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4/25/2005 1:21:00 PM ET
Pacific Gold Corp. Post Surety Bond
TORONTO, April 25, 2005 /PRNewswire-FirstCall via COMTEX/ --
Pacific Gold Corp., (OTCBB: PCFG) is pleased to announce that its subsidiary, Nevada Rae Gold, has posted its Surety Bond as part of the Nevada Division of Minerals State Bond Pool program. Having been accepted into the State Program, Nevada Rae posted $196,184 with the remaining portion of the Bond to be provided and insured by the State of Nevada.
The Division of Minerals will now inform the Bureau of Land Management (BLM) and the Nevada Division of Environmental Protection (NDEP) that the bond has been posted. Once the BLM receives confirmation of the posted bond, final approval for the Black Rock Canyon Mine will be issued.
The Surety Bond is designed to provide the BLM with enough funds to guarantee any reclamation work that may be required. Nevada Rae's Plan of Operations, as approved by the BLM, calls for concurrent reclamation.
Current plans for the Black Rock Canyon Mine have gold production commencing later this year with a ten month a year mining schedule and an initial estimated seven year mining life.
Nevada Rae Gold owns and leases mining claims on approximately 920 acres near Crescent Valley, Nevada, known as the Black Rock Canyon Mine. Independent analysis and research, conducted by Bharti Engineers and Robertson Research, estimate these claims collectively may contain up to 500,000 ounces of gold in the proven, probable, and inferred resource categories.
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 Black Rock Canyon, 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 2013 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.
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