Mr. Peter Hooper reports

PC GOLD INCREASES PICKLE CROW RESOURCE BASED ON INITIAL RESOURCE ESTIMATE FOR NO. 22 AND 23 VEINS

PC Gold Inc. has released an initial mineral resource estimate for the No. 22 and 23 veins located on the company's Pickle Crow gold property in Northwestern Ontario, Canada. The underground high-grade vein component of the inferred mineral resources on the property has now increased to 2,165,000 tonnes averaging 9.1 grams per tonne gold for 637,000 ounces of contained gold (cut and diluted), as shown in the table.

The resource estimate for the No. 22 and 23 veins was prepared by Fladgate Exploration Consulting Corp. and audited by DKT Geosolutions as an interim/internal update to the company's initial resource estimate for the Pickle Crow gold property (1.26 million ounces at 3.9 g/t Au, see PC Gold's press release dated April 18, 2011) that was prepared by Fladgate and audited by Micon International Ltd. A preliminary economic assessment on the Pickle Crow project using the company's updated resource estimate is planned for the first half of 2015.

The resource estimate for the No. 22 and 23 veins is entirely classified as inferred and totals 153,000 tonnes averaging 7.6 g/t for 37,100 ounces of contained gold (cut and diluted) as shown in the table. The resource estimate for the No. 22 and 23 veins used a total of 58 PC Gold drill holes and four historic drill holes totalling 10,851 metres and 226 assays. Notably, the resource estimate includes 98,200 tonnes averaging 9.6 g/t for 30,300 ounces between surface and 150 m depth, where more than 80 per cent of the drilling was carried out.

           UPDATED PICKLE CROW INFERRED MINERAL RESOURCES 
                                                                 
                            Cut-off                                
Category                      grade      Tonnes   Grade     Ounces   
                            (g/t Au)            (g/t Au)
High-grade vein                                                             
Underground                     2.8   2,165,000     9.1    637,000      
Bulk underground(i)             2.0   4,510,000     3.7    536,000       
Total underground(ii)          2.25   6,680,000     5.5  1,173,000       
Total open pit                 0.35   3,628,000     1.1    126,000       
Grand total                          10,303,000     3.9  1,299,000      

(i) Bulk underground resources comprise primarily 
banded-iron-formation-hosted mineralization.                                      
(ii) Represents a combination of bulk underground resources (two 
g/t cut-off) and cut-and-fill underground resources (2.8 g/t 
cut-off, with vein intersections diluted to a minimum of one 
metre).

"This initial mineral resource estimate on the No. 22 and 23 veins confirms the potential for undiscovered high-grade near-surface mineralization at Pickle Crow. These veins closely resemble other shaft 3-type veins which have produced over 500,000 ounces. Specifically they appear to be related to the historic No. 8 vein, which was mined from the 3,000-foot (914 m) to the 2,350-foot level (716 m). Over 500 m of ground remains untested between the No. 22 to 23 veins and the historic No. 8 vein," said Peter Hooper, president and chief executive officer of PC Gold. "The resource estimate on the No. 22 and 23 veins provides a potential source of shallow high-grade feed for the on-site 225-tonne-per-day mill which will form the basis of a PEA planned for the first half of 2015."

The No. 22 and 23 veins were discovered by PC gold in 2011 and 2012, respectively. These two veins are located at surface within 400 m of the No. 3 shaft on the Pickle Crow property and were by previous operators as they are swamp covered and hosted in Confederation-aged intermediate volcanic rocks long thought not to be prospective for high-grade Pickle Crow-type veins. These two veins represent near-surface high-grade ounces similar to what were historically mined at Pickle Crow (1.45 million ounces at 16.14 g/t).

Similar to other Pickle Crow-type veins, the No. 22 and 23 veins possess high-grade shoots which contain a significant portion of the overall ounces within the vein. These were historically referred to as jewellery boxes. At least one high-grade shoot has been identified in both the No. 22 and 23 veins, which have returned up to 444.38 g/t over 1.50 metres in hole PC-11-251 (see PC Gold's press release dated Jan. 11, 2012) and 878.69 g/t over 0.90 metre in hole PC-14-283 (see PC Gold's press release dated June 25, 2014), respectively.

