Your browser does not support script
 
 


2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003


05/12/2011
Pacific Gold Corp. - Pilot Mountain Resources Update

TORONTO, May 12, 2011 - Pacific Gold Corp. (Pink Sheets: PCFG) announced today that the Company's subsidiary, Pilot Mountain Resources Inc. ("PMR"), has granted to Pilot Metals Inc., a subsidiary of Black Fire Minerals Limited of Australia (ASX: BFE) a 100 day extension to the diligence period in the Option and Asset Sale Agreement ("Agreement") as announced on February 14th.

The additional diligence period is required in order for Pilot Mountain to conduct a quiet title action in Nevada to eliminate any potential third party claims against the Project W mining claims.

The company filed an action against Platoro West Inc. ("Platoro"), Wolfranium Resource Corporation, William Sheriff and other parties in order to quiet title to certