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3/11/2004 5:31:00 PM ET
Pacific Gold Corp. Acquires Private Land, Water Producing Wells and Rights, and Equipment for its Crescent Valley, Nevada Project
TORONTO, Mar 11, 2004 /PRNewswire-FirstCall via COMTEX/ --
Pacific Gold Corp., (OTCBB: PCFG) announced today that Nevada Rae Gold, Inc., a subsidiary of Pacific Gold Corp., has entered into an agreement to purchase 13.67 acres of private land, two environmentally tested and approved water wells, and equipment for its Crescent Valley gold mining project.
The private land and two wells have been formally analyzed and tested by the State of Nevada and the Company's environmental consultants, Chemrox Technologies, and are determined to be in excellent condition and free of any contaminants. The tests also confirmed that the certified capacity of each well exceeds the output rates required by Nevada Rae to successfully operate its processing plant.
The private land acquired by the Company is adjacent to an all-weather asphalt road (County Road 306) which connects with Interstate 80, 19 miles to the north. The road is well-maintained as it services large mining operations to the south. The property will accommodate the Company's mill, processing plant, on-site storage, security headquarters, and remote office facilities.
The acquisition also includes water pumps and processing equipment necessary for operation of the wells. The acquired pumps and equipment are determined to be in good working order. In addition, the wells and the property are supplied by a 23,000 volt State supplied power grid, which is reduced to 480 volts for use at the processing plant and office facilities.
Mitchell Geisler, President, Pacific Gold Corp., stated 'Today is an excellent day for both the Company, and its shareholders. The acquisitions announced today will permit the Company to solidify its Plan of Operations, bringing us another step closer to launching production at the Crescent Valley site.'
The acquisition of the land, water rights, and equipment is valued at $120,000. The purchase is expected to close in the next seven to ten days. Nevada Rae Gold will make an initial payment of $60,000 to the vendor on closing, and a further $10,000 per month for a period of six months following. Nevada Rae Gold will receive title to the land and water rights at the initial closing date of this transaction.
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. Nevada Rae Gold, a subsidiary of Pacific Gold Corp., has acquired a gold project known as Crescent Valley, located in north-central Nevada, which contains a large alluvial deposit. Oregon Gold, a subsidiary of Pacific Gold Corp., owns a group of claims known as the Bear Bench, located in south-western Oregon.
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 2004 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.
SOURCE Pacific Gold Corp.
Additional information is available at the Company's website at www.pacificgoldcorp.com, or by calling (416) 214-1483. (PCFG)
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