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About the Normanby Island Project

EL 1091 Normanby - Imwauna Flagship Project

The Normanby exploration licence - EL 1091 - is located on the north side of Normanby Island, approximately 80 kilometres northeast of Alotau, the provincial capital of Milne Bay province, eastern Papua New Guinea. The project consists of two main prospects, Imwauna and Kelas, along with numerous untested prospects. The flagship Imwauna gold deposit is a high grade, near surface, low sulfidation, epithermal vein gold system. Gold mineralization ranges from 0.5 metres to 6.0 metres in the Imwauna Main structure. The Imwauna prospect remains open in the North and South at strike and at depth.

EL 1069 Sehulea

The Sehulea exploration licence - EL 1069 - is located north east of Imwauna on Normanby Island and contains several low sulphidation epithermal gold deposits which require additional drill testing. Previous results indicate the area contains extensive lower grade gold mineralization over intercepts of up to 60 metres core length with grades ranging between 1-2 g/tonne gold. Mineralization is associated with extensive silicification, disseminated, and semi-massive pyrite, with a positive correlation between higher pyrite concentrations and gold.

About PNG Gold Corporation

PNG Gold Corporation is a well-funded, sustainable exploration company with an advanced stage drilling program in Papua New Guinea. PNG Gold holds a 100% interest in the Imwauna and Sehulea properties on Normanby Island, Milne Bay Province, Papua New Guinea, and trades on the TSX Venture Exchange under the symbol PGK.V. PNG Gold's mission is to become the premier, sustainable exploration and development company in Papua New Guinea.

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 statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Examples of such statements include statements with respect to: PNG Gold Corporation's ("PNG Gold" or the "Company") proposed exploration activities and timing and funding thereof; expectations that an NI 43-101 resource study will be undertaken or completed; amounts of drilling expected to be completed and costs thereof; expectations regarding PNG Gold's ability to raise capital; treatment of PNG Gold under governmental regulatory regimes and tax laws; amounts and timing of capital expenditures and the method of financing thereof; the status of PNG Gold's assets; and PNG Gold's future growth and performance.

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 Gold to obtain necessary financing and adequate insurance; that drilling equipment will not break down or require unforeseen maintenance and that qualified staff will be available to operate such equipment. Risks that could adversely affect such assumptions include economic conditions generally; PNG Gold's current and future stock price; the results of PNG Gold's operations and exploitation, exploration and development activities; fluctuations in gold prices and market conditions; the regulatory environment in Papua New Guinea; future capital and other expenditures (including the amount, nature and sources of funding thereof; the availability of necessary exploration equipment; fluctuations in foreign currency exchange rates; unknown defects in title to PNG Gold's properties; transportation and construction delays; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; and 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 risks that could affect PNG Gold.

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 forward-looking information herein is expressly qualified in its entirety by the cautionary statements contained in or referred to herein. PNG Gold 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, Chairman of the Board of Directors

PNG Gold Corporation

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.

Neither the TSX Venture Exchange or 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.



Contacts:
PNG Gold Corporation
Greg Clarkes
CEO and Director
(604) 669 4899
(604) 685 2345 (FAX)
www.pnggold.com