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Pacific Gold Corp. Retires Yorkville Debt and Provides Corporate Update
TORONTO, ONTARIO -- (Marketwire) -- 09/17/09 -- Pacific Gold Corp. (PINK SHEETS: PCFG) provided an update on corporate developments today.
The Yorkville Advisors notes have been retired and returned to the Company.
In August the Company sold its holdings of Oregon Gold, Inc. for a net amount of $172,000 after paying down debts in Oregon Gold and commissions on the sale. These funds are being used for working capital, plant assembly and some debt retirement.
This week the Company began work on completing the reassembling of the Black Rock Canyon Mine screening plant. The Company has negotiated a deal with an electrical firm to finish the remaining plant work. The Company plans to begin testing of the reassembled plant with its existing gravel stockpile as soon as possible. Once the plant is operational the Company will need to secure working capital to begin gold production.
The Company has completed a conversion of amounts owed of $330,000 from Rob Landau and $280,000 from Mitch Geisler in exchange for 277,273 shares of new preferred stock. The preferred shares are convertible and hold the voting rights to 1,000 common shares for each preferred shares.
The Company has converted $100,000 owed to ZDG Investments Limited into 45,455 shares of new preferred stock. The preferred shares are convertible and hold the voting rights to 1,000 common shares for each preferred shares.
The Company plans to update all of its financial filings as soon as funding permits.
About the Company
Pacific Gold Corp.'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 four 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; 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 2009 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.
Pacific Gold Corp.