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Press release from Marketwire

PC Gold Closes Private Placement for $1.3 Million and Provides Update on Exploration Program for the Newly Identified Shallow Gold Vein

Monday, February 27, 2012

PC Gold Closes Private Placement for $1.3 Million and Provides Update on Exploration Program for the Newly Identified Shallow Gold Vein08:11 EST Monday, February 27, 2012TORONTO, ONTARIO--(Marketwire - Feb. 27, 2012) - PC Gold Inc.NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE US PC Gold Inc. (TSX:PKL)(FRANKFURT:AJ2) ("PC Gold" or the "Company") is pleased to announce that it has closed a non-brokered private placement financing through the issuance of 4,102,812 units (the "Units") at a price of $0.32 per Unit for total gross proceeds to the Company of $1,312,899 (the "Offering"). Each Unit is comprised of one common share of PC Gold (a "Unit Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share of PC Gold at a price of $0.50 per share until February 24, 2014, except that if over a period of 20 consecutive trading days following June 25, 2012, the closing price of the Company's common shares on the TSX exceeds $0.90 on each of those days, the Company has the right to give notice in writing to the holders of Warrants within 30 days of such an occurrence that the Warrants shall expire at 4:00 p.m. (Toronto time) on the 30th day following the giving of such notice unless exercised by the holders thereof prior to such date.Canaccord Genuity Corp. ("Canaccord") acted as a finder in connection with the Offering and received a cash commission equal to 9.0% of the total gross proceeds from the Offering and was issued an aggregate of 287,196 broker warrants, each of which is exercisable to purchase one common share of PC Gold at a price of $0.32 per share until February 24, 2014. The Unit Shares and Warrants are subject to a hold period that will expire on June 25, 2012. The Offering remains subject to the final approval of the TSX.The funds raised from the Offering will be used for working capital and general corporate purposes. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.Exploration Update for Newly Identified Shallow No. 22 VeinA 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/.Upcoming EventsPC Gold is attending the PDAC 2012 Conference in Toronto, Canada from March 4 to 7 (booth #2500 in the Investors Exchange). The Company's management team will be available to meet with investors at the booth.FOR FURTHER INFORMATION PLEASE CONTACT: JP Chauvin, P. Eng., President and CEOPC Gold Inc.+1-416-867-8567 / jpchauvin@pcgold.caWebsite: www.pcgold.caFacebook: www.pcgold.ca/facebookTwitter: www.twitter.com/pcgoldinc/The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.