallow, intermediate and deep diamond drilling with three rigs, the first of which is expected to start work in August, with a second and third rig added incrementally over the course of the subsequent six to eight weeks.

Preparations for the commencement of the Pickle Crow exploration drilling program are progressing smoothly. Sound relationships have been established with the historic communities of Pickle Lake (www.picklelake.ca) and Mishkeegogamang First Nation (www.mishkeegogamang.ca). The former Pickle Lake Hotel in the heart of the village has been renovated and leased as accommodation for staff and drillers. Digitization of historical data sets (some 3,000 surface and underground drill holes, plus shafts, levels and stopes), which commenced last November, is now far advanced and Gemcom modeling of the data has begun. The models generated and understanding gained from this work will be used to optimize drill targeting, particularly intermediate (300m - 1,000m) and deep (1,000m - 2,500m) drilling, and for NI 43-101 compliant resource calculation purposes. Core racks and a core logging facility have been ordered and sites selected, with installation expected in the near future. Ground surveys of old shafts, pits and drill collar locations have been carried out, and the Property will shortly be flown with a laser radar (LiDAR) system by McElhanney Consulting Service Ltd. of Vancouver B.C. This will provide precise digital imaging and 3D topographic control of surface features, the results of which will be combined with the underground digital model. Selective mapping and sampling of surface geology has also been conducted.

About PC Gold

PC Gold commenced trading on the Toronto Stock Exchange on May 13th this year. The Company was established in October 2007 to consolidate leasehold ownership in the past-producing Pickle Crow underground gold mine in northwestern Ontario, Canada. The Pickle Crow Mine was a long-life (31 years), high grade (life of mine average approx. 16 g/t (0.47 oz/T)), consistently profitable operation, producing in total 1.45 million Troy ounces of gold. When the mine closed in 1966, gold was worth just $35/oz, productive veins remained open, and zones of gold in iron formation sat largely untouched within the workings. PC Gold has begun a major exploration drilling program to define and expand known gold zones within or in close proximity to the historic workings, and to seek extensions to those zones, and new discoveries, in the virgin ground beneath the old mine, where the system lies open.

Additional information about PC Gold Inc. can be found on the Company's website at www.pcgold.ca.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information