NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

PNG Gold Corporation's (the 'Company' or 'PGK') (TSX VENTURE:PGK) announces that
it has established terms for the previously announced private placement of
46,666,666 common shares at a price of $0.75 per common share for gross proceeds
of $35,000,000. Common shares issued under this offering are subject to a hold
period of four months from the closing date which is expected to be on or around
July 26, 2011, subject to acceptance by the TSX Venture Exchange and receipt of
any required regulatory approvals. Proceeds from the placement will be used to
fund the exploration and development work on the Company's Imwauna property on
Normanby Island, Milne Bay Province, Papua New Guinea. The offering was lead by
Canaccord Genuity Corp. and Paradigm Capital lnc. as Agents.


Dick Whittington, President and CEO, commented, "We are very pleased to have
arranged this financing under the current difficult market conditions. These
funds will allow us to move quickly to increase our exploration and development
activities at the Imwauna property with the objective of putting out a 43-101
compliant resource on the property by the second quarter of 2012. Over the
balance of 2011 we will update the market with exploration data as drilling
occurs."


About PNG Gold Corporation 

PNG Gold Corporation holds a 50% interest in the Imwauna and Sehulea properties
on Normanby Island, Milne Bay Province, Papua New Guinea, and an option to
acquire the remaining 50%. With the closing of the current financing the Company
anticipates fulfilling the remaining option in the next few months. 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. 


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.