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Pacific Gold Corp. Corporate Update
TORONTO, June 17, 2010 - Pacific Gold Corp. (Pink Sheets: PCFG).
Nevada Rae Gold
The Company has completed upgrading the Black Rock Canyon mill to ensure a better efficiency and production rate once operations commence.
Once production resumes the Company will conduct a batch run of gravel to test the new system, including the installation of the geo-textile tubes to ensure that any issues regarding sedimentary build up within the water flow system have been resolved.
The Company is actively searching for working capital in order to restart production at the Mine. The estimated requirements are up to $500,000. Production could begin at the Mine within 8 weeks of the Company securing financing. Due to the lack of potential funding sources in the US capital markets the Company is exploring financing options in Canada as well as the US.
The Company is completing a 43-101 report on the Black Rock Canyon Project which is a required technical report that governs a description of the mining project. This report is necessary in Canada in order to raise public funds for a mining venture. The Company expects the 43-101 report to be complete within the next two weeks.
Pacific Gold Corp.
Once working capital financing is secured, the Company plans to complete and file its delinquent SEC reports and then apply to have its common stock quoted once again on the OTC Bulletin Board. The Company has secured a quote from an auditing firm for the necessary work involved in completing the SEC reports.
To find out more about Pacific Gold Corp. (Pink Sheets: PCFG), visit the Company's website at www.pacificgoldcorp.com. Or contact the Company directly at 416-214-1483.
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.