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3/1/2007 4:00:00 PM ET
PCFG Completes $2.4 Million Debenture Issue

TORONTO, March 1, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Pacific Gold Corp. (OTCBB: PCFG) announced today that it has closed a $2.4 million debenture issue.

On February 26, 2006, the Company sold $2,440,000 in an aggregate principal amount of 2 year convertible debentures ("Debentures") and warrants for an aggregate payment to the Company of $2,166,000 after fees and expenses. The Debentures are due February 26, 2009 and are convertible into common shares at a conversion price of $0.18 per share subject to change in various circumstances. The Company intends to use the proceeds for the Nevada Rae Gold Black Rock Canyon Mine upgrades, exploration activities, and general working capital purposes.

PCFG has used some of the proceeds from the new issue to retire the debentures previously issued to Palisades Master Fund, LLC. Palisades had originally purchased a face value note of $4.5 million in April 2006. To date Palisades had converted $1.8 million into equity. The remaining $2.7 million note was retired for $540,000.

In conjunction with the financing Crescent International which holds a $1.6 million convertible note also from April 2006, agreed to exercise 800,000 warrants for a reduced price of $0.20 (previously $0.30) per share for a total of $160,000. These funds are being applied to working capital.

Additional information about the financing details can be found in the Company's 8-K filing.

To find out more about Pacific Gold Corp. (OTCBB: PCFG), visit our website at Or contact the Company 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 2007 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.

SOURCE Pacific Gold Corp.

To find out more about Pacific Gold Corp. (OTCBB: PCFG), visit our website at Or contact the Company directly at (416) 214-1483

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