IF Ifl Invt Fndtn Cda Ltd

PC Gold Inc. (TSX:PKL) ("PC Gold" or "the Company") is pleased to report that a
second drill has been added to the Phase II drill program presently underway on
the Pickle Crow Gold Mine Property. The second drill, rated to 2,500 metres
(8,200 feet) vertical depth, has completed the Phase I drill program wedge hole
PC-08-014AW03 and is presently drilling a fourth wedge hole PC-09-014AW04. TECH
Directional Services Inc. of Millertown, Newfoundland has been contracted to
manage all aspects of down hole surveying and directional drilling using DEVICO
instruments.


Wedge hole PC-08-014AW03 successfully intersected the No. 5 Iron Formation
("IF") / No. 5 Vein Zone and the No. 11 Vein, which in wedge hole PC-08-014AW01
(news release February 3, 2009) returned 8.20 g/t gold over 4.20 m (0.24 opt
gold over 13.8 ft) (uncut), including 52.7 g/t gold over 0.60 m (1.54 opt gold
over 2.0 ft) in the No. 5 IF / Vein Zone and 31.90 g/t gold over 0.5 m (0.93 opt
gold over 1.6 ft) in the No. 11 Vein. Abundant VG was noted in the core and
assay results from PC-08-014AW03 are expected shortly.


The current wedge hole PC-09-014AW04 is targeting the No. 5 IF Zone at the 3,800
foot (1,160 metre) level in the Shaft 1 area, where historical drill holes such
as 4-38-38 returned up to 13.71 g/t gold over 12.95 m (0.40 opt gold over 42.5
ft).


Upon completion of the current wedge hole, the drill will be moved to a new site
northeast of Shaft 1, where it will commence drilling a new mother hole to a
vertical target depth of 1,700 metres (5,600 feet) below surface, undercutting
the deepest workings of the former mine (1,160 metres / 3,800 feet). This mother
hole and subsequent wedge holes will target the depth extensions of some of the
richest historical ore bodies including the No. 1, No. 5, and No. 9 Veins in
addition to the No. 1, Central and No. 5 IF Zones.


A location map and a cross section for the deep holes discussed in this news
release can be viewed on the Company's website at:
http://media3.marketwire.com/r/Drilling_2009_Maps_Sections_84.html.


Conduit Zone

Further to news September 28, 2009, announcing the discovery of a significant
new gold zone at Pickle Crow with intercepts such as 9.53 g/t gold over 10.1 m
(0.28 opt gold over 33.1 ft), including 28.91 g/t gold over 2.90 m (0.84 opt
gold over 9.5 ft) in hole PC-09-036, and 5.55 g/t over 11.0 m (0.16 opt gold
over 36.1 ft), including 14.83 g/t gold over 3.30 m (0.43 opt gold over 10.8 ft)
in hole PC-09-037, drilling continues to test the Conduit Zone down plunge to
the north and laterally to the northeast where the system remains open. Assays
from these holes are anticipated in the near future.


Geophysics

In a press release dated June 1, 2009, the Company announced that previously
unrecognized potential exists for the Pickle Crow Property to host a new type of
deposit, disseminated-replacement-style gold mineralization associated with the
contact of the Pickle Crow and Confederation assemblages. In follow up, Quantec
Geoscience Ltd. is presently conducting a 115 line kilometre magnetometer survey
as well as a 70 line kilometre ground based Titan 24 Induced Polarization /
Resistivity (DCIP) survey over the mostly swamp covered area of the contact to
the south of the mine. Selected areas to the north of the mine are also being
surveyed. This work will provide high resolution near surface data and is
capable of detecting disseminated sulphide mineralization to depths of 700
metres. Targets generated from these surveys will be prioritized for drilling
this winter.


Historical Data Digitization and 3D Modeling

Digitization of historical data sets and modeling of the results is far
advanced, with completion now exceeding 80% for data in the important Shaft 1
area. The database presently incorporates information from over 3,500 historical
drill holes out of a total of over 4,500 identified drill holes. In addition,
the model now contains information for some 52 kilometres of underground
workings, historical resource blocks, stopes, and chip assays. Information
derived from the 3D model has been invaluable in targeting the lateral and depth
extensions of historical gold zones, and was instrumental in the discovery of
the Conduit Zone.


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.

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