Northern Empire Resources Corp. PSPGF

Press Release

[hcahoon]

NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: PGM Ventures Corporation TSX VENTURE SYMBOL: PPG July 28, 2005 PGM Ventures Corporation: Press Release TORONTO, ONTARIO--(CCNMatthews - July 28, 2005) - PGM Ventures Corporation ("PGM") (TSX VENTURE:PPG) is pleased to announce that Investec Bank (UK) Ltd ("Investec") has agreed to subscribe to 1,877,846 units in PGM at a total cost of C$1,220,600 (US$1,000,000). Each unit is priced at C$0.65 and consists of one common share of PGM and 0.5 common share purchase warrants. Each whole warrant is exercisable at a price of C$0.72 for a period of 12 months. Both the common shares and the common share purchase warrants have a hold period of four months expiring on November 27, 2005. As previously announced, Investec has agreed to arrange and underwrite a project financing facility of up to US$65 million for Minas de Aguas Tenidas SA ("MATSA"), PGM's wholly owned subsidiary company. Investec is a leading international bank, widely recognised for its expertise in arranging and providing financing for the global mining industry, including Spain, the location of PGM's Aguas Tenidas mine. PGM is listed on the TSX Venture Exchange and has 68,924,585 shares issued and outstanding. 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 in Canadian dollars unless otherwise noted. - 30 - FOR FURTHER INFORMATION PLEASE CONTACT: PGM Ventures Corporation Peter Miller or Norm Brewster [phone] The TSX Venture Exchange does not accept responsibility for the adequacy of accuracy of this release. INDUSTRY: MNG - Mining SUBJECT: STK - STOCK/OTHER MARKET NEWS FOR: PGM Ventures Corporation TSX VENTURE SYMBOL: PPG