PGK

PNG Gold Corporation (TSX VENTURE:PGK) ("PNG Gold" or the "Company") announces
that the Company has filed its third quarter interim Financial Statements and
Management Discussion and Analysis for the three and nine-month periods ended
September 30, 2013 on SEDAR.


The Company reported a net loss of $31,503,751 and $32,877,579 for the three and
nine-month periods ended September 30, 2013, respectively. During the third
quarter of 2013, the Company tested its assets for indicators of impairment in
accordance with International Financial Reporting Standards 6 and International
Accounting Standards 36 ("IAS 36"). As at September 30, 2013, the Company
determined that there were indicators of impairment for its exploration and
evaluation assets and property, plant and equipment. The indicators of
impairment result from the current economic uncertainty in general and the
downturn in the mining industry in particular, decline in the Company's market
capitalization and the Company's decision to significantly reduce future
exploration expenditures until the economy improves. As a result, the Company
recorded impairment losses for the three and nine months ended September 30,
2013 as noted in the table below. All of the impairment loss relate to assets
held in Papua New Guinea.




Exploration and evaluation assets                                $29,155,318
Computers, equipment and furniture                                     6,289
Camp buildings                                                       518,755
Drilling equipment                                                   993,541
Other operations equipment                                           290,030
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Total impairment loss                                            $30,963,933
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To ensure that the Company's assets are carried at no more than their
recoverable amount, which is the higher of the amount to be recovered through
use of the asset (Value In Use - "VIU") and the amount to be recovered through
sale of the asset (Fair Value Less Cost Of Disposal - "FVLCD"), the Company
performed an impairment analysis. If an asset is carried at more than its
recoverable amount, the asset is impaired and IAS 36 requires an entity to
recognize an impairment loss. The recoverable amount of each asset was
determined based on the FVLCD approach. Estimates of fair value were based on
recent observable market transactions or replacement costs for items similar in
nature and condition to those impaired. The Company's exploration and evaluation
assets are currently at the exploration stage and there have been no resources
established to reliably estimate the economic viability or future cash flows of
the properties. As a result, an estimate of fair value under the VIU approach
using a discounted cash flow would be very difficult and unreliable. The Company
has therefore adopted the FVLCD approach to estimate the recoverable amount for
its exploration and evaluation assets.


About PNG Gold Corporation

PNG Gold Corporation is an exploration company with an advanced stage drilling
program in Papua New Guinea. PNG Gold holds a 100% interest in the Normanby and
Sehulea properties on Normanby Island, Milne Bay Province, Papua New Guinea, and
trades on the TSX Venture Exchange under the symbol PGK.


FORWARD-LOOKING STATEMENTS

Forward-Looking Statements - This document contains forward-looking information.
Often, but not always, forward-looking information can be identified by the use
of words such as "plans", "expects" or "does not expect", "is expected",
"estimates", "intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or states that certain actions, events
or results "may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of PNG Gold Corporation ("PNG" or the "Company") to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking information.


Examples of such statements include: statements pertaining to PNG's proposed
exploration and development activities and method for funding thereof, timing of
development of undeveloped gold resources, gold extraction, processing, recovery
and production levels, expectations regarding the ability to raise capital and
to continually add to resources through acquisitions/development, treatment
under governmental regulatory regimes and tax laws, capital expenditure programs
and the timing and method of financing thereof, the development plans and status
of assets, future growth and performance.


Actual results and developments are likely to differ, and may differ materially,
from those expressed or implied by the forward-looking information contained in
this document. Such forward-looking information is based on a number of
assumptions which may prove to be incorrect, including, but not limited to: the
ability of PNG to obtain necessary financing and adequate insurance; the economy
generally; and, current and future stock prices, results of operations and
exploitation, exploration and development activities, fluctuations in gold
prices and market conditions, the extent of gold resources and future growth and
performance, the regulatory and foreign environment, future capital and other
expenditures (including the amount, nature and sources of funding thereof),
uncertainty of resource estimates, the availability of necessary exploration and
development equipment, competitive advantages, fluctuations in foreign currency
exchange rates, property title and investments, business prospects and
opportunities, transportation and construction delays, possible variations of
ore grade or recovery rates, failure of plant, equipment or processes to operate
as anticipated, accidents, labor disputes and other risks of the mining
industry, political instability, arbitrary changes in law, delays in obtaining
governmental approvals and anticipated and unanticipated costs. The factors
identified above are not intended to represent a complete list of the factors
that could affect PNG. Additional risk factors are noted under the heading "Risk
and Uncertainties" in the Company's MD&A for the year ended December 31, 2012
that was filed on SEDAR.


Should one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward looking information prove incorrect, actual
results, performance or achievement may vary materially from those expressed or
implied by the forward-looking information contained in this document. These
risk factors should be carefully considered and readers are cautioned not to
place undue reliance on forward-looking information, which speaks only as of the
date of this document. All subsequent forward-looking information attributable
to PNG herein is expressly qualified in its entirety by the cautionary
statements contained in or referred to herein. PNG does not undertake any
obligation to release publicly any revisions to this forward-looking information
to reflect events or circumstances that occur after the date of this document or
to reflect the occurrence of unanticipated events, except as may be required
under applicable securities laws.


ON BEHALF OF PNG GOLD

Greg Clarkes, CEO and Director

PNG Gold Corporation

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


The securities have not been registered under the United States Securities Act
of 1933, as amended, or any state securities laws and may not be offered or sold
in the United States absent registration thereunder or an applicable exemption
from such registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any of the securities in
the United States.


FOR FURTHER INFORMATION PLEASE CONTACT: 
PNG Gold Corporation
(604) 669 4899
(604) 685 2345 (FAX)
www.pnggold.com

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