Pengram Corporation
OTCQB – mid-tier listing : PNGM

May 17, 2011 10:05 ET

Pengram Corp. (OTCBB:PNGM) Extends Long Canyon Gold Option, Eliminates Debt

BELLINGHAM, WASHINGTON--(Marketwire - May 17, 2011) - Pengram Corporation (OTCQB:PNGM), an emerging gold exploration company, today announced its due diligence on the option to negotiate the purchase of a substantial package consisting of 54 mineral claims (the "Long Canyon Gold Trend Mineral Claims") located in Elko County, Nevada is proceeding well. Due to the amount of data needed to be analyzed, the Company has asked for and been granted an extension of one week to conclude its due diligence.

The Long Canyon Gold Trend Mineral Claims are located approximately eight miles southwest of Fronteer Gold's central Long Canyon Gold Trend two million gold ounce discovery in Elko County's Pequop Mountains.

That Long Canyon deposit, which Nevada State mining officials have described as a "new mining district" with Carlin Trend potential, was owned by Fronteer Gold. It was the primary property for which Newmont Mining acquired Fronteer earlier this month for $2.3 billion.

The Company is also pleased to announce it has eliminated approximately $110,000 of outstanding indebtedness through the distribution of non-core assets.

About Pengram Corporation

Pengram is an emerging gold exploration company searching the globe for outstanding gold properties primarily in favorable mining jurisdictions. Its strategy is to evaluate and acquire properties where previous work has been conducted and yielded positive results for the presence of gold. Its portfolio currently consists of four properties -- three in Nevada and one in British Columbia -- under active evaluation for development, in addition to the Long Canyon Gold Trend Mineral Claims under due diligence and negotiation for acquisition.

Forward Looking Statement

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. The statements by our officers, and other statements regarding: optimism related to the business; expanding acquisition, exploration and development activities; and completing, a binding agreement for mineral project acquisitions; as well as the prospects, forecasts and projections for such mineral projects owned; and other statements in this news release are forward-looking statements. Such statements are based on current expectations, estimates and projections about the Company's business. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. In particular, there is no assurance that Pengram will complete an acquisition of the Long Canyon Gold Trend Mineral Claims or that the claims will contain the same or similar mineralization of Newmont's Long Canyon Deposit. The forward-looking statements contained in this news release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Contact Information