45,000 Metres With 3 Drills Planned for PC Gold's Pickle Crow Gold Mine Project

OTTAWA, ONTARIO--(Marketwire - June 2, 2008) - Newly listed PC Gold Inc. (TSX: PKL.TO) ("PC Gold" or "the Company") is pleased to report rapid progress toward commencement this Summer of a major exploration program on the Company's Pickle Crow Property, hosting the past producing, high grade Pickle Crow Gold Mine and a new mill. The planned exploration program is expected to encompass some 45,000 metres of diamond drilling per year of combined shallow, intermediate and deep exploration with three drill rigs. To oversee this effort, the Company has signed a contract for the provision of exploration program management services with Fladgate Exploration Consulting Corporation of Thunder Bay, Ontario. Negotiations with potential drilling contractors have commenced, and digitization of historical data sets, required for effective drill targeting and modeling, is well advanced. Site preparation, including surveying, permitting, inspections and upgrades to accommodation, bridges and infrastructure, is underway.

PC Gold was established in October 2007 to consolidate leasehold ownership in the historic Pickle Crow underground gold mine, located in northwestern Ontario, Canada. The Pickle Crow Mine was well known in its heyday as a long-life, high grade, consistently profitable operation, producing in total 1.45 million Troy ounces of gold at an average recovered grade of 16.14 g/t (0.47 oz/T) between 1935 and 1966. When the mine closed in 1966, gold was worth $35/oz. Productive high grade veins remained open to depth, and several substantial zones of gold in iron formation sat largely untouched within the workings, and are open both laterally and to depth.

An important focus of the Company's exploration drilling program will be to define and possibly expand the mineralized envelopes encompassing these known zones of iron formation hosted gold, as the historical drilling record indicates they can carry strong values over significant intervals. Historical drill intercepts of 3.4 g/t over 12.19 m and 4.1 g/t over 9.60 m were common but intervals of up to 10.6 g/t over 34.29 m and 16.1 g/t over 10.66 m were also intersected (widths cited are not true widths; true widths are unknown). Drilling will also test veins known to remain in place, including the near surface No. 13 vein, where historical drill intersections included values ranging from 7.35 g/t over 1.30 m to 38.55 g/t over 2.30 m and 149.98 g/t over 1.05 m (widths cited are not true widths, true widths are unknown). Extensions to these known iron formation hosted gold zones and gold bearing veins, and new discoveries, will also be sought in the virgin ground beneath the old mine, where the system lies open to depth.

Several estimates of the grade and tonnage of gold mineralization remaining on the Property have been completed over the years. These estimates are historical in nature and predate and are non-compliant with NI 43-101. These historical estimates range from a general inventory in place on mine closure (Pickle Crow Gold Mines, September 1966) of 140,000 tonnes averaging 11.31 g/t Au (46,190 oz. Au) to a global calculation (Noramco, April 1988) totaling 5,731,050 tonnes at 7.26 g/t Au (1,213,919 oz. Au). PC Gold is not treating these historical estimates as current NI 43-101 compliant resources and has not undertaken any independent investigation of the estimates nor independently analyzed the results of the previous exploration work in order to verify the historical figures. These historical estimates should therefore not be relied upon. The Company does however believe that these historical estimates provide a conceptual indication of the potential of the gold mineralized zones on the Pickle Crow Property, are relevant to ongoing exploration, and may possibly be made compliant with the 43-101 standard, in whole or in part, through implementation of the planned exploration program.

The Company's ultimate vision is to define sufficient mineralization from surface to 2 kilometres+ depth, within a radius of approximately 500 metres of the historic No. 1 Shaft, to possibly allow for modern high capacity extraction and processing similar to that employed at Goldcorp's 4,000 tpd / approximately 225,000 oz. per year Musselwhite Mine in similar geology further north. This vision is supported by historical estimates which suggest that some 88-90% of the mineralization potentially remaining within the workings lies in proximity to the No. 1 Shaft.

Additional information about PC Gold Inc. can be found in the Company's final prospectus dated April 30, 2008, available on SEDAR at www.sedar.com, and on the Company's website at www.pcgold.ca.

The Company also announces the granting of an aggregate of 400,000, $1.08, 5 year stock options to PC Gold directors.

Neil Pettigrew, M.Sc., P.Geo., Vice President, Exploration for PC Gold and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts

Kevin M. Keough
PC Gold Inc.
President and Chief Executive Officer
(613) 271-2105 or (613) 839-2684
Email: kevin.keough@pcgold.ca or kevin.keough@sympatico.ca
Website: www.pcgold.ca