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8/23/2004 12:16:00 PM ET
Pacific Gold Corp. Announces the Commencement of Production at Defiance Mine
TORONTO, Aug 23, 2004 /PRNewswire-FirstCall via COMTEX/ --
Pacific Gold Corp., (OTCBB: PCFG) announced today that Grants Pass Gold, a wholly-owned subsidiary, has begun production at the Defiance Mine located in south-western Oregon.
Production began August 1, with the operation producing at 50% of the anticipated volume. Initial production rates have been impacted by drought conditions and threat of forest fires in the western United States. In late July, pre-production, and testing of the new equipment and plant assembly concluded. Following pre-production, the mine is now in production six days per week.
"We are excited with the progress made to-date at the Defiance Mine, and very pleased to announce the beginning of production", stated Mitch Geisler, President, Pacific Gold Corp. "We are very pleased that as a result of our focus of acquiring production-ready or near production mining operations in North America, we have been able to move into the production phase with one of our properties so quickly. Historically, it takes several years for a young company such as ours to move into the production phase. Our goal is to have Grants Pass Gold producing at a rate of 300 bank yards per day within the next couple of months."
Grants Pass Gold acquired the Defiance Mine in May of this year. The Mine consists of 2 claims with an estimated resource of about 4000 oz AU. Prior testing was done on the site last June and showed favorable results. Over the last two months the Company has been updating the equipment to ensure the effective operation of the mine.
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 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. Fernley Gold, Inc., a wholly-owned subsidiary, has a lease agreement on a group of claims known as the Butcher Boy and Teddy Claims, located in western Nevada. Grants Pass Gold, Inc., a wholly-owned subsidiary, owns the Defiance Mine, located in Josephine County, 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.
Additional information is available at the Company's website at www.pacificgoldcorp.com, or by calling (416) 214-1483 (PCFG)
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