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3/18/2008 2:36:00 PM ET
PCFG - Pilot Mountain Spin Off
TORONTO, March 18, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --
Pacific Gold Corp. (OTCBB: PCFG) today provided an update on Pilot Mountain Resources.
Pacific Gold has completed a share restructuring of Pilot Mountain Resources, Inc. by subscribing for new shares of Pilot Mountain Resources, Inc. and raising the current outstanding shares of Pilot Mountain Resources to 10 million shares. Pilot Mountain Resources plans to file a Form 10 filing with the SEC in April to prepare the Company for a dividend distribution of 2 million of the shares owned by Pacific Gold Corp. to the shareholders of Pacific Gold Corp. at some point in the near future.
Once the dividend is completed, Pilot Mountain should qualify for listing on the OTC Bulletin Board.
In addition, Pacific Gold has made similar arrangements for its 100% owned subsidiary Oregon Gold, Inc. with similar arrangements regarding share structure and a Form 10 filing with the SEC.
Management is pursuing a strategy of spinning off some Pacific Gold subsidiaries into their own publicly traded companies because management believes the projects are not currently reflective of the true value in the Pacific Gold Corp. stock price. Pilot Mountain Resources owns claims that comprise Project W which is a large predominantly tungsten-based resource with mineralized deposits that may contain up to a gross in ground value, before costs, of $800 million in base metals.
Shares in both subsidiaries are still subject to lien under the agreement with Yorkville Advisors.
To find out more about Pacific Gold Corp. (OTCBB: PCFG), visit our website at www.pacificgoldcorp.com. 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 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 2008 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.
SOURCE Pacific Gold Corp.
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