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5/17/2004 2:57:00 PM ET
Pacific Gold Corp. Announces Acquisition of S4000 Drill, and Drilling Project on the Bear Bench in Oregon, U.S.A.
TORONTO, May 17, 2004 /PRNewswire-FirstCall via COMTEX/ --
Pacific Gold Corp., (OTCBB:PCFG) announced today that through its subsidiary, Oregon Gold, the Company has purchased an S4000 drill and rig. In addition, the Company also has begun its drill testing program on the Bear Bench.
The purchase of the S4000 drill and rig, included all necessary equipment to operate, and can easily be towed to use on various Company projects. The S4000 has capabilities of drilling up to 300 ft., and is versatile enough to allow the Company to reach greater depths for our Placer testing. While Placer properties are earth moving operations that generally do not require drilling for production purposes, drilling during testing allows for greater efficiency and keeps testing costs to a minimum.
In addition to the purchase of the Drill, Oregon Gold has begun testing on its Bear Bench properties. The purpose of the test program is to aid in determining the gold grade levels, more precise locations, and to aid in the calculation of the total resource on the property. While estimates on the property suggest there may be up to 140,000 oz of gold, the Company needs to test to help confirm the estimates prior to submitting a plan of operations on the property.
Mitch Geisler, the Company President stated today, 'This is a positive development for us. The purchase of the drill will not only benefit us on the Bear Bench, but will allow the Company to test on other sites, while keeping costs down. As well, the testing we have commenced, demonstrates our commitment to working on our properties and attempting to get them into production as soon as possible.'
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 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 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.
For additional information or Investor Relations, please call the Company at: (416) 214-1483, or visit our website at www.pacificgoldcorp.com. (PCFG)
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