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Apr 07, 2009 08:38 ETPlacer Gold Corp. (PINKSHEETS: PGCR) Spin-Off to Pavilion Energy Resources, Share Distribution
LAS VEGAS, NV--(Marketwire - April 7, 2009) - Placer Gold Corp. ("Placer Gold" or the "Company") (PINKSHEETS: PGCR) has reached an agreement to spin-off its oil and gas interests in return for 20 million Rule 144 shares in Pavilion Energy Resources Inc., a tightly held publicly traded company, symbol PVRE.

The Company plans to distribute to PGCR shareholders of record at close of business on Friday, April 17, 2009, 1 Pavilion Energy Resources share for every 20 Placer Gold Corp. shares owned.

Placer Gold CEO Peter Sterling commented, "With the sale of our oil and gas assets to Pavilion Energy, we are unlocking real value for our shareholders, and will continue to do so over the coming weeks, as we make further progress on our gold projects."

The Company plans to update its shareholders in the coming week on the current status of their NI 43-101 certification process, as well as filings and financing for their offshore and onshore Nome gold projects.

Placer Gold Corp. 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.