PGK

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PNG Gold Corporation ("PNG Gold" or the "Company") (TSX VENTURE:PGK) is pleased
to provide an update on the previously announced private placement (see news
releases dated June 14, 2011 and July 13, 2011) and on operational activities at
the Imwauna project, Normanby Island, Milne Bay Province, Papua New Guinea. 


Financing 

The Company's previously announced private placement has been well-received in
the marketplace and the Company anticipates closing the financing with an
over-allotment portion being exercised to bring the total gross amount raised in
the financing to approximately $38 million dollars. Closing will now be on
Thursday July 28, 2011. The private placement is being led by Canaccord Genuity
Limited and Paradigm Capital Inc. as Agents.


Operations Update

Following closing of the private placement, the Company will look to implement
and rapidly advance the business plan for the Imwauna project. Management's
intention is to rapidly advance the Imwauna project to a production decision by
the second quarter 2012. 


The Company has begun making arrangements to increase the number of drills on
site from two to five by year end. In addition, there are numerous drill core
samples awaiting assay results. It is the Company's intention to provide an
update on recent drilling by the fourth quarter of this year. The Company's
first priority is to put out an initial NI 43-101 compliant resource on the
property by the second quarter of 2012. The decision to ramp up to five drills
should greatly enhance the speed of delineation of potential for resources at
Imwauna. Activity will include testing of the extensions along strike and at
depth. The property has not yet been drilled beyond a depth of 150 metres. 


The Company has received several proposals from a variety of firms in regards to
the underground development work to be completed on the project. Following
completion of the current financing, the Company will be selecting a contractor
from one of those currently short-listed and work will commence once permitting
is achieved and the scope of work defined. 


The Company has also received bids to commence construction of a mine
construction/operations camp. Once the financing is closed, the Company will
conclude the selection process, and commence construction. As a priority, work
will commence in this area, and in other site related construction upgrades
(such as roads).


Additionally, work is continuing on the pre-feasibility study being managed by
Lycopodium Minerals QLD in Brisbane, Australia. The Company has also retained
independent mining and metallurgical consultants to assist it in this regard.
The target date for completion of the Pre-Feasibility study remains May 2012.


The Company has to date spent $ 4.5 million of the $ 8 million required
exploration and development expenditure to earn the remaining 50% interest in
the Normanby licenses per the terms of the Option Agreement. The Company is
taking appropriate measures, in the normal course, to submit its 50% Option
Agreement to the Ministry of Mines and the Registrar of Tenements for approval
and registration. The Company has previously received approval for the transfer
of the initial 50% interest in the exploration licences acquired from the vendor
and expects ministerial approval for the transfer of the remaining 50% interest
to be approved in due course once the terms and conditions have been met. 


About PNG Gold Corporation

PNG Gold Corporation is the new name of International Silver Ridge Resources
Inc., after completion of its business combination with NMC Mining Corp.
completed on June 7th, 2011. PNG Gold 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%. 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 

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.

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