Ottawa, Ontario – September 29, 2008 – PC Gold Inc. (TSX:PKL) (“PC Gold” or “the Company”) has filed financial results for the year ended June 30, 2008. Key accomplishments for the year included: - Completed an $11.5 million Initial Public Offering and concurrent acquisition of a 100% interest in the past producing Pickle Crow Gold Mine
- Commenced trading on the Toronto Stock Exchange under the symbol PKL
- Assembled an outstanding team of directors and technical staff
- Initiated a major exploration program on the Pickle Crow Gold Mine Property
“The fact that we were able to achieve our goals within the timelines initially envisaged, during what has been a difficult period for new issues, is a testament firstly, to the quality of the team we have assembled to run PC Gold, and secondly, to the stature and repute of the Pickle Crow Gold Mine itself,” said Kevin Keough, President and CEO of PC Gold. “In these uncertain times, shareholders should gain some measure of comfort from knowing they own a portion of what was truly a great Canadian past producer; a mine that went into production during the depths of the Great Depression and proved itself through 31 years of high grade production. In the upcoming year we intend to continue doing exactly what we have said we will do, namely, execute a major exploration program comprised of both 3D modeling and up to 45,000 metres of drilling, to define and expand known gold zones lying within or close to existing workings, and to expand those zones and make new discoveries in unexplored areas to 2 kilometres or more beneath the old mine.”Financial ReviewThe Company incurred a net loss of $1,554,931 for the period from October 17, 2007 (date of incorporation) to June 30, 2008. During the period, operating expenses were $1,577,407, of which $1,250,120 was related to non-cash charges for amortization and stock-based compensation. Of the remaining $327,287 in operating expenses, $146,789 was related to professional, consulting and directors’ fees, and $180,498 was related to general and administrative expenses. Mineral exploration expenditures for the period amounted to $423,749. At as June 30, 2008, working capital of $6,918,706 included cash of $6,984,456. On May 13, 2008, the Company completed an initial public offering of 11,500,000 common shares at a price of $1.00 per common share for gross proceeds of $11,500,000. Details of the Company’s financial results are described in the audited consolidated financial statements and Management’s Discussion and Analysis for the period ended June 30, 2008 and available on SEDAR at www.sedar.com, or from the Company’s website at www.pcgold.ca. AGM AnnouncementPC Gold’s Annual General Meeting will be held on Wednesday, October 29, 2008 at 9:30 a.m. at St. Andrew’s Club & Conference Centre, Inverness Room, 150 King St. W., 27th Flr, Toronto, Ontario. For more information please contact:Kevin M. Keough
President and Chief Executive Officer
Telephone: (613) 271-2105 or (613) 839-2684
E-mail: kevin.keough@pcgold.ca or kevin.keough@sympatico.ca
Website: www.pcgold.ca The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release. |