PGK

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PNG Gold Corporation ("PNG Gold" or the "Company") (TSX VENTURE:PGK) announces
it has met the exploration expenditure requirements under its option agreement
with New Guinea Gold Corporation ("NGG"), and has notified NGG of its desire to
exercise its option to acquire the remaining interest it does not already own in
Exploration Licenses (EL) 1091 and 1069, the Imwauna and Sehulea properties,
respectively. Both properties are on Normanby Island, Milne Bay Province, Papua
New Guinea.


PNG Gold currently owns a 50% interest in both properties in accordance with the
terms of a purchase and sale agreement between the two companies announced April
20, 2010 (see NGG News Release). The option agreement gives PNG Gold the right
to earn the remaining 50% interest in the properties and requires the Company to
spend $Cdn 8,000,000 in exploration and related expenditures by August 20, 2013.
Through its ongoing drilling program on the Imwauna prospect and other
exploration and development activities on both properties, the Company has met
its total expenditure obligation almost two years ahead of schedule.


Dick Whittington, President and CEO of PNG Gold, says: "This is a major
milestone for the Company and the fact that we have met the expenditure
requirement two years ahead of schedule highlights our enthusiasm for the
exploration potential of both the Imwauna and Sehulea properties. We look
forward to maximising the potential of both properties with our aggressive
exploration program. I would like to thank New Guinea Gold for their support in
helping us achieve our objective."


About EL1091 and EL1069

EL1091 hosts the Imwauna gold deposit which is the focus of the Company's
continuing drill program (see PNG Gold News Release October 13, 2011). The
license is 68 km2 in area and is located near the centre of Normanby Island, in
southeastern Papua New Guinea. The property also encompasses a number of other
vein-type gold prospects, notably Kela's prospect which the Company plans to
drill later this year.


The Sehulea property, EL1069, covers 30 km2 in two geographically separate
blocks on Normanby Island. The larger block is 10 km to the northeast of the
Imwauna property on the north coast of the island. It hosts the Weioko gold
prospect which has been drilled by the previous operator, NGG. PNG Gold is
currently mobilizing a drill to the property to undertake a minimum 4 hole
program.


Qualified Person

Mr. Colin McKenzie, P.Geo, the Chief Operating Officer of the Company, is the
qualified person who prepared the technical information contained in this news
release in accordance with National Instrument 43-101.


About PNG Gold Corporation

PNG Gold Corporation is an exploration company with an advanced stage drilling
program in Papua New Guinea. PNG Gold holds a 50% interest in the Imwauna and
Sehulea properties on Normanby Island, Milne Bay Province, Papua New Guinea, and
has earned its option to acquire the remaining 50%. The Company expects the
transfer of the remaining 50% interest will be completed expeditiously, after
which it will be the sole owner of both properties. PNG Gold trades on the TSX
Venture Exchange under the symbol PGK. PNG Gold's mission is to become the
premier exploration and development company in Papua New Guinea.


ON BEHALF OF THE BOARD OF DIRECTORS

J.R.H. (Dick) Whittington, President & CEO

No regulatory authority has approved or disapproved the information contained in
this news release.


Forward-Looking Statements

Certain information set forth in this news release contains forward-looking
statements that involve substantial known and unknown risks and uncertainties.
These forward-looking statements relate to matters such as results of
exploration and development of the Normanby Property and completion of financing
and are subject to numerous risks and uncertainties, certain of which are beyond
the control of PNG Gold, including, but not limited to, the impact of general
economic conditions, industry conditions, financial market conditions,
dependence upon regulatory and shareholder approvals, and the uncertainty of
completing intended financing and obtaining additional financing. Exploration of
mineral properties is subject to the inherent risk that it may not result in
commercial discovery. Readers are cautioned that the assumptions used in the
preparation of forward-looking statements, although considered reasonable at the
time of preparation, may prove to be incorrect and, as such, undue reliance
should not be placed on forward-looking statements. PNG Gold expressly disclaims
any obligation to update forward-looking statements contained herein except as
required by applicable law.

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