VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2011) -

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

PNG Gold Corporation ("PNG Gold" or the "Company") (TSX VENTURE:PGK) announces assay results from 31 recently completed diamond drill holes on its Imwauna Project, Normanby Island, Milne Bay Province, eastern Papua New Guinea. The drilling was designed to provide additional information in the northern and central part of the deposit at shallow depths where there were gaps in the historic drilling and at depth, between 100 m and 150 m below surface, to verify the continuation of the mineralized vein system. The holes tested a 600 m strike length of the deposit and a vertical range of 50 m to 150 m below surface. Imwauna exploration drill hole locations can be viewed at: http://www.pnggold.com/i/pdf/Imwauna_EL1091.pdf

The results re-affirm the high grade nature of the deposit. The mineralized zone graded 3.0 g/t or more in 65% of the holes while eleven holes (35%) intersected zones assaying greater than 10.0 g/t Au. There is no strong correlation observed between grade and thickness, although the thickest zones (i.e. those greater than 4 m wide) all grade between 5 and 15 g/t Au. The following highlights table illustrates the high grade nature of these results:

Table 1: Highlights of Results (for complete results see Table 2 appended to this release)
Hole	Core length (m)*	Au (g/t)	Ag (g/t)
IMH 204 Incl:	7.4 3.1	13.11 24.60	14.42 24.93
IMH 215	6.3	8.16	32.93
IMH 209	4.3	6.67	11.11
IMH 194	5.1	5.38	9.17
IMH 193	1.4	15.60	10.60
IMH 210 Incl:	1.1 0.4	16.66 42.50	23.85 43.00

* core lengths are not true thicknesses which have yet to be determined

Drilling confirmed the continuity of the vein system within the deposit envelope and its extension below the level of previous drilling. The main vein is now interpreted to dip near vertical suggesting that some of the historic drill holes and some of the earlier holes in the current program did not drill deep enough to cut the vein. Selected holes will be deepened to test this interpretation. The current program also confirms that the mineralized zone is variable in thickness, ranging from 0.3m wide in a single vein to 7.4 m wide across zones of multiple veining and silicification.

Dick Whittington, President and CEO of PNG Gold, stated, "These results significantly enlarge our knowledge of the Imwauna vein system both in terms of grade and geological interpretation. We continue to be excited about the property and are looking forward to the results of our ongoing drilling with great interest as we look to put out a 43-101 resource in the second quarter of next year."

Ongoing Drilling Programme – Imwauna and Kela's Vein Systems and Sehulea IP Anomaly

Drilling continues on the Imwauna deposit primarily to expand the known deposit at depth. Two drills are presently working on the Imwauna Project and will drill test the promising Kela's vein system later this year or early in 2012, while a third rig has been deployed to the Sehulea property (EL 1069), 10 km to the northeast of Imwauna. A minimum of four holes totalling 1000 m are planned to evaluate a very strong, 1.2 km long, chargeability anomaly outlined by a 3D IP survey completed in August of this year. The program will also fulfill the company's commitments to the Sehulea exploration license (EL 1069).

Logging, sampling and assaying procedures

All holes drilled by PNG Gold are collared using HQ triple tube drill tools. A few holes have been reduced to NQ size at depth in the hole in order to continue the hole. Geotechnical measurements such as core recovery, fracturing and veining, rock quality designations (RQD's), hardness and photographic logging are performed systematically prior to sampling and assaying. The core is logged, samples selected by PNG Gold geologists then systematically sawn in half at the site. The one half core sample is numbered, sealed in a bag and delivered by PNG Gold to its base in Alotau where the samples are palletized and placed in a container for shipment to ALS Chemex in Townsville, Australia. The other core half is retained on the site.

Core samples are dried, crushed and pulverized to 85% passing through a 75 micron mesh. The pulps are assayed for gold and silver using a 50 g split, fire assay (FA) and AA finish.

Quality assurance / Quality control (QA/QC)

The ALS Chemex lab is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used as part of PNG Gold's QA/QC program. The company also inserts blind standards with each sample batch at the rate of about 1:10. Rejects and pulps are stored at the lab for future reference.

Qualified Person

Mr. Colin McKenzie, P.Geo and COO of PNG Gold is a qualified person in accordance with National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

About the Imwauna Gold Project

The Imwauna exploration license covers an area located on the north side of Normanby Island approximately 80 km northeast of Alotau, the provincial capital of Milne Bay Province, Papua New Guinea. Alotau is serviced by daily flights from Port Moresby the national capital and scheduled coastal freighters. PNG Gold maintains a logistics base in Alotau to supply the Normanby Island site.

The Imwauna prospect is an epithermal, low sulphidation quartz vein system comprising two principal veins, the thicker, more continuous Main vein and the East vein. The mineralized veins consist of finely crystalline quartz, white to grey in colour and display typical epithermal textures such as vugs, dog tooth crystals and fine, chalcedonic layering. Sulphides are rare to absent although some deeper intersections contain a few per cent of fine pyrite. Vein margins are often brecciated and re-sealed with silica.

Historic exploration drilling in 178 drill holes (see PNG Gold Corp Technical Report, November 30, 2010 on Sedar) has outlined a narrow zone of gold mineralization over a strike length of at least 900 m to an average vertical depth of about 100 m. Widths are usually 1 to 3 m in the Main vein but less in the East vein. The drilling program is designed to extend the deposit to depth and obtain sufficient information to support a new resource estimate, now scheduled for the second quarter 2012.

