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Placer Gold Corp. Announces Spin-Off and Special Dividend to Shareholders


Last update: 8:01 a.m. EDT March 18, 2009
LAS VEGAS, NV, Mar 18, 2009 (MARKET WIRE via COMTEX) -- Placer Gold Corp. (PINKSHEETS: PGCR) (the "Company") is advancing financing, mining, and development plans for a number of Alaska placer gold projects, which are scheduled for development in 2009-2010.
In order to maximize shareholder value and focus on its core business strategy, Placer Gold Corp. is pleased to announce a special dividend to its shareholders planned for the 2nd quarter 2009. The Company plans to spin-off their oil and gas assets via special share dividend into a new company, which would seek a separate listing and financing. Details of the planned asset spin-off will be made available in the coming weeks on the Company's website: http://www.placergoldcorp.com
OIL AND GAS ASSETS
The Company and partners have speculative Claims and lease applications over four large areas with significant proven and potential oil and or gas reserves.
1. Arctic Commons Abyssal Claim (PGCR: 30%)
2. Blake Ridge Claim and OCS lease Application (PGCR: 30%)
3. Bering Sea Abyssal Commons Claim (PGCR: 30%)
4. Santa Barbara Channel OCS and State Waters
lease applications (PGCR: 40%)


Blake Ridge Natural Gas
The Blake Ridge claims arise from a joint filing made on April 10th, 2008, by the Company with the United Nations General Assembly, and the United States of America, for the sole and exclusive exploitation, development, marketing and extraction rights to the oil and gas resources of the seafloor and subsurface contained within the entire Outer Blake Ridge area beyond the exclusive economic zone of the United States. On April 10th, 2008, the Company and Partners lodged an unsolicited Lease Application on the Inner Blake ridge area with the MMS (the "Blake Ridge Claims"). (PGCR: 30% equity)
Arctic Ocean Commons Claim
On May 9th, 2006, Arctic Oil & Gas (formerly AOAG) representatives filed a claim with the United Nations General Assembly and the countries of Canada, Russia, United States of America, Norway and Denmark, claiming, as a responsible oil and gas development agent of the "common heritage of mankind," the sole and exclusive exploitation, development, marketing and extraction rights to the oil and gas resources of the seafloor and subsurface contained within the entire Arctic Ocean Common area beyond the exclusive economic zone of the Arctic Ocean's surrounding countries called the "Arctic Claims." (PGCR: 30% equity)
Bering Sea Abyssal Commons Claim
A recently released U.S. Geological Survey report indicates the Arctic region houses the equivalent of 412 billion barrels of oil, mostly natural gas, making it the largest source of untapped hydrocarbons on earth. Much of it lies beyond the existing 200-nautical-mile economic zones and thus is located within PGCR's 30% owned Arctic Claim.
USGS: http://energy.usgs.gov/arctic/ The Company's Claim, if supported by a US and Canadian government Treaty, could be used as a lever to secure immediately, the most prospective deep sedimentary Amerasia Basin and Chukchi Plateau extension regions, immediately adjacent to Alaska and Canada. (PGCR: 30% equity)
California Santa Barbara Channel Lease Applications
The Company is a co-applicant for a group of offshore OCS and State leases in the Santa Barbara Channel covering known oil-gas deposits estimated to contain between 250 million to 500 million barrels of oil and gas equivalent. These resources have minimal geological risks being identified in known petroleum fields. Securing the leases will be subject to the State and Federal governments releasing the areas from any drilling moratoriums and accepting the applicant's previously proposed royalty and operations plans. (PGCR: 40% equity)
The Company and partners have speculative Claims and lease applications over four large areas with proven and potential oil and or gas reserves. There is political "Title Risk" but low geological "Reserve Risk" associated with each of these projects. The Company believes that at some point in the near future the oil price will rise to levels which justify the development of these projects.
Please visit 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.
Contact:
Peter Sterling
CEO
[phone]
Email Contact



SOURCE: Placer Gold Corp.