                     NO. 22 AND 23 VEINS MINERAL RESOURCES

                                Grade                         Grade
           Cut-Off    Tonnes   capped    Ounces    Tonnes  uncapped    Ounces
Vein       (g/t Au)   capped  (g/t Au)   capped  uncapped   (g/t Au) uncapped

No. 22           2    35,200     5.19     5,900    36,500      10.2    12,000
               2.8    27,800      5.9     5,300    30,700      11.7    11,500
               3.5    19,700      7.1     4,500    24,200      14.0    10,900
                 5     9,300     10.3     3,100    16,900      18.3     9,900
No. 23           2   166,700      6.6    35,100   167,000      10.6    56,700
               2.8   125,200      7.9    31,800   125,900      13.2    53,500
               3.5   101,500      9.0    29,500   102,500      15.5    51,200
                 5    54,100     13.4    23,300    56,700      24.8    45,200
No. 22+23        2   201,900      6.3    41,000   203,500      10.5    68,700
               2.8   153,000      7.6    37,100   156,600      12.9    65,000
               3.5   121,100      8.7    33,900   126,700      15.2    62,100
                 5    63,500     12.9    26,400    73,600      23.3    55,100

Notes

1. The mineral resource estimate is entirely classified as inferred mineral resources.
2. Canadian Institute of Mining, Metallurgy and Petroleum definition standards were followed for mineral resources.
3. Resources for both veins were estimated assuming a cut-and-fill mining method with a preferred 2.8 g/t Au cut-off over a minimum mining width of one metre. This is consistent with PC Gold's 2011 resource. Vein widths less than one metre were diluted to one metre prior to application of the 2.8 g/t cut-off grade. Grade and tonnes for both veins are reported as diluted grade and diluted tonnes.
4. A gold price of $1,100 (U.S.) per ounce has been retained to facilitate comparison with the 2011 resource estimate audited by Micon.
5. High-grade assays for both veins have been capped. The veins exhibited different geological characteristics and statistical populations, and separate caps were chosen for each vein. A two-tier capping methodology was employed for both veins, with a high-grade cap being applied within a limited area around specific bonanza intercepts, and a lower-grade cap applied throughout the rest of the domain. Caps were performed on the composited grades. For vein 22, caps of 61 g/t and 25 g/t were chosen for the high- and low-grade caps, respectively, while vein 23 used caps of 38 g/t and 12 g/t for the high- and low-grade caps, respectively. An uncapped estimate has been included for comparison; uncut resources are generally not suitable for mine planning purposes.
6. A bulk density of 2.75 tonnes/cubic m was used for all material (vein as well as wall rock dilution) within the resource estimate.
7. The mineral resource estimate was calculated via block modelling. Three-dimensional wireframes were generated using geological information. An inverse distance cubed (ID3) estimation method was used to interpolate grades into one m by one m by one m blocks, which were split at wireframe boundaries.
8. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The quantity and grade of inferred resources within this report are uncertain and further exploration may or may not result in upgrading to measure and indicated categories.
9. Numbers may not add due to rounding.

The vast of majority of the drilling on the No. 22 and 23 veins occurred from zero to 150 m depth, with the deepest hole intersecting the No. 23 vein at a vertical depth of approximately 300 m. As such, over 80 per cent of the vein intercepts and defined ounces occur in the top 150 m of the resource estimate as shown in the table.

                NO. 22 AND 23 VEINS RESOURCE BY VERTICAL DEPTH 

                            No. of                               Ounces per
               Capping    DDH vein                    Contained    vertical
Depth           method  intercepts   Tonnes    Grade     ounces       metre
                                             (g/t Au)

0-150m        Uncapped          85  101,800     17.8     58,200         388
0-150m          Capped          85   98,200      9.6     30,300         202
150-300m      Uncapped          19   54,800      3.9      6,900          46
150-300m        Capped          19   54,800      3.9      6,900          46

The updated mineral resource is restricted to the historical Pickle Crow mine proper and encompasses three areas (shaft 1, shaft 3 and Albany shaft -- all interconnected underground) totalling 19 separate mineralized zones, including banded-iron-formation-hosted, conduit-style-hosted (shear zone) and high-grade-quartz-vein-hosted mineralization. The detailed breakout by shaft and zone is shown in the table. The mineral resource does not include mineralized zones located away from the mine such as the Powder House and new Central Pat East discovery, which provide near-term avenues for further expanding the total resources present on the property. The mineral resource extends from surface to a maximum depth of 1,500 m at shaft 1, 930 m at shaft 3 and 370 m at the shallow Albany shaft.

