DGAP-News

Pancon Gold Closes Its Acquisition of the Jefferson Gold Project in South Carolina, United States

DGAP-News: Pancontinental Gold Corporation / Key word(s): Miscellaneous
Pancon Gold Closes Its Acquisition of the Jefferson Gold Project in South
Carolina, United States

18.08.2016 / 14:01
The issuer is solely responsible for the content of this announcement.

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Toronto, Ontario--(Newsfile Corp. - August 18, 2016) - Pancontinental Gold
Corporation (TSXV: PUC.H) ('Pancon Gold' or the 'Company') is pleased to
announce that it has closed the acquisition of the Jefferson Gold Project
located in South Carolina, United States, first announced on May 25, 2016.

The acquisition has been completed pursuant to the purchase agreement with
Firebird Resources Inc. ('Firebird') (TSXV: FIX), Pageland Minerals Ltd.
('Pageland') and Appalachian Resources LLC ('Appalachian') dated May 20,
2016, and Pancon Gold has acquired a 100% interest in the high-potential,
advanced exploration stage gold project (the 'Jefferson Gold Project' or
'Jefferson').

In 2011, Firebird and Pageland drilled a total of four holes at Jefferson
with very positive results, providing a base for establishing a significant
gold resource. All four holes encountered mineralization, with the best
hole averaging 1.27 grams per tonne over 539 feet (164.3 metres) - true
width unknown. The drill hole details for all four holes were included in
the Company's news release of May 25, 2016.

The Jefferson Gold Project is located within one of the most significant
historic gold trends in the United States. It contains the nearby Haile
Gold Mine, which is less than 7 miles (12 km) from Jefferson. Haile is
currently being developed by Oceanagold Corporation and is expected to
begin production in 2017, according to Oceanagold's website.

Also on this trend is the former Brewer Gold Mine, which was last mined in
the 1980's and 1990's and forms the western border of Jefferson Gold
Project. The region also includes the former Ridgeway Gold Mine, about 35
miles (56 km) away, which was a 15,000 tons per day open pit mine operated
by Kennecott Minerals and produced in excess of 1.6 million ounces of gold
from 1988 to 1999.

The Jefferson Gold Project consists of over 1,500 acres under lease from
private landowners who own the surface and sub-surface mineral rights.
Jefferson is along a nearly continuous northeast-striking structural trend
of hydrothermal alteration and gold mineralization. The mineralized
footprint of Jefferson is similar in magnitude to the footprints of the
Haile and Ridgeway mines. Jefferson contains multiple drill targets within