Pengram Corporation (OTCBB: PNGM) ( "Company") issued the following update on the caribou Clisbako Property is located in the Mining Division Province of British Columbia, Canada.
The Company's directors have agreed to continue with the exploration drilling program, including the main target in the property.
Property consists of 10 mineral claims covering approximately 8370 hectares adjacent, 80 miles west of Quesnel, British Columbia in an area where several highly prospective epithermal gold performance has been found. Approximately $ 2.2 million adjusted to the current value has been issued to conduct exploration work on the property. Geological consulting firm in the report dated December 19, 2008 has concluded that "strong potential for mineralization on the property is located in structurally controlled features in depth." The consultants have recommended the phase three program including drilling into the depths of 250-300 meters to test the depth potential of this. Copies of the reports NI 43-101 compliant available on the Company website: www.PengramGold.com.
The Company also obtained an extension until February 15, 2010 from the obligation to pay $ 70,000 CDN to the vendor of the property under the promissory note Property Clisbako issued in connection with the acquisition of property companies. The Company will issue common stock for 10,000 extensions.
Forward-Looking Statement
This document may include statements that are "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect", or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results differ materially from forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company's limited operating history, future trends in mineral prices, the availability of capital, geological or mechanical difficulties affecting the planned geological work programs, and other risks detailed in the filing of the company with the Securities and Exchange Commission. In particular, there is no assurance that the Company will obtain sufficient funding to allow it to continue exploration with the proposed program. By making these forward-looking statements, the Company does not perform the obligation to update these statements for revisions or changes in the future.
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