PC Gold Defines 11.7 Million Cubic Metres of Gold Zones at Pickle Crow Mine, Open for Expansion

OTTAWA, ONTARIO--(Marketwire - Oct. 7, 2008) - PC Gold Inc. (TSX: PKL.TO) ("PC Gold" or "the Company") is pleased to report completion of a preliminary 3D model of gold zones in the Shaft 1 area of the past producing Pickle Crow Gold Mine in northwestern Ontario, Canada. Modeling was carried out by Andre Dunford, M.Sc., of Fladgate Exploration Consulting of Thunder Bay, Ontario, under the supervision of Neil Pettigrew, P.Geo., Vice President, Exploration for PC Gold and the Company's Qualified Person as defined by National Instrument 43-101.

The 3D Gemcom model for the Shaft 1 area gold zones was drawn from level plans and will be refined as additional data becomes available from current drill programs being carried out by the Company. The present version of the Shaft 1 area model incorporates data from 699 historical diamond drill holes, of which 129 were surface holes and 570 were drilled from underground. The great majority of these historical holes were drilled by companies at one time affiliated with Teck Corporation (now Teck Cominco) and the work is considered to have been carried out to a high standard.

Development of the 3D model has been a key strategic priority for the Company. Its purpose has been to define the broad, low grade (greater than 0.5 g/t) envelopes encompassing the three historically known zones of moderate to higher grade gold mineralization (respectively, the No. 1, No. 5 and Central Gold Zones), lying in place within the Shaft 1 workings of the Pickle Crow Gold Mine, from surface through the historical workings (approximately 1.2 kilometres in the vertical dimension), so that these zones can be more effectively targeted by drilling now underway. First pass confirmation drilling of the near surface areas of the No. 1 and No. 5 Gold Zones has now been completed by PC Gold, and assays are pending.

Confirmation drilling of intermediate and deep portions of these zones is underway. Upon completion of the current program of combined shallow, intermediate and deep confirmation and exploration drilling, a resource calculation to NI 43-101 standards will be carried out on the volumes defined by the model. Pending completion of the current drill program, no attempt has as yet been made to calculate grade for the zones and volumes defined by the model. However, historical, non-43-101 compliant grade tonnage estimates, coupled with the Company's own detailed assessment of the now digitized historical data, confirms the presence of substantial volumes of moderate to higher grade gold mineralization within the greater than 0.5 g/t envelopes defined by the model.

Key findings from the 3D model include:

- The Shaft 1 area gold zones encompass a minimum rock volume of 11.7 million cubic metres.

- This volume is comprised predominantly of iron formation hosted gold mineralization but also includes in place as well as mined out high-grade veins. Historical assessments of the bulk density of the iron formation material suggest a tonnage factor on the order of 3.3 tonnes per cubic metre.

- The model was drawn from level plans and did not extrapolate beyond the actual historical assays on the levels. It is therefore considered a conservative encapsulation of the mineralization.

- The model indicates the Shaft 1 area gold zones are continuous in the vertical dimension from surface to the deepest (-1,158 metre / -3,800 foot) level of the mine.

- The model indicates the Shaft 1 area gold zones have only partially been delineated by the historical drilling in the lateral and depth dimensions, and mineralization may be continuous on certain levels between the zones. Gaps in the data are considered good exploration targets for increasing volumes and potential tonnages.

- The Shaft 1 area gold zones are confirmed to be open for expansion laterally, and to depth.

The Shaft 1 area gold zone model is the partial culmination of a massive effort, under way since November 2007, to digitize all available historical data sets for the Pickle Crow Gold Mine covering the period from the commencement of operations in 1935 through closure in 1966, and up to the present day. The Shaft 1 area of the mine was chosen as the initial focus of this digitization and modeling effort because the bulk of historical, non-43-101 compliant grade-tonnage estimates are known to be concentrated in the Shaft 1 area.

The 3D model, screen captures and a Powerpoint Presentation explaining the model for the Shaft 1 area gold zones can be downloaded from http://www.pcgold.ca/en/3D_Models_&_Screen_Captures_78.html.

Neil Pettigrew, P.Geo., Vice President, Exploration for PC Gold, and the Company's Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this press release.

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