Pengram Corporation (PNGM) - Receives Initial Exploration results
on its Clisbako Property In British Columbia, Canada
BELLINGHAM, Wash., Oct. 31, 2012 /PRNewswire/ -- Pengram
Corporation (Symbol: PNGM.PK) (the "Company", "Pengram")
announced that Manado Gold Corp. ("Manado") has extended its option
to earn 75% on the Company's 8,372 acre (3,388 hectare) Clisbako
property in the Cariboo Mining Division of British Columbia by issuing 200,000 shares to
the Company as required by the option agreement.
Approximately 2,000m was recently drilled by Manado to test the
shallow mineralized zones of epithermal silica stockworks and
breccias, and quartz veined volcanic rock identified on the "South
Zone" and the "Bari 1 and Bari 2 Zones". These three zones were
selected for drilling as they were determined to be the nearest to
the surface. The drill did encounter significantly altered
epithermal zones with low mineral values. Manado is completing a
detailed analysis of the results to determine what additional work
and what other zones should be tested.
Manado is required to incur an additional $250,000.00 on exploration of the Clisbako
property by September 15, 2013 to
earn its 75% interest in the property.
"The Company is pleased that Manado has met the requirements to
extend its option to earn in on the property and that progress has
been made in determining the geological structures within the
property," commented Richard
Donaldson, CEO of Pengram.
ABOUT PENGRAM CORP. (PNGM) www.pengramgold.com
Pengram Corp. (PNGM) is an exploration-stage company. The
Company is engaged in the acquisition and exploration of properties
to search for gold mineralization in Canada and the
United States. In Nevada,
Pengram controls 172 claims covering approximately 3,463
acres. In Canada, PNGM controls 8,372 acres (3,388
hectares) in the Cariboo Mining District that has historically
produced more than 3.8 million ounces of gold.
Forward Looking Statement
Statements in this news release that are not historical facts
are forward-looking statements that are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may,"
"could," "should," "anticipates," "likely," "believes" and words of
similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management. The statements regarding financing in this news release
are forward-looking statements. Such statements are based on
current expectations. Actual results could vary materially from the
description contained herein due to many risk factors, in
particular, there is no assurance that Pengram's creditors will
accept the Notes or that Pengram will be able to sell the Notes
Offering to investors. The forward-looking statements
contained in this news release speak only as of the date on which
they are made, and Pengram does not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of this press release.
Investor Contact:
Tel: 1.877.225.8808
info@CapitolFinancialMedia.com
SOURCE Pengram Corporation