About PNG Gold Corporation

PNG Gold Corporation is an exploration company with an advanced stage drilling program in Papua New Guinea. PNG Gold holds a 50% interest in the Imwauna and Sehulea properties on Normanby Island, Milne Bay Province, Papua New Guinea, and has earned its option to acquire the remaining 50%. The Company expects the transfer of the remaining 50% interest will be completed expeditiously, after which it will be the sole owner of both properties. 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.

ON BEHALF OF THE BOARD OF DIRECTORS

J.R.H. (Dick) Whittington, President & CEO

No regulatory authority has approved or disapproved the information contained in this news release.

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.

Table 2:Imwauna Assay Results – IMH 186 to IMH 216
Hole ID	Easting	Northing	Elev (m)	Dip	Azimuth	From (m)	To (m)	Vein Length (m)*	Au (g/t)	Ag (g/t)
IMH186	289079.0	8887004.9	482.1	-65	106	45.0	46.0	1.0	1.04	1.10
IMH187	289075.0	8886926.5	485.6	-60	106	31.2	33.0	1.8	4.88	22.80
and						58.3	59.4	1.1	18.30	24.70
IMH188	289075.4	8887018.1	484.9	-70	106	112.9	113.3	0.4	4.37	9.10
IMH189	289061.5	8887117.7	493.4	-70	106	120.4	120.7	0.3	2.96	1.50
IMH190	289044.4	8886953.6	495.4	-70	106	101.4	102.9	1.5	4.50	8.00
and						120.7	121.4	0.7	10.50	14.40
and						93.6	95.0	1.4	2.90	2.20
IMH191	289047.5	8886996.8	492.1	-60	106	111.0	112.0	1.0	1.35	1.50
and						148.0	149.0	1.0	1.61	4.50
IMH192	289064.7	8887073.9	490.4	-70	106				nsv	nsv
IMH193	289047.9	8886996.8	492.1	-50	106	89.4	90.8	1.4	15.60	10.60
and						103.1	104.7	1.6	3.14	2.20
and						116.6	117.8	1.2	1.94	2.10
IMH194	289054.3	8886992.6	491.8	-70	106	133.6	138.7	5.1	5.38	9.17
including						134.8	135.4	0.6	17.30	15.00
IMH195	289075.2	8887155.3	491.8	-60	106				nsv	nsv
IMH196	288989.4	8886899.1	494.1	-65	106	126.4	127.4	1.0	5.24	9.20
and						179.2	184.0	4.8	3.88	18.71
including						179.2	180.2	1.0	8.50	12.50
and						187.0	188.0	1.0	3.15	1.50
IMH197	289000.6	8886926.9	509.1	-60	106	94.8	95.8	1.0	6.91	12.20
and						120.8	121.8	1.0	6.45	6.50
IMH198	288994.2	8886716.4	533.3	-45	106				nsv	nsv
IMH199	289021.1	8886866.3	493.3	-65	106	84.5	85.1	0.6	4.15	6.00
IMH200	289073.3	8887156.0	493.3	-70	106	139.0	140.0	1.0	3.50	2.00
IMH201	288996.9	8886742.1	538.6	-60	106				nsv	nsv
IMH202	289008.5	8886817.7	514.2	-50	106	77.0	78.0	1.0	5.02	9.30
IMH203	289008.5	8886817.7	514.2	-65	106	62.5	63.5	1.0	1.73	9.60
and						64.5	65.5	1.0	1.04	9.60
and						81.3	83.5	2.2	4.24	11.76
and						91.4	93.1	1.7	1.98	6.89
IMH204	288963.1	8886812.9	511.2	-70	106	130.0	131.7	1.7	1.51	1.85
and						138.0	145.4	7.4	13.11	14.42
including						139.4	142.5	3.1	24.60	24.93
and						147.0	148.3	1.3	4.16	4.10
IMH205	289083.0	8887205	499.0	-60	101	37.8	38.7	0.9	1.40	2.20
IMH205A	289083.8	8887205.4	499.0	-60	106	220.0	221.3	1.3	10.31	8.65
including						220.0	220.5	0.5	24.70	18.00
IMH206	289083.6	8887205.4	498.4	-70	106				nsv	nsv
IMH207A	289150.2	8887245.0	460.7	-60	106	153.7	154.4	0.7	1.00	3.40
IMH208	289149.3	8887245.4	462.5	-70	106				nsv	nsv
IMH209	288966.2	8886833.1	540.3	-60	106	141.0	142.0	1.0	12.10	13.00
and						147.2	151.5	4.3	6.67	11.11
and						150.0	151.5	1.5	15.25	14.00
IMH210	289129.7	8887039.6	467.2	-55	106	18.7	19.8	1.1	16.56	23.85
including						18.7	19.1	0.4	42.50	43.00
and						53.9	54.6	0.7	1.34	2.90
IMH211	289087.3	8887028.5	476.5	-75	106	63.4	64.3	0.9	3.64	9.70
and						99.7	100.6	0.9	24.00	327.00
IMH212	288969.6	8886725.4	525.2	-45	106				nsv	nsv
IMH213	288981.0	8886747.9	537.1	-55	106	64.6	66.1	1.5	7.49	9.77
including						65.2	65.7	0.5	16.65	22.30
and						68.0	68.9	0.9	1.32	7.50
IMH214	288955.5	8886789.1	535.8	-60	106	48.0	49.0	1.0	1.23	5.10
IMH215	288981.9	8886747.6	537.0	-70	106	73.5	75.1	1.6	10.73	14.80
and						79.4	85.7	6.3	8.16	32.93
including						83.0	84.0	1.0	22.13	63.65
and						84.8	85.7	0.9	17.50	57.00
IMH216	288919.2	8886733.2	528.1	-70	106				nsv	nsv

nsv = no significant values

* true thicknesses have yet to be determined