Mr. Rauno Perttu reports

PROVENANCE HITS FURTHER HIGH-GRADE GOLD AT ITS ELDORADO PROJECT OF 32 METERS CONTAINING 4 G/T GOLD WITHIN 137 METERS OF 1.65 G/T GOLD

Provenance Gold Corp.'s fourth hole, ED-04, in the drilling program at its Eldorado gold project in Malheur county, eastern Oregon, has returned 32 metres of 4.00 grams per tonne of gold within continuous mineralization of 137 metres of 1.65 g/t gold. This hole is located 212 metres to the southwest of the company's previous drilling, all of which intercepted grades. Further, the hole also bottomed in 4.575-gram material meaning the hole is open-ended going to depth and is a new discovery not found by historical drilling.

The attached table lists the assay summaries from the ED-04 drill hole.

This hole was designed to twin the historic hole R-47 which assayed over 94.5 metres of 0.969 g/t gold, while the new Provenance hole returned 1.003 g/t from the same near-surface 94.5-metre interval. This is significant because it is a good match of the historic drill assays to assays that Provenance has obtained for confirmation of historic results, but also shows much higher grade to depth where the same historical hole was cut off early. This helps to confirm the company's cross-section modelling whereby much of the mineralization sits below the historic drilling which was already very compelling.

Project manager Steve Craig explained: "This hole is very significant in that we continued drilling below the bottom of R-47 and found a much higher-grade section continuing to the bottom of the hole. Looking at cross-sections, many historic holes penetrated to depths of 75 to 90 metres, which returned strong open-pit-grade mineralization. These same sections have projected another 90 metres of mineralization that can be projected to depth and below this historic drilling bottom. I expect extremely good assay results of higher grades once these targets are drilled."

The original design of this first drill program was to confirm and expand a large near-surface open-ended gold system that was outlined by 242 historic drill holes. Twinning is returning similar historic assay results, and targeting the high-grade zone is confirming its high grades and provides better definition of where it is located in the subsurface.

"These initial results continue to give us 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 project manager, Steve Craig.

Quality assurance and quality control

The reverse-circulation drilling program utilized by Provenance completed a quality assurance/quality control program (QA/QC) with control samples consisting of standards, blanks and duplicates inserted approximately every 30 metres. Control samples were randomly inserted into the sample stream prior to being sent to the laboratory. The RC drill sampling was in 1.5-metre intervals. Drill samples were taken to Paragon Geochemical, an International Organization for Standardization 9001-compliant company in Sparks, Nev., for fire assaying for gold. The rejects and pulps remain with Paragon in Sparks, Nev. The QA/QC program was implemented as part of the sampling procedures for the exploration program.

Qualified person

Steven Craig, CPG, project manager for the company, and 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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