BELLINGHAM, Wash., Oct. 31, 2012 /PRNewswire/ -- Pengram Corporation (Symbol: PNGM.PK) (the "Company", "Pengram") announced that Manado Gold Corp. ("Manado") has extended its option to earn 75% on the Company's 8,372 acre (3,388 hectare) Clisbako property in the Cariboo Mining Division of British Columbia by issuing 200,000 shares to the Company as required by the option agreement.
Approximately 2,000m was recently drilled by Manado to test the shallow mineralized zones of epithermal silica stockworks and breccias, and quartz veined volcanic rock identified on the "South Zone" and the "Bari 1 and Bari 2 Zones". These three zones were selected for drilling as they were determined to be the nearest to the surface. The drill did encounter significantly altered epithermal zones with low mineral values. Manado is completing a detailed analysis of the results to determine what additional work and what other zones should be tested.
Manado is required to incur an additional $250,000.00 on exploration of the Clisbako property by September 15, 2013 to earn its 75% interest in the property.
"The Company is pleased that Manado has met the requirements to extend its option to earn in on the property and that progress has been made in determining the geological structures within the property," commented Richard Donaldson, CEO of Pengram.
ABOUT PENGRAM CORP. (PNGM) www.pengramgold.com
Pengram Corp. (PNGM) is an exploration-stage company. The Company is engaged in the acquisition and exploration of properties to search for gold mineralization in Canada and the United States. In Nevada, Pengram controls 172 claims covering approximately 3,463 acres. In Canada, PNGM controls 8,372 acres (3,388 hectares) in the Cariboo Mining District that has historically produced more than 3.8 million ounces of gold.
Forward Looking Statement
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. The statements regarding financing in this news release are forward-looking statements. Such statements are based on current expectations. Actual results could vary materially from the description contained herein due to many risk factors, in particular, there is no assurance that Pengram's creditors will accept the Notes or that Pengram will be able to sell the Notes Offering to investors. The forward-looking statements contained in this news release speak only as of the date on which they are made, and Pengram does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
SOURCE Pengram Corporation