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Press release from Marketwire

PC Gold Intersects 23.80 g/t (0.69 oz/ton) over 0.75 Metres (2.5 feet) in Veining Adjacent to the new No. 22 Vein

Monday, January 23, 2012

PC Gold Intersects 23.80 g/t (0.69 oz/ton) over 0.75 Metres (2.5 feet) in Veining Adjacent to the new No. 22 Vein08:25 EST Monday, January 23, 2012TORONTO, ONTARIO--(Marketwire - Jan. 23, 2012) -PC Gold Inc. (TSX:PKL)(FRANKFURT:AJ2) is pleased to report that the 2011 fall drill program has intersected additional high-grade veining 150 meters southwest of the newly identified No. 22 Vein (444.38 g/t over 1.50 meters, see news release January 11th, 2012) in the Shaft 3 area at Pickle Crow. The veining is hosted within gabbroic rocks of the Confederation Assemblage located 400 meters southeast of the No. 3 Shaft and is part of the same vein system which returned 24.89 g/t over 0.40 meters in hole PC-09-033 (see news release August 10th 2009). PC has intersected veining in 9 of 11 holes drilled in the area this past fall, 1 of which (PC-11-251) returned coarse-grained visible gold, and 3 fine-grained visible gold, the results of which are summarized in Table 1. These shallow high-grade veins are located close to historical workings and are likely, with further drilling, to contribute additional resources to the Pickle Crow Mine which currently hosts a 1.26 million ounce NI 43-101 inferred gold resource* (10,150,000 tonnes averaging 3.9 g/t gold, cut, diluted and constrained). This includes a higher grade underground component comprising 1.1 million ounces averaging 5.4 g/t gold, including a high grade vein component of 600,000 ounces averaging 9.3 g/t gold, which the Company is focused on proving up. Highlights:23.80 g/t over 0.75 meters (0.69 oz/t over 2.5 feet) in hole PC-11-249. Veining intersected in 9 of 11 holes drilled in the area this fall, 4 of which returned visible gold. Follow-up drilling program starting in February 2012.Commenting on the results, JP Chauvin, President and CEO said: "We continue to intersect good grades in the No. 3 Shaft area, the fact that these Confederation aged rocks have been ignored for so long bodes well for additional mineralization being outlined in future drilling. We are currently planning another drill program to follow up these new high grade intercepts and test whether this new veining is an extension of the No. 22 vein or a separate new high grade vein."The No. 22 Vein and other gold bearing veins found within Confederation aged rocks to the southeast of Shaft 3 and may represent the up dip projection of the high-grade No. 8 vein structure (mined from the 2850 to 2350 foot level). The upcoming drill program, currently planned to commence this February, will continue to delineate these new veins and test their relationship to the historical No. 8 vein.Table 1: Shaft 3 Area Drilling ResultsHole IDZoneFrom (metres)To (metres)Width (metres)Au (g/t)CommentsPC-11-237Zone, Veining199.05209.2210.170.22Including203.00204.001.000.41PC-11-240No Significant ValuesPC-11-243No. 22 Vein20.0021.251.252.22VGIncluding20.0020.600.604.57PC-11-244Zone, Vein50.7553.252.500.74Including50.7551.751.001.37PC-11-245Zone, Veining, ser alt.35.0043.008.000.28Including37.8039.001.200.47No. 22 Vein153.85154.400.550.51PC-11-246No. 22 Vein19.6522.502.850.61Including22.0022.500.501.23PC-11-247Zone, Vein (No. 22?)83.7084.350.650.67PC-11-249No. 22 Vein20.8428.007.160.63VGIncluding26.6528.001.352.52Including27.1528.000.853.25PC-11-250Zone, Vein224.10224.850.7523.80VGZone, Vein270.75272.151.404.86PC-11-251*No. 22 Vein22.6524.151.50444.38VGIncluding23.6524.150.501325.73PC-11-252Zone Veining (No. 22?)64.9569.144.190.14Including64.9565.350.400.55All assays are performed by Accurassay Laboratories of Thunder Bay, Ontario. Assay values above (with the exception of hole PC-11-251) were analyzed by atomic absorption (AA), pulp metallic analysis are pending. All assays reported are uncut. Reported widths are drilled core lengths, true widths are unknown at this time.* Previously reported results (see January 11th2012 Press Release)Maps and photographs of the vein intercepts discussed in this news release can be viewed on the Company's website at: http://www.pcgold.ca/pr23jan2012/.QA/QC Procedures PC Gold has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of drill core, the details of which can be viewed on the Company's website at http://www.pcgold.ca/en/QAQC_Procedures_46.htmlNeil Pettigrew, M.Sc., P.Geo., Vice President, Exploration for PC Gold and the Company's Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.Upcoming Events PC Gold is attending the Cambridge House Resource Investment Conference 2012 in Vancouver (booth #1302) from January 22 to 23 and the PDAC 2012 Conference in Toronto, Canada from March 4 to 7. PC Gold's management team will be available to meet with investors at both events.* Entirely NI 43-101 Inferred category. The NI 43-101 resource estimate was prepared by Fladgate Exploration Consulting Corporation, and audited and approved by Micon International Limited under the direction of Mr. B. Terrence Hennessey, P.Geo., MAusIMM, Vice President of Micon, an independent Qualified Person as defined by NI 43-101. Mr. Neil Pettigrew, Vice President, Exploration for PC Gold and the Company's Qualified Person, is also a partner in Fladgate. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category. A copy of the NI 43-101 compliant technical report dated June 2, 2011 containing full details of the resource estimation and entitled: "A Mineral Resource Estimate for the Pickle Crow Property, Patricia Mining Division, Northwestern Ontario, Canada" can be obtained from the Company's website at: http://www.pcgold.ca/en/Technical_Reports_52.htmlThis news release may contain forward looking statements concerning future operations of PC Gold Inc. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.FOR FURTHER INFORMATION PLEASE CONTACT: JP Chauvin, P. Eng., President and Chief Executive OfficerPC Gold Inc.(416) 867-8567 / jpchauvin@pcgold.caWebsite: www.pcgold.caFacebook: www.pcgold.ca/facebook/Twitter: www.twitter.com/pcgoldinc/Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.