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10/16/2003 6:42:00 PM ET
Pacific Gold Corp. Acquires Gold Mining Project in Nevada
TORONTO, Oct 16, 2003 /PRNewswire-FirstCall via COMTEX/ --
Pacific Gold Corp, (OTCBB: PCFG), announced today that it has signed a lease agreement that will allow the Company to mine the alluvial deposits on fee simple land adjacent to the Company's 29 placer gold mining claims near Crescent Valley, Nevada. The mining claims and lease agreement are held in a newly formed subsidiary of the Company, Nevada Rae Gold, Inc.
The leases cover approximately an additional 10% of the resource area in addition to the Company owned claims, which comprise almost 30% of a large alluvial gold resource in northern Nevada.
Terms of the deal include an annual royalty payment to the land owner.
Previous, independent geological, engineering and pre-feasibility reports indicate the total resource of the area is almost 1.98 million cubic yards of gravel grading 0.034 oz/yd of gold in a proven reserve category, and a further 6.3 million cubic yards of gravel grading 0.031 oz/yd in a probable reserve category. In addition, the project has the potential for another 30-100 million cubic yards of gold bearing resource.
The claims are located in the famous Battle Mountain-Crescent Valley Gold Trend in Lander County, Nevada. The property lies in the Bullion Mining District some 85 km west of Elko and 50 km southeast of Battle Mountain. Many large scale mining operations are located nearby including the Pipeline Mine owned jointly by Placer Dome and Kennecott. Recently, Placer Dome released news of it's nearby Cortez Hills discovery which could contain up to 10 million ounces of gold. The Nevada Rae Gold claims may contain some hard rock deposit potential.
About the Company
The Company's business plan includes the acquisition and development of production-ready or in-production mining operations concentrating on gold recovery. The Company is interested in alluvial, or placer operations, located in western North America. Oregon Gold, a subsidiary of Pacific Gold Corp., has acquired the Defiance gold project in south-western Oregon, which is partially permitted and production-ready. Nevada Rae Gold, a subsidiary of Pacific Gold Corp, has acquired a portion of a gold project known as Crescent Valley, located in north-central Nevada, which contains a large alluvial deposit.
Additional information is available at the Company's website at www.pacificgoldcorp.com, or by calling 416-214-1483.
This news release includes forward-looking statements that reflect Pacific Gold Corp.'s current expectations about its future results, performance, prospects and opportunities. Pacific Gold Corp. has tried to identify these forward-looking statements by using words and phrases such as 'may', 'will', 'expects', 'anticipates', 'believes', 'intends', 'estimates', 'should', 'typical', 'we are confident'or similar expressions. These forward- looking statements are based on information currently available to Pacific Gold Corp. and are subject to a number of risks, uncertainties and other factors that could cause the Company's actual results, performance, prospects or opportunities in the remainder of 2003 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements.
SOURCE Pacific Gold Corp.
Pacific Gold Corp. (416) 214-1483 (PCFG)
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