PC Gold Inc.
TSX : PKL

PC Gold Inc.

September 09, 2008 09:00 ET

Second Drill Arrives at PC Gold's Pickle Crow Gold Mine Property: Surface Sampling Returns Up to 179 g/t (5.22 oz/T)

OTTAWA, ONTARIO--(Marketwire - Sept. 9, 2008) - PC Gold Inc. (TSX:PKL) ("PC Gold" or "the Company") is pleased to report that the second of three drills planned for the Property has arrived at the site of the past producing Pickle Crow Gold Mine. This second drill, a Major 50 rated to 2,000 metres vertical depth, will be used initially to target intermediate depths of the historic mine. The drill's first objective will be to test the No. 5 gold zone (No. 5 vein and associated mineralized iron formation) on the 747 metre (2,450 foot) level in the Shaft 1 area. The test will comprise a mother hole to the target depth, and subsequent daughter holes wedged off up hole to near surface areas.

The No. 5 gold zone hosts a significant portion of the known gold bearing iron formation mineralization within the historical workings and also hosts high grade veins in addition to the historically mined No. 5 vein. 3D modeling of historical underground drill results has already established the apparent continuity in the vertical dimension of this important target zone from surface to the deepest (1,158 metre / 3,800 foot) level of the old workings. The lateral limits of the No. 5 gold zone are presently unknown, and modeling indicates the zone is open to depth below the 1,158 metre level. The current drill test will aim to confirm the historical results, thereby assisting in upgrading historical grade-tonnage estimates to NI 43-101 compliant resources. Maps and images showing the location of current drilling and zones of interest can be viewed at: http://www.pcgold.ca/en/Drilling_-_Maps%2C_Images%2C_Photos_77.html.

Progress with the shallow drill rig, which arrived on the Property on August 9, 2008, has been rapid. To date, 12 holes have been drilled for a total of 1,916 metres, resulting in a first-pass assessment of the near surface areas of the No. 5 and No. 1 gold zones in the Shaft 1 area, as well as the No. 2 and No. 13 high-grade veins in the Shaft 3 area. The shallow drill will soon complete testing of near surface high grade vein targets in the vicinity of Shaft 3 and will be moved to the Albany Shaft area. Initial drilling assays from the work in the Shaft 1 and Shaft 3 areas are expected in early October.

The Albany Shaft area hosts numerous high grade veins, several of which have seen historical underground development work from surface to the 230 metre (750 foot) level, but none of which have been mined. The first target in the Albany Shaft area will be the east-west trending E zone vein located north of the Albany Shaft, where recent grab samples collected by the Company from surface outcrops returned values up to 14.6 g/t Au (0.43 oz/T Au) and 179 g/t Au (5.22 oz/T Au). Historical maps of the E zone show five occurrences of visible gold in outcrop along approximately 110 metres of strike length, with the vein open in both directions. However, no historical mining development work was conducted on this zone, and only limited drilling. Several short holes are planned to test this target both along strike and down plunge.

Neil Pettigrew, M.Sc., P.Geo., Vice President, Exploration for PC Gold and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.

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

Contact Information