Well, the jury is still out on that one. There are many people that say you have to do this and that but I doubt that anyone knows really. I think that the dust is still settling on this one. Google had a big PR update one week after penguin so many of my sites that dropped got higher PR! I know one has nothing to do with the other but...... Also, I noticed that my sites that were hit by penguin are fluctuating quite a bit. They are still deep in the serps but they are still not stable. We know that Penguin targeted unnatural links and over optimization. unless you have the patience and perseverance to get every bad back link deleted (no easy task) you are left with your on page optimization. Check for KW stuffing and rework your internal linking structure. But i still do not think we have seen the last of this algo change..... It may take a while but I think we will see a change soon. The results of this latest algo change were worse search results for users and not better ones. Google cannot cut off their nose to spite their face for too much longer
Since this was targeting spam, you need to remove any spam you might have. In some cases, Google may have sent messages to you about spam activity in the past. Messages may even be waiting for you in Google Webmaster Central, if you’ve never verified your account. If you think you are caught by mistake then you can fill up the from - https://docs.google.com/spreadsheet/viewform?formkey=dEVxdmdRWFJRTjRoLWZVTHZkaTBQbkE6MQ
I would advise you to read this, this blog posts explains everything about Penguin update, what to do and what not to do. http://searchengineland.com/google-talks-penguin-update-recover-negative-seo-120463
Many got hit by this penguin update. Penguin in more strict than the panda I guess. Anyways, no one knows whether their way of recovery works till the next penguin update. Therefore, the best idea is to publish quality content and try to remove unwanted links from your site. Just clean it up !
No matter what anyone says, no one really knows except G. All I can see is that the people who had VERY GOOD PR contextual links going to their sites didn't seem to feel much. When I say good, I am not speaking about BMR or ALN or services like that...lol -Omar
Start to publish fresh and quality contents and promote them with SMO. Agree with you. But I don't think you will get it back on Page 1 quickly.
Post good quality content on your website on a regular basis and build natural back links. Your site should gradually recover in time.
Too Bad mate...Have you seen the whiteboard friday in SEOmoz, it might help you. Knowing how penguin update works and how Google Identifies Spam would be the best start on planning to recover. Here is the link :www.seomoz.org/blog/whiteboard-on-googles-penguin-update
Avoid the keyword stuffing and spammy content that you used to do. Make it look natural and just the way it is.
Over optimized sites are suffering due to penguine update. The best way to deal with this is to open your Google Webmaster Tools, have all the 'wasted' backlinks removed, and concentrate on your on-page SEO. Try getting links from high PR sites instead of several low PR sites.
do not use black hat technique and do not take direct keyword in bookmarking sites and avoid keyword stuffing Thanks