PGM Ventures Corporatio

PGM Ventures Corporation (TSX VENTURE:PPG) - PGM Ventures Corporation ("PGM") and its 43% owned subsidiary Simberi Gold Corporation ("Simberi") announce that the two companies are rationalizing their asset bases. Simberi is a gold mining company and will continue to focus on developing gold projects. PGM is concentrating its efforts on base metals and the development of the Aguas Tenidas copper-zinc project in Spain.

PGM and Simberi have entered into discussions for Simberi to acquire all of PGM's Venezuelan gold assets. These consists of varying interests in: i) the Choco 6, Increible 14, Increible 16 concessions situated in the El Callao mining district, and ii) the Botanamo and Acarigua concessions, located approximately 25kms NE of Hecla's La Camorra Mine. All the holdings areas are located in Bolivar State in SE Venezuela.

The final terms of the transaction will be agreed in the final documentation as approved, by the two companies' boards. In addition, the transaction is subject to appropriate regulatory approval.

McFarlane Gordon has agreed to act as advisor and provide the fairness opinion for the proposed transaction.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

The TSX Venture Exchange Inc. has neither approved nor disapproved the information herein contained.

PGM Ventures Corporation (TSX VENTURE:PPG)

SOURCE: PGM Ventures Corporation

PGM Ventures Corporation Jim Voisin (519) 699-5352 Visit our website at www.pgm-ventures.com