Mr. Rauno Perttu reports

PROVENANCE GOLD HITS HIGH GRADE INTERCEPT AT ELDORADO GOLD PROJECT OF 4.59 G/T GOLD OVER 23 METERS AS DRILLING CONTINUES

Provenance Gold Corp.'s first drilling program at its Eldorado gold project in Malheur county, eastern Oregon, has returned significant gold assays within the first three holes drilled. Reported herein are the only results received to date, with more holes yet to be drilled and assays pending.

After drilling these first three holes, project manager Steve Craig explained: "This is better than a new discovery because we already know that we have a large, strong gold system. We are confirming historic drilling and testing that outlined an expansive open-ended gold system. These first assays are even better than we expected."

This initial program is designed to confirm and expand a large, near-surface, open-ended gold system that was outlined by 242 historical drill holes. An attached table lists the assay summaries from the first three holes.

Provenance's first hole, ED-01, was designed to confirm continuity of the mineralization in the historically identified gold system outside its higher-grade core area. ED-02, the second hole drilled, was designed to infill an undrilled area within the historical higher-grade core area. The third hole, ED-03, was near historical hole R-136.

ED-01, which was a westward-directed, minus-55-degree angle hole, supports the continuity of the gold zone mineralization and its impressive thickness that has not previously been tested. It intersected 141 metres of strong gold mineralization, with the best interval being 47.2 metres of 1.108 grams per tonne gold.

Hole ED-02 tested one of several undrilled locations within the historical area of mineralization. Additionally, most of the historical holes were fewer than 90 metres deep, while much of the historical mineralization, including the strongest mineralization, is below 90 metres. Hole ED-02 was a vertical hole drilled to 128 metres, where it bottomed in strong mineralization. The entire 128-metre (420-foot) vertical hole averaged 1.08 g/t gold with the best assay interval at 20.24 g/t gold over 1.5 metres. This hole bottomed in mineralization and has been deepened, with assays pending.

ED-03 was in proximity of historical hole R-136. The holes compare favourably. The entire hole averaged 140 metres of 1.3 g/t gold, within which 23 metres averaged 4.59 g/t gold, with 1.5 metres assaying 20.35 g/t gold. The hole bottomed in 3.205 g/t gold and has been deepened, with assays pending.

Provenance's initial drilling program is designed to validate the historical drilling by reputable mining companies, including Billiton and ICAN, and to expand on their results.

"These initial results give us additional confidence in the historic work, and in our interpretation that deeper drilling, infill drilling and stepout drilling will significantly expand the historic gold system, which is already large," said Mr. Craig. "Our strong initial assays in historically undrilled locations are validating our view that this mineralized system will grow substantially. Even better, the strongest grades are consistently beneath most of the historic drilling."

Rauno Perttu, Provenance's chief executive officer, stated: "This is a game-changer for Provenance. With further drilling, we have the potential to develop a very large gold system. Stay tuned."

Quality assurance/quality control

The reverse circulation drilling program utilized by Provenance completed a quality assurance/quality control program, with control samples consisting of standards, blanks and duplicates inserted approximately every 100 feet. Control samples were randomly inserted into the sample stream prior to being sent to the laboratory. The RC drill sampling was in five-foot sample intervals. Drill samples were taken to Paragon Geochemical, an ISO 9001-compliant company in Sparks, Nev., for fire assaying for gold. The rejects and pulps remain with Paragon in Sparks, Nev. The quality assurance/quality control program was implemented as part of the sampling procedures for the exploration program.

Qualified person

Steven Craig, CPG, project manager for the company, a qualified person as defined under National Instrument 43-101, has reviewed and approved the technical contents of this news release.

About Provenance Gold Corp.

Provenance Gold is a precious metals exploration company with a focus on gold and silver mineralization within North America. The company currently holds interests in three properties, two in Nevada and one in eastern Oregon, United States.

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