Placer Gold Corp.(fka PGCR)

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Arctic Oil and Gas Provides Update on Financing of Norton Sound/Onshore Placer Gold Projects in Alaska
Thursday January 8, 2009, 3:05 am EST
Yahoo! Buzz Print LAS VEGAS, NV--(MARKET WIRE)--Jan 8, 2009 -- In the news release, "Arctic Oil and Gas Provides Update on Financing of Norton Sound/Onshore Placer Gold Projects in Alaska," issued Wednesday, January 7, 2009 by Arctic Oil & Gas Corp., we are advised by the company that the second sentence of the second paragraph should read "The company is pleased to announce that, beginning on Friday, January 9, 2009" rather than "The company is pleased to announce that, beginning on Friday, December 9, 2009" as originally issued. Complete corrected text follows.


Arctic Oil and Gas Provides Update on Financing of Norton Sound/Onshore Placer Gold Projects in Alaska

LAS VEGAS, NV -- January 7, 2009 -- Arctic Oil and Gas Corp. (the "Company") (Other OTC:AOAG.PK - News) today released an update on financing arrangements currently underway for their Norton Sound and Onshore Placer Gold Mining Projects in Nome, Alaska which is scheduled for development in 2009.

$250 million Gold Mine Financing

The Company management and JV Partners RE Shell Group/Concha Holdings have begun actively seeking financing arrangements since first announcing their unique $250 million forward gold offering at $500 per ounce to qualified investors, banks, and institutions. The company is pleased to announce that, beginning on Friday, January 9, 2009, management will be making the first of several presentations to potential institutional buyers who have expressed interest in the gold offering.

NI 43-101 Compliant Reserves Report

The Company's geologist Jim Halloran, a widely respected independent geologist with intimate knowledge of the placer deposits of Nome and Alaska alluvial gold regions, is currently preparing a new NI 43-101 compliant reserves report to provide additional investor security to the forward gold purchase offer. The report is based on data and drill sample results of Nome offshore placer deposits extending into AOAG's lease application areas taken from ship-based sampling campaigns conducted by the JV Partners, Westgold and others. The company expects to have the report in hand by mid February.

Gold Dredge Construction:

The West Coast shipyard which previously built dredges designed by the JV group has construction schedule openings and is ready to commence new dredge construction immediately when funds are available. The additional dredges will allow for the production of up to 300,000 more ounces gold annually at a cost of $200-$300 per oz.

Reporting Status

The company anticipates having all SEC filings brought current by March 2009 and has initiated the financial auditing process with their certified accountants.

About Arctic Oil and Gas

Arctic Oil and Gas Inc. is focusing on its gold reserves by pooling its Norton Sound OCS applications of which it is an 80% equity partner into the new 50%-50% profit-sharing joint venture with the R.E Shell Trust, a long-established gold dredging-engineering group, whose principals have produced millions of ounces of gold utilizing suction-cutter ocean going dredges of their own design. The JV partners intend to finance and develop two or more large-scale placer mines starting on the JV granted State leases, commencing gold production in 2009-2010.

Additional placer gold prospects are being sought in warmer Pacific regions accessible by sea, in order to utilize the planned offshore gold dredges during the Alaska winter months when ice prevents mining operations.

JV PLACER GOLD; 2009-2010 PRODUCTION PROJECTS.

Norton Sound Alaska Oceanic Placer Gold Project; OCS 720 square mile Leases Application and 2,000 acre Granted State Waters Leases. With 5-10 million ounce Gold placer resource potential at 250,000 - 500,000+ ounces per year production rate.

Denali Placer Gold Project; Alaska Onshore fully permitted Claims with approximately 500,000 ounce drill indicated reserves and 400 yard per hour dredge mining equipment already on site. With plans to upgrade production equipment to a 100,000 ounces per year operation in 2009.

OIL-GAS: The Company and partners have speculative Claims and lease applications over four areas with proven and potential oil and or gas reserves. The Company believes that in the future the oil price will rise to levels which will justify their development.