Northern Empire Resources Corp. PSPGF

Flow-through private placement news

[hcahoon]

NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: PGM VENTURES CORPORATION TSX VENTURE SYMBOL: PPG DECEMBER 22, 2004 - 09:51 ET PGM Ventures Corporation Completes First Tranche Of Flow-Through Private Placement TORONTO, ONTARIO--(CCNMatthews - Dec. 22, 2004) - PGM Ventures Corporation (TSX VENTURE:PPG) - PGM Ventures Corporation ("PGM") is pleased to announce the closing on December 17, 2004 of the first tranche of a flow-through private placement for aggregate gross proceeds of $350,000. This flow-through private placement is part of a larger financing comprised of an offering of flow-through and non flow-through shares for gross proceeds of up to $3,500,000. Pursuant to the first tranche of the flow-through private placement, PGM issued 700,000 units on December 17, 2004, most of which was placed with two limited partnerships in the MineralFields Group of Toronto, at $0.50 per unit. Each unit is comprised of one common share, to be issued as a "flow-through share" of PGM and one-half of one common share purchase warrant of PGM. Each common share purchase warrant entitles the purchaser to purchase one common share that is not a "flow-through share" at an exercise price of $0.57 at any time on or before 5:00 p.m. (Toronto time) on the date that is 24 months from the date of issuance of the warrant. Limited Market Dealer Inc., acting as agent for the first tranche, received a fee of $14,000 representing 4% of the gross proceeds of the private placement and a warrant to purchase up to 70,000 common shares of PGM. The flow-through common shares, the common share purchase warrants and the underlying common shares issued in the first tranche have a hold period of four months expiring on April 18, 2005. PGM will use the gross proceeds of the flow-through private placement to conduct further drilling and exploration on its Ontario properties. PGM is a tier 2 junior resource company, quoted for trading on the TSX Venture Exchange under the symbol "PPG". There are currently 39,311,749 shares issued in PGM, including the shares issued pursuant to this private placement. This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted. -30- FOR FURTHER INFORMATION PLEASE CONTACT: PGM Ventures Corporation Jim Voisin [phone] www.pgm-venturescom The TSX Venture Exchange Inc. has neither approved nor disapproved the information herein contained.