PNO Resources Ltd. Reports Early Warning Filing

TSXV: PNO.H

VANCOUVER, April 13, 2012 /CNW/ - PNO Resources Ltd. ("PNO" or the "Company") (TSXV:PNO.H) has been advised that Radcliffe Foundation, a charitable organization controlled by Frank Giustra, has acquired 5,034,000 common shares of the Company representing 6.76% of the issued and outstanding common shares of PNO.

As a result of the acquisition of securities described above, Radcliffe Foundation together with Radcliffe Corporation and Fiore Capital Corporation, companies beneficially owned and controlled by Frank Giustra, hold in aggregate 12,634,000 common shares representing 16.98% of the current issued and outstanding common shares of the Company, and would own 14,634,000 common shares, representing 19.15% on a partially diluted basis assuming exercise of the 2,000,000 options held by Radcliffe Foundation.

The Company is advised that Radcliffe Foundation acquired these securities for investment purposes and has no present intention to acquire further securities of the Company, although it may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.

ON BEHALF OF THE BOARD OF DIRECTORS

       "Gordon Keep"

Per: _______________

      Gordon Keep
      President & Director

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 NEWS RELEASE

Gordon Keep
President & Director
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