Lincoln Announces Gold Resources at Pine Grove Property, Nevada

LINCOLN GOLD CORP. (OTCBB: LGCP) is pleased to announce the results of a gold resource estimate on the Company's 100%-controlled Pine Grove gold property located in the Pine Grove Hills, 20 miles south of Yerington, Nevada. The property consists of two patented mining claims and 93 unpatented lode claims.

The resource estimate is compliant with Canadian National Instrument 43-101 and was prepared by MineFill Services, Inc. of Vancouver, B.C., Canada in accordance with definitions of the Canadian Institute of Mining and Metallurgy's Standards on Mineral Resources and Mineral Reserves adopted in November 2000. The database consists of 160 reverse circulation holes totaling 53,000 ft drilled by Teck Resources in the early 1990's. Drilling was conducted largely on 100 ft to 200 ft centers on two gold deposits, the Wheeler and the Wilson. The two deposits are about 2,500 ft apart with excellent access, encompassing about 5 percent of the overall property. The Company has identified three large areas within the overall claim block, including one between the deposits, as potential exploration targets. A large exploration drill program is being planned for these areas.

At a cutoff grade of 0.010 opt gold and high assays capped at 0.5 opt gold, the Wheeler and Wilson deposits presently contain combined indicated resources of 4,444,000 tons grading 0.046 opt gold containing 202,300 ozs gold. Combined inferred resources for the two deposits are estimated at 1,614,000 tons grading 0.073 opt gold containing 117,600 ozs gold. Indicated resources were calculated based on a search radius of 60 ft with a minimum of four samples.

Mineral resources for the Wheeler and Wilson deposits at various cutoff grades are presented below.


WHEELER DEPOSIT - UNDILUTED MINERAL RESOURCES BY CUTOFF GRADE

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Cutoff Grade                                         Grade        Contained
Opt Gold        Classification          Tons      Opt Gold         Ozs Gold
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0.005           Indicated          2,916,000         0.051          149,432
                Inferred           1,451,000         0.075          108,407
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0.010           Indicated          2,200,000         0.065          144,348
                Inferred           1,101,000         0.096          105,889
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0.015           Indicated          1,719,000         0.080          138,184
                Inferred             928,000         0.112          103,796
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Assays capped at 0.5 opt gold

WILSON DEPOSIT - UNDILUTED MINERAL RESOURCES BY CUTOFF GRADE

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Cutoff Grade                                         Grade        Contained
Opt Gold        Classification          Tons      Opt Gold         Ozs Gold
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0.005           Indicated          3,759,000         0.018           69,050
                Inferred             888,000         0.016           14,481
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0.010           Indicated          2,224,000         0.026           57,999
                Inferred             513,000         0.023           11,745
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0.015           Indicated          1,351,000         0.035           47,435
                Inferred             251,000          0.34            8,621
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Assays capped at 0.5 opt gold

SUMMARY OF WHEELER AND WILSON DEPOSITS - UNDILUTED AT A 0.010 OPT CUTOFF

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Cutoff Grad                                          Grade        Contained
Opt Gold        Classification          Tons      Opt Gold         Ozs Gold
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0.010           Indicated          4,424,000         0.046          202,347
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0.010           Inferred           1,614,000         0.073          117,634
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Assays capped at 0.5 opt gold

The Wilson Wheeler deposits are former gold producers that targeted high grade veining within the Pine Grove District. The Company believes that the potential exists for a bulk tonnage open pit mine with conventional heap leaching. In this regard, four large diameter holes are planned to be drilled to obtain bulk samples for metallurgical testing.

MineFill Services is presently completing a Technical Report NI 43-101 for filing with Canadian securities regulatory authorities (the "Technical Report") and will file the Technical Report within 45 days of the date of this news release in accordance with NI 43-101.