Historically, prior operators at Pickle Crow focused only on the narrow high-grade veins using cut-and-fill mining techniques. These techniques, combined with the $35/ounce price of gold then in effect, necessitated a very high (by current standards) cut-off grade of 8.57 g/t gold, resulting in abundant moderate and low-grade resources being left within and proximal to the historical workings. The much higher present day gold price and modern mining techniques allow for the potential economic extraction of these moderate and lower-grade resources, along with the remaining high-grade resources. Accordingly, the mineral resource encompasses three different categories:

1. Underground high-grade vein resources;
2. Bulk underground BIF and high-grade vein resources;
3. Open-pit BIF and high-grade vein resources.

 PICKLE CROW INFERRED MINERAL RESOURCES DETAILED BREAKOUT BY SHAFT AND ZONE

                               Mining         Au            Contained Cut-off
Area    Zone       Host        technique   grade     Tonnes    ounces   grade
                                            (g/t)                     (g/t Au)

Shaft 1 BIF        BIF & vein  Open pit      1.1  3,628,000   126,000    0.35
        BIF        BIF & vein  Bulk
                               underground   3.7  4,320,000   508,000     2.0
        No. 1 vein Vein        Underground  10.1    718,000   233,000     2.8
        No. 5 vein Vein        Underground   5.2    141,000    24,000     2.8
        No. 9 vein Vein        Underground   5.4    203,000    35,000     2.8
        No. 11     Vein        Underground
        vein                                 6.5     18,000     4,000     2.8
        No. 19     Vein        Underground
        vein                                14.0    381,000   171,000     2.8
                   Shaft 1 total ounces      3.6  9,409,000 1,100,000
Shaft 3 No. 2 vein Vein        Underground   9.1     96,000    28,000     2.8
        No. 6 vein Vein        Underground   8.2    156,000    41,000     2.8
        No. 7 vein Vein        Underground   5.8     49,000     9,000     2.8
        No. 8 vein Vein        Underground   7.9     64,000    16,000     2.8
        No. 12     Vein        Underground
        vein                                11.9     14,000     5,000     2.8
        No. 13     Vein        Underground
        vein                                 6.5    103,000    22,000     2.8
        No. 22     Vein        Underground
        vein(i)                              5.9     28,000     5,000     2.8
        No. 23     Vein        Underground
        vein(i)                              7.9    125,000    32,000     2.8
                   Shaft 3 total ounces      7.7    635,000   158,000
Albany  CZ1        Conduit     Bulk
                   style       underground   4.9    168,000    27,000     2.0
Shaft   CZ3        Conduit     Bulk
                   style       underground   2.7     22,000     2,000     2.0
        No. 15     Vein        Underground
        vein                                 4.7     42,000     6,000     2.8
        No. 16     Vein        Underground
        vein                                 6.3     28,000     6,000     2.8
                   Albany shaft total
                   ounces                    4.9    260,000    41,000
Total              Total       Open pit      1.1  3,628,000   126,000    0.35
Pickle             Total       Bulk
Crow                           underground   3.7  4,510,000   536,000     2.0
mine               Total       Underground   9.1  2,165,000   637,000     2.8
                   Grand total               3.9 10,308,000 1,299,000

(i) 2014 resource estimates.

