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5/4/2005 4:05:00 PM ET
Pacific Gold Corp. Receives $2.9 Million
TORONTO, May 4, 2005 /PRNewswire-FirstCall via COMTEX/ --
Pacific Gold Corp., (OTCBB: PCFG) is pleased to announce that, on April 7, 2005, the Company received $2,919,000 gross proceeds via convertible debenture.
The capital will be utilized to put the Black Rock Canyon Mine, in north-central Nevada, into production in 2005, including the purchase of additional heavy equipment, mill equipment, buildings, security, and the recently completed posting of a surety bond.
In addition, funds will also be utilized for identification and acquisition of new properties, further testing of the Bear Bench Claims, held by Pacific Gold's subsidiary, Oregon Gold, permit applications for the Butcher Boy and Teddy claims, leased by Pacific's subsidiary Fernley Gold, as well as general working capital.
"This investment is a major event in the history of Pacific Gold. The financing received will allow the Company to begin production in Nevada this year, and help to ensure our long-term stability and growth," said Rob Landau, CEO.
Additional information regarding Pacific Gold's financing can be found in the Company's 8K, filed with the SEC on April 8, 2005.
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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