IF Ifl Invt Fndtn Cda Ltd

PC Gold Inc. (TSX:PKL) ("PC Gold" or "the Company") is pleased to report that
the first of three drills has begun drilling at the Pickle Crow Gold Mine
Property in northwestern Ontario, Canada. This first drill is a shallow rig
capable of drilling to 300 metres vertically from surface. A second drill rated
to 1,200 metres, and a third drill rated to 2,200 metres, will be added
incrementally in the weeks ahead. Drilling will be continuous over the next
year, and encompass up to 45,000 metres of diamond coring. Major Drilling Group
International Inc. is the drill contractor.


The Company is excited about the targets to be drilled. Initially, the shallow
rig will focus on testing the near surface expressions of the three principal
known zones of iron formation ("IF") hosted gold (respectively, the No. 1 IF,
Central IF, and No. 5 IF) lying within the historic workings in the vicinity of
the No. 1 Shaft. Preliminary 3D modeling of historical drilling data for the No.
1 Shaft area suggests the presence of a significant volume of near surface
mineralization which may potentially be amenable to open pit extraction. The
Pickle Crow Gold Mine was historically an underground, high grade vein mining
operation and any renewed mining activity on the site would probably also be
predominantly underground. The possible addition of zones of potentially open
pitable material to the existing underground potential, could be strongly
positive.


Initial assay results from this shallow drilling are expected in September. To
provide a balanced picture of results as they unfold, assays will be released in
batches of several holes at a time.


Ultimately, when all three rigs are working, the program objectives of this
first phase of drilling will be to:


1) Outline, from surface to the bottom of the historic mine and into the
unexplored areas beneath, the three zones of iron formation hosted gold proximal
to the No. 1 Shaft. All three of these zones are open for expansion both
laterally within the workings, and to depth.


2) Drilling will also test for lateral and depth extensions of the high grade
veins (31 year life of mine average grade of 16.14 g/t (0.47 oz/T) that were the
primary source of historic production, all of which are known to remain open to
depth below the old workings, and in some cases laterally.


The Company's ultimate vision with the Pickle Crow exploration drilling program
is to define a sufficient tonnage of mineralization within a cylinder of rock
measuring approximately 1 km in diameter by 2 km in depth and centred on the
historic No. 1 shaft, to support modern high capacity extraction and milling.
Readers are invited to research Goldcorp's 4,000 tpd, approximately 225,000 oz
per year Musselwhite mine, some 150 km north of Pickle Crow, as an example of
modern production possibilities from an iron formation hosted gold system.


Accomplishing this vision will require systematically following, with drilling,
the known zones of gold mineralization from surface through the historic
workings, and into the unexplored ground beneath.


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.

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