2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003
11/13/2006 12:50:53 PM ET
PCFG Property Acquisition
TORONTO, Nov 13, 2006 /PRNewswire-FirstCall via COMTEX News Network/ --
Pacific Gold Corp., (OTCBB: PCFG) announced today that its subsidiary Pacific Metals Corp. has acquired, through staking, a total of 24 unpatented lode mining claims in San Juan and Dolores Counties, Colorado.
The property, which is referred to as the Graysill Property encompasses the historic Graysill Mine, a past producer of vanadium and uranium ore. At the time the mine ceased production, approximately 32,000 tons of ore had been mined with a reported grade of 2.41% vanadium pentoxide and 0.09% uranium oxide.
During the past 50 years the general region within which the property is located has been subject to several periods of extensive exploration. The major programs were carried out by Vanadium Corporation of America during the late 1940s and early 1950s, and by Atlas Corporation in the late 1970s.
Subsequently, in 1992 the Bureau of Mines produced a Mineral Land Assessment Open File Report titled "Mineral Appraisal of San Juan National Forest, Colorado". Most of the information relating to the Graysill Mine and the geology and mineralization of the general area within which the Graysill Property is located was obtained from this Open File Report.
Based on an analysis of the results of the drilling completed by Vanadium Corporation of America, Platoro West, LLC calculated a geological resource of 400,000 tons averaging 2.5% vanadium pentoxide. This ore body also contains uranium resources with an expected grade of 0.08%, the reported grade at the Graysill Mine. This equates to an in ground resource of up to 20 million pounds of vanadium pentoxide and up to 640,000 pounds of uranium oxide. Current market prices for vanadium pentoxide and uranium oxide are approximately $8 per pound and $60 per pound (Northern Miner Nov. 10th-16th) respectively.
The Company is planning to undertake a review of all available information regarding the Graysill Mine, and begin work on the claims to update resource calculations, economic feasibility and additional exploration.
To find out more information about Pacific Gold Corp. (OTCBB: PCFG), please visit our Company's website at www.pacificgoldcorp.com, or contact Investor Relations directly at 416-214-1483.
About the Company
The Company's business plan provides for the acquisition and development of production-ready and in-production mining operations. The Company is currently focused on alluvial gold and base metals operations located in western North America. Pacific Gold Corp. owns five operating subsidiaries: Nevada Rae Gold, Inc. ("Nevada Rae") owns and operates the Black Rock Canyon gold mine, located in north-central Nevada; Pilot Mountain Resources Inc. ("Pilot Mountain") owns Project W, a large tungsten based deposit in Nevada; Fernley Gold, Inc. ("Fernley Gold") acquired exclusive lease rights to mine the Lower Olinghouse Placers in north-western Nevada; Oregon Gold, Inc. ("Oregon Gold") owns the Bear Bench claims and Defiance mine, located in south-western Oregon; and Pacific Metals Corp. ("Pacific Metals") owns claims in San Juan and Delores Counties, Colorado, encompassing the historic Graysill Mine.
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 2006 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.
SOURCE Pacific Gold Corp.
please visit our Company's website at www.pacificgoldcorp.com, or contact Investor Relations directly at (416) 214-1483