Pengram Corporation

April 19, 2011 06:01 ET

Pengram Secures Right to Negotiate Acquisition of Long Canyon Gold Trend Mineral Claims; Property is 8 Miles SW of Fronteer Gold's Central Long Canyon Gold Trend Discovery

BELLINGHAM, WASHINGTON--(Marketwire - April 19, 2011) - Pengram Corporation (OTCQB:PNGM), an emerging gold exploration company, today announced it has acquired an 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.

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.

Under the terms of the agreement, Pengram paid $10,000 to a Utah-based resource company for a 30-day exclusive right to negotiate the acquisition of the Long Canyon Gold Trend package of mineral claims. During this period expiring May 13, 2011, the Company will continue its due diligence to determine the property's gold mineralization prospective value, and expects to report to its shareholders the final disposition of that negotiation when it is concluded.

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.

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