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PGCR News Out Placer Gold Corp. (OTC: PGCR) Gold Mine Financing Update
Monday March 16, 2009, 9:15 am EDT
Buzz up! Print LAS VEGAS, NV--(MARKET WIRE)--Mar 16, 2009 -- Placer Gold Corp. (Other OTC:PGCR.PK - News), formerly Arctic Oil and Gas Corp. (AOAG) (the "Company"), is advancing financing, mining and development plans for a number of Alaska and South American placer gold projects, which are scheduled for development in 2009-2010.

Placer Gold Management has been visiting financiers in Zurich and New York to discuss mine financing proposals and expects to complete financing arrangements in due course.

The Company is creating a new gold asset that will be backed by in-ground gold reserves, and could be carried on an institution's books at full face value, while securing for investor-partners a long-term future supply of gold bullion with lower gold acquisition costs than buying gold via exchanges.

Strong interest has been received, especially from groups interested in increasing their bullion holdings via the group's proposed new mine production sharing arrangements.

The company is in due diligence phase with two qualified groups who have expressed interest in making firm commitments for mine financing. Another group has offered matching funding to initial funding.

GOLD PROJECTS

Denali Placer Gold Mine Expansion: The mine has a 400 yards per hour mining-processing plant already on site. The Company plans to upgrade the existing mine production equipment to a 60,000 ounces per year mining operation commencing in 2009-2010, with estimated Gold production costs of $300/ounce. Tenements are fully permitted Claims with 500,000 ounce drill indicated placer resources.

Norton Sound Alaska Oceanic Placer Gold Mine: The company is finalizing plans to construct new large-scale suction-cutter gold dredges to produce 250,000 ounces in the 2010 summer season. Norton Sound offshore placer gold grades are approximately 0.50 grams/M3 ($13.40/M3 at $835/oz; estimated from over 3,000 drill samples), which should result in Gold production costs of less than $200/ounce. The tenements are OCS 720 square mile Leases Application and 2,000 acre Granted State Waters Leases, with 1.5-10 million ounce placer Gold resource potential.

Nome Leases: Alaska State research of previous Nome drilling programs by Westgold and others estimated a total gold resource of approximately 3.3 million ounces just within the 3 mile limit of the Nome offshore placers in the drill tested portion of the auriferous State waters placer area. The Company has options over approximately 20% of this resource area.

See summary report online at: http://www.scribd.com/doc/10120873/Nome-Offshore-Placer-Drill-Data

Additional Central-South American placer gold properties are being investigated.

Please visit http://www.placergoldcorp.com/

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Actual results may differ from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks associated with resource exploration risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, government regulation and taxation. More information about factors that potentially could affect PGCR's financial results is included in its filings with the Securities and Exchange Commission.