PPP Prospector Metals Corporation

Parlane Resource Corp. (the "Company") (TSX VENTURE: PPP) is pleased to announce an update on its multiphase exploration program at the 14,366 hectare Big Bear Project, which is situated between the Blackwater Gold and Capoose projects. Phase I stream sediment-sampling program results have been received from the laboratory and the Phase II soil samples have been submitted to the laboratory.

Big Bear field crews completed a Phase I property-wide stream sediment-sampling program covering all of the drainage systems on the property in order to evaluate the potential for mineralization similar to other properties in the area. Sample values ranged from less than 0.5 parts per billion (ppb) to 61.4 ppb gold in the 159 silt samples collected. Two samples collected in different areas of the property that fell above the ninety-fifth percentile for gold were followed-up with detailed stream sediment sampling. In addition, 41 soil samples were collected and returned values ranging from less than 0.5 ppb to 172.5 ppb gold. Detailed follow-up soil sampling occurred over two separate areas that returned values for gold greater than the ninety-fifth percentile. The results of the follow-up sampling are expected to be returned from the laboratory by late fall.

Phase II work included the collection of 2,634 soil samples taken across the Big Bear property at 50-metre centres on lines spaced one kilometre apart. It is anticipated that all of the laboratory results from this significant sampling program will also be returned by late fall.

The Big Bear is highly prospective for the discovery of similar high level epithermal mineralization as that found on nearby properties. The results of the recently completed detailed sampling program are expected to reveal areas on the property that will be targeted for geophysical surveying and drilling.

The Big Bear property is located in the Omineca Mining Division, Nechako Plateau in central British Columbia. It is approximately 100 kilometres south of Vanderhoof and covers 14,366 ha. The property is situated between two mineralized systems known as the Blackwater Gold Project and the Capoose property. Estimates on the Blackwater Gold deposit are reported to contain an indicated mineral resource of 53 million tonnes averaging 1.06 grams per tonne (g/t) gold and 5.6 g/t silver at a cut-off grade of 0.4 g/t gold. An additional 75 million tonnes grading 0.96 g/t gold and 4.0 g/t silver is classified as inferred(1). The reported resource estimate for Capoose is 31.22 million tonnes grading 0.38 g/t gold and 26.5 g/t silver, at a gold equivalent cut-off grade of 0.40 g/t, for 383,823 contained ounces of gold and 26,593,915 contained ounces of silver in an Indicated category. The Inferred category includes 37.23 million tonnes grading 0.37 g/t gold and 24.6 g/t silver for 443,206 contained ounces of gold and 29,517,933 contained ounces of silver(2).

Ian Webster, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical content of this release.

ON BEHALF OF THE BOARD

Robert Eadie, President, Chief Executive Officer and Director

(1) See www.newgold.com, Technical Report, Blackwater Gold Project dated March 2, 2011.

(2) See www.silverquest.ca, News Release dated Jan 20, 2011.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Parlane Resource Corp. Robert Eadie (604) 602-4935 (604) 602-4936 (FAX) info@parlaneresource.com www.parlaneresource.com