• Agreement reached with Grainger Gold Pty Ltd for 50-50 profit share
• Historical high-grade mining produced ~20koz @ 37.88g/t Au
• Significant untested potential with known mineralized extensions

Pacgold Ltd has reached a profit share agreement with Grainger Gold Pty Ltd over the Wadnaminga Project, located 80km southwest of Pacgold's White Dam mine site. The Wadnaminga Project was mined extensively during the late 1800's and early 1900's, producing a recorded 19,962oz of gold from four main locations including the New Milo, Great Eastern, Golden Point and Virginia mines. Ore was predominantly sourced from narrow, very high-grade (>35g/t Au) steeply dipping veins. The mines are located within three granted Mining leases, and initial work programs will commence in mid-March this year. The short-term focus will be to ascertain the grade and potential gold recoveries achievable on heap leach dumps and processed tailings stockpiled at surface, before starting a first pass RC drill program on the extents of the known unmined extensions of the New Milo and Great Eastern mining centers. Pacgold believes the deposits at the Wadnaminga site have never been systematically explored, and the old timers were focused on the high-grade ore, leaving behind any material with sub-bonanza grade, representing a real opportunity for Pacgold to quickly delineate a resource and fast track to mining.

Pacgold plans to commence field work at the Wadnaminga Project in March, including drilling and evaluation of the existing heap leach pads and tailings dumps to determine the remaining gold resource available for immediate re-treatment. The company will also explore the known mineralized extensions where ore has previously been delineated, with the potential to discover thicker, lower-grade zones than those historically mined.