Notes

1. The mineral resource estimate is entirely classified as inferred mineral resources.
2. CIM definition standards were followed for mineral resources.
3. The cut-and-fill (high-grade vein) underground component of the mineral resource has been estimated at a cut-off grade of 2.8 g/t Au over a minimum width of one metre. Vein widths less than one metre were diluted to one metre prior to application of the 2.8 g/t Au cut-off grade. Grade and tonnes for the cut-and-fill component of the mineral resource are reported as diluted grade and tonnes.
4. The long-hole bulk underground (moderate grade) component of the mineral resource has been estimated at a cut-off grade of two g/t Au.
5. The open-pit (low grade) component of the mineral resource has been estimated at a pit discard cut-off grade of 0.35 g/t Au, using a preliminary Whittle pit shell to constrain the resource estimate and other assumed pit parameters.
6. The open-pittable mineral resource extends to a depth of approximately 150 metres below surface. Only mineralization located within the pit shell has been reported at open-pit cut-off grades.
7. The mineral resource has been estimated using a gold price of $1,100 (U.S.) per ounce.
8. High-grade assays have been capped. Each domain was capped with respect to its unique geology and statistics. Caps for cut-and-fill (high-grade vein) underground resources range from 35 g/t to 145 g/t.
9. Bulk density of 3.14 tonnes/cubic m was used for BIF and 2.70 tonnes/cubic m was used for veins.
10. The mineral resource was calculated via block model. Three-dimensional wireframes were generated using geological information. A combination of kriging and inverse distance estimation methods were used to interpolate grades into blocks of varying dimensions depending on geology and spatial distribution of sampling.
11. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
12. Mineral resources have been adjusted for mined out areas. Small rib and sill pillars around old stopes have not been considered.
13. Numbers may not add due to rounding.

In compliance with the CIM definition standards requirement of reasonable prospects for economic extraction, several mining and milling scenarios for a new Pickle Crow have been evaluated. The company has determined the most efficient road to production involves a two-stage process. The first stage would involve an initial small-scale (approximately 20,000 ounces/year) production scenario using the on-site 225-tonne-per-day mill and ramp access to the high-grade No. 22 and 23 veins. Cash flow from this operation would then be used to advance the second stage, which would involve dewatering the historic workings and building a 2,000-tonne-per-day mill (approximately 100,000 ounces/year). This second stage would be supported by a combination of high-grade veins, bulk-minable underground and open-pittable zones. This two-stage scenario will be detailed in the company's PEA planned for the first half of 2015.

Geological potential

The bulk of the drilling and ounces defined in the No. 22 and 23 vein resource are from surface to 150 m depth. This works out to approximately 200 ounces per vertical metre. Given the great vertical continuity of the high-grade veins at Pickle Crow, the company believes it is reasonable to assume that further drilling could outline additional high-grade resources at depth on these veins. This is further supported by their interpreted relationship with the historic No. 8 vein.

The company has made several discoveries of high-grade veins lateral to the historic workings, most significantly the No. 19 vein, which contains an inferred resource of 171,000 ounces at 14.0 g/t and has returned up 43.28 g/t gold over 13.13 metres, including 138.89 g/t gold over four metres in hole PC-10-052-W02 (see PC Gold's press release dated March 23, 2010). Results and discoveries such as these confirm that strong potential exists to increase the property's mineral resource base through further exploration of areas lateral to and below the historic workings.

The contents of this press release have been reviewed and approved by Neil Pettigrew, MSc, PGeo, vice-president, exploration, for PC Gold and the company's qualified person as defined by National Instrument 43-101. The contents of this press release have also been reviewed and approved by David Thomas, PGeo, of DKT Geosolutions, who audited the mineral resource estimate for the No. 22 and 23 veins.

David Thomas, PGeo, has provided consulting services to the international mining industry since 2005 as part of AMEC Americas Ltd. and since 2012 as owner of DKT Geosolutions, with particular focus upon mineral resource estimations.

The 2011 National Instrument 43-101 resource estimate was prepared by Fladgate Exploration Consulting and audited and approved by Micon International under the direction of B. Terrence Hennessey, PGeo, MAusIMM, vice-president of Micon, an independent qualified person as defined by NI 43-101. The 2014 No. 22 to 23 vein resource update was prepared by Fladgate Exploration Cosulting and audited by David Thomas, PGeo, of DKT Geosolutions, an associate of Fladgate. Neil Pettigrew, vice-president, exploration, for PC Gold and the company's qualified person, is also a partner in Fladgate. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The quantity and grade of reported inferred resources in this estimation are conceptual in nature, and there has been insufficient exploration to define these inferred resources as an indicated or measured resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category.