Pengram Corporation
OTCQB : PNGM
PINK SHEETS : PNGM

August 23, 2011 08:00 ET

Pengram Corporation Pays CPG and Fish Project Annual Fees; Plans to Commence Exploration Work on both Projects in Q4-11

BELLINGHAM, WASHINGTON--(Marketwire - Aug. 23, 2011) - Pengram Corporation (OTCQB:PNGM)(PINK SHEETS:PNGM), today announced that it has paid the annual option and filing fees due this month under its agreements to acquire its CPG and Fish properties. Subject to financing, Pengram plans to commence exploration work on the two properties in the fourth quarter of this year.

The combined option and filing fees on the two properties' claims, including U.S. Federal Bureau of Land Management (BLM) and local County filing fees, totaled approximately $25,000. With these payments, the option agreements and the claims are in good standing for the next twelve months.

CPG Project

The CPG Project is situated within the Walker Lane Mineral Belt, Mineral County, Nevada. The project consists of 44 unpatented lode mining claims on 1.3 square miles. The Walker Lane Mineral Belt of western Nevada is highly mineralized, containing several world-class epithermal precious metals deposits such as the Comstock Lode (estimated production of 8.6 million ounces of gold and 192 million ounces of silver), and Round Mountain (over 10 million ounces of gold produced since 1906). It also contains porphyry copper deposits, such as Yerington (1.75 billion pounds of copper produced from 1953-1978 by the Anaconda Copper Company).

The CPG Project is located in Eureka County, Nevada and is situated near several existing gold mines. Approximately 10 miles north of the CPG Project Kennecott's now closed Denton-Rawhide Mine produced 1.4 million ounces of gold and 10 million ounces of silver between 1990 and 2004.

The CPG Project hosts an early stage porphyry and skarn type copper-gold-molybdenum prospect where samples returned following:

  • Gold values ranging from less than 0.001 ounces per ton, to 0.036 ounces per ton
  • Silver values ranging from less than 0.0031 ounces per ton, to 0.75 ounces per ton
  • Copper values ranging from 0.005% to 13.65%
  • Molybdenum values ranging from less than 0.005% to 0.012%

Fish Claims

The Fish Project is situated within the Walker Lane Mineral Belt, Lone Mountain District, Esmeralda County, Nevada about 12 miles west of the historic mining town of Tonopah, Nevada. The project consists of 58 unpatented lode mining claims or 1.9 square miles.

The Fish Project is a drill ready project with permitting for a Phase I drilling program well advanced with the Bureau of Land management. The Fish Project is a skarn-manto gold, silver and base metal prospect where rock chip samples have returned the following:

  • Gold values ranging from less than 0.002 ounces per ton, to 0.307 ounces per ton
  • Silver values ranging from less than 0.01 ounces per ton, to 32 ounces per ton
  • Zinc values ranging from 0.01% to 32.8%
  • Lead values ranging from less than 0.01% to 16.4%

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 Pengram's business. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry in which Pengram operates, in particular, there is no assurance that Pengram will be able to obtain financing sufficient for it to commence work programs on the properties as anticipated or that work programs will produce results consistent with prior sampling on the properties. In addition, other risk factors listed from time to time in Pengram's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. In particular, there is no assurance that Pengram will complete additional joint ventures or that the joint ventures it enters will be completed or properties commercialized. The forward-looking statements contained in this news release speak only as of the date on which they are made, and Pengram does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

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