Penfold Capital Acquisition II Corporation announces termination of Letter of
Intent with EagleRidge Minerals Ltd.

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN/

TORONTO, June 16 /CNW/ - Penfold Capital Acquisition II Corporation (TSXV - PAC.P), a capital pool company ("Penfold" or the "Company"), today announced that the Letter of Intent dated March 18, 2010, (the "Letter of Intent") between the Company and EagleRidge Minerals Ltd. ("EagleRidge") has been terminated. By mutual agreement, Penfold has received from EagleRidge, the sum of $30,000 as payment for costs incurred by Penfold in pursuing the transaction with EagleRidge, in addition to the non-refundable deposit provided by EagleRidge upon execution of the Letter of Intent.

About Penfold Capital Acquisition II Corporation

Penfold is part of the Penfold Capital group of companies. Penfold Capital is a private merchant bank. For more information see www.penfoldcapital.com.

Cautionary Note

Completion of the Qualifying Transaction is subject to a number of conditions including, but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed, or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.

This press release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of the Company. The securities of the Resulting Issuer to be issued in connection with the QT Financing have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.

SOURCE PENFOLD CAPITAL CORPORATION

For further information: For further information: Penfold Capital Corporation: Gary Clifford-Managing Director, Phone: (416) 418-9802; Salil Munjal-Managing Director, Phone: (416) 722-2227

Organization Profile

PENFOLD CAPITAL CORPORATION

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PENFOLD CAPITAL ACQUISITION II CORPORATION

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