Pitchblack Announces Acquisition of Australian Precious Metal-Enriched Base Metal Assets and Financing

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Pitchblack Resources Ltd. ("Pitchblack" or "Company") (TSX VENTURE:PIT) has
entered into a binding letter of intent (the "LOI") with Crocodile Gold Corp.
(TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC) ("Crocodile") for the acquisition of a 90%
interest in certain mineral properties located in the Northern Territory of
Australia (the "Property").


Commenting on the deal John Taggart, President & CEO of the Company stated: 

"There are 5 key reasons we consider these assets to be very attractive: 



1) High grades of precious metal enriched base metals both in previous drill
   holes and in metal produced at the former mines (Gold, Silver, Zinc, Lead
   and Copper)                                                              
2) Established infrastructure: the proximity of roads, rail and a deep water
   port for accessing international markets.                                
3) Excellent jurisdiction with very low country risk                        
4) Projects can be quickly advanced                                         
5) Projects offer significant upside - "metal-rich setting""                



Pitchblack has the right to acquire six precious metal enriched base metal
properties (Koolpin Project) totalling 253.7 km2, including the past producing
Iron Blow and Mount Bonnie open pit gold-silver mines. This property group
consists of six individual tenements of varying size with highlights as follows:




--  Iron Blow Mine - produced 35,000 tonnes grading 7.57 g/t Au and 328.6
    g/t Ag (1)  
    --  Recent drill intercepts of 3.66 g/t Au, 448 g/t Ag, 13.0% Pb+Zn,
        0.28% Cu over 46.2 metres and 6.03 g/t Au, 415 g/t Ag, 17.4% Pb/Zn
        and 0.6% Cu over 19.8 meters (2) 



Well defined precious metal enriched base metal system with a VMS geological
setting that is similar in character to Hecla's Greens Creek deposit, which has
a global reserve, estimated to be 21.9 million metric tonnes with grades of
13.9% zinc, 5.1% lead, 547.19 g/t silver, and 4.67 g/t gold. (3) Further
exploration on the Australian properties may not lead to the discovery or
development of a deposit of this size.




--  Mount Bonnie Mine-produced 110,000 tonnes grading 7.0 g/t Au and 230 g/t
    Ag (1) 
    --  Drill intercepts of 2.30 g/t Au, 270.7 g/t Ag, 12.1% Pb+Zn over 10.4
        metres 
        
--  Mount Evelyn Mine - produced 83,000 tonnes at an average grade of 6.1%
    Zn, 5.8%Pb, 260g/t Ag in the 1960's 
    --  Shallow mine with limited to no recorded drilling to depth 
        
--  Maud Creek - Oxide Copper breccia zone with grab samples assaying up to
    5% copper 
    --  Associated with a 10 km long, untested multi-element geochemical
        anomaly 
    --  Not tested by drilling 
        
--  Mt. Ellison - Produced 3,300 t at an average grade of 20% Cu and 0.1% Bi
    --  No recorded drilling 
        
--  Yeuralba (Eva Valley) - Copper Flower deposit, historic resource of
    116,000 tonnes grading 2g/t Au and 1% Cu  
    --  Sediment-hosted with associated boron exhalite zone 
    --  A qualified person, as such term is defined under NI 43-101, has not
        done sufficient work to classify the historical estimate as current
        mineral resources or mineral reserves. Pitchblack is not treating
        the historical estimate as current mineral resources or mineral
        reserves



These properties lie in a mineral-rich part of Australia's Northern Territory in
a region (See attached figure) where the recent focus on gold has, in
management's opinion, all but ignored the potential for precious metal enriched
base metal deposits. 


The Iron Blow and Mount Bonnie projects lie at the same stratigraphic level,
have high grade precious metal enriched oxide caps, and have well developed
alteration pipes. These two properties lie at the top of a distinct
stratigraphic cycle along a trend in excess of 10 km, along which management
believes there is good potential for the discovery of additional precious / base
metal zones. 


The Mount Evelyn deposit is a high-grade lead, zinc and silver skarn zone that
has seen limited production and exploration in the past. Past producing gold
mines lie a few kilometers to the south in similar stratigraphy.


The Maud Creek, Eva Valley and Mt. Ellison zones display regionally anomalous
copper values that are sometimes associated with gold and bismuth. The
occurrence of these zones suggests potential for breccias-type and
sediment-hosted copper-rich deposits. 


Exploration work in 2013 will initially focus on extending and validating the
high-grade zones at the Iron Blow and Mount Bonnie deposits. Pitch Black
envisions a two stage exploration program with initial drilling on the Iron Blow
and Mount Bonnie deposits with a goal of producing an initial resource estimate
in 2013. Before additional drilling is undertaken, geochemical sampling,
detailed mapping and additional geophysical interpretations will be carried out.



To view the map associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/Pitchblack-Resources.pdf.


The other properties contain exciting mineralized showings or significant
geophysical anomalies in several instances in what are interpreted to be similar
geological environments to that which hosts the Iron Blow and Mt Bonnie
deposits. These properties will undergo geochemical sampling and geological
mapping before being prioritized for subsequent drill testing.


The Company has agreed to acquire a 90% interest in the Properties for a cash
consideration of $500,000, payable upon execution of a definitive agreement in
respect of the acquisition (the "Definitive Agreement"), the incurring of
$4,000,000 in exploration expenditures on the Properties within 48 months of the
date of the Definitive Agreement, and the issuance to Crocodile of such number
of common shares of the Company as is equal to 10% of the issued and outstanding
common shares of the Company upon execution of the Definitive Agreement. 


"From our perspective, this agreement represents a win-win arrangement for both
parties, allowing Pitchblack to assess the full potential of these base metal
properties while we continue to focus on the development of our gold
properties," stated Chantal Lavoie, President & CEO of Crocodile Gold
Corporation.


The acquisition of the Properties remains subject to certain conditions,
including the execution of the Definitive Agreement, satisfactory completion of
due diligence, and receipt of regulatory approvals, including approval of the
TSX Venture Exchange.


Private Placement for Gross Proceeds of up to $3 million

The Company also announces a non-brokered private placement of up to 30,000,000
units (the "Units") at a price of $0.10 per Unit for gross proceeds of up to
$3,000,000 (the "Offering"). Each Unit will be comprised of one common share of
the Company and one common share purchase warrant (a "Warrant"). Each Warrant
will entitle the holder thereof to acquire one additional common share at an
exercise price of $0.20 for a period of two years. The securities issued
pursuant to the Offering will be subject to a four month hold period under
applicable Canadian securities laws. Closing of the Offering is expected to
occur on or before March 29 2013 and is subject to receipt of all applicable
regulatory approvals, including approval of the TSX Venture Exchange. The
Company may pay finder's fees in connection with the Offering, in accordance
with the policy of the TSX Venture Exchange. The Company expects to use the
proceeds for completion of the acquisition and working capital purposes.


Qualified Person

Don Dudek P Geo, an officer of Pitchblack and a "qualified person" as such term
is defined in National Instrument 43-101, has reviewed and approved the
scientific and technical information and data included in this press release.


Notes:

(1) Report prepared for Northern Gold NL, entitled "Mt Bonnie and Iron Blow
Projects, January 2005 prepared by Northern Gold NL, January 2005"


(2) See Crocodile Gold press release of March 12, 2012 

(3) USGS Professional Paper 1763

FORWARD LOOKING INFORMATION CAUTION

This document may contain or refer to forward looking information within the
meaning of applicable securities laws, based on current expectations, including,
but not limited to the completion of the acquisition, the completion of the
financing, the proposed use of proceeds from the financing, future exploration
expenses and plans. Forward looking information is subject to significant risks
and uncertainties, and other factors that could cause actual results to differ
materially from expected results. Readers should not place undue reliance on
forward-looking information. Forward looking information is provided as of the
date hereof and we assume no responsibility to update or revise them to reflect
new events or circumstances.


FOR FURTHER INFORMATION PLEASE CONTACT: 
For further information or to register for distribution
for future press releases, please contact:
Pitchblack Resources Ltd.
John Taggart
President & CEO
416-309-2690
(TSXV:PIT)
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