Exploration Update for Newly Identified Shallow No. 22 Vein

A 1600 m drilling program started last week at PC Gold's 100% owned Pickle Crow Gold Mine property in NW Ontario. The current program is designed to follow-up the recently announced high-grade intercepts in the No. 22 Vein, located 400 meters south of the No. 3 Shaft, which returned 444.38 g/t (12.96 oz/ton) over 1.50 metres at a depth of 24 metres below surface (see January 11, 2012 press release). To date four holes have been drilled, all successfully intersected the No. 22 Vein with 3 of the 4 holes returning visible gold. Preliminary assay results are expected in early March.

JP Chauvin, President and CEO, commented "I am very pleased to see the restart of exploration in the Shaft 3 area. This area of the property has historically had the greatest number of gold bearing veins and our recent exploration focus continues to add to this tally."

Pictures of the drill mobilization and a drill plan map are available on the Company's website at: http://www.pcgold.ca/pr27feb2012.

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Former Pickle crow mine . Closed in 1966 after mining 1.46 million ounces of gold . Many high grade deposits left behind due to a gold price of $ 35 dollars an ounce ( in 1966 .) 250 tpd mill on site . Recent drilling intercepted very high grade assays . This is an agressive company . Dispite having over 2.1 million dollars in the bank they recently arranged a private placement of 1.3 million dollars . More drill results due any day now . These upcoming assays are concentated around the earlier high grade intercepts . They seem to be flying under the radar big time . Very informative website ........................Keep a close eye on this one .......................................JMO .