Update On The Eldorado Gold Project In Eastern Oregon

VANCOUVER - Provenance Gold Corp. has acquired a large volume of historic data on the Eldorado property that it is digitizing. As a result, the Company has a full historic drill hole data base which it has used to generate cross sections, long sections and horizontal plan sections using the property's historic 242 drill holes. The Company is very pleased by the information gained from these studies.

Based on the current evaluation work, Provenance has determined that the gold mineralization is locally high-grade within a large volume of lower grade values and is open in all directions and vertically. Additionally, within the larger expanse of the project, numerous undrilled areas could expand the mineralization considerably. Provenance's review of the cross sections shows that much of the historic drilling was shallow, and stopped above, and even within the mineralization. The following figure shows the distribution of the Eldorado drill holes and the location of the following cross section.

The Eldorado gold mineralization is on BLM land that Provenance controls, but unlike Nevada, Oregon exploration drilling must be permitted by both the BLM and DOGAMI, Oregon's department of geology. The Company expects to obtain both permits to begin confirmation drilling within the next several months. The staged work program includes completing compilations from the various historic studies, drilling 20 confirmation holes over a wide area of the property, and planning and permitting a second larger round of drilling into obvious targets and new areas.

Steven Craig, Project Manager, said, "Holes like R-90 with 67 meters of plus three grams starting at surface are rare. I look forward to starting the confirmation drilling."