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3/17/2004 1:18:00 PM ET
Pacific Gold Corp. Closes Purchase of Private Land, Water Producing Wells and Equipment for its Crescent Valley, Nevada Project
TORONTO, Mar 17, 2004 /PRNewswire-FirstCall via COMTEX/ --
Pacific Gold Corp. (OTCBB: PCFG) announced today that, through its wholly owned subsidiary, Nevada Rae Gold, Inc., an agreement to purchase land, environmentally tested and approved water wells, and equipment for its Crescent Valley mining project has closed, ahead of schedule.
Effective today, the Company owns 13.67 acres of private land in Lander County, Nevada, less than two miles from the Company's proven gold resources at Crescent Valley. The land is adjacent to a well maintained, all-weather asphalt road (County Road 306) which connects with Interstate 80, 19 miles to the north.
The land will accommodate the Company's mill, processing plant, on-site storage, security headquarters, and remote office facilities.
The purchase agreement also includes two 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, 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. In addition, the wells and 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.
The cost of purchasing the land, water producing wells and rights, and equipment was $120,000. The Company paid $60,000 on date of closing, and will pay the remaining $60,000, at the rate of $10,000 per month for six months ending September 1, 2004.
Pacific Gold recently announced the filing of its Plan of Operations for the Crescent Valley project. This fact, combined with today's news, positions the Company in an advanced phase, having made significant progress this year toward its goal of producing gold by Q4-2004.
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.
This news release includes forward-looking statements that reflect Pacific Gold Corp.'s current expectations about it 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 of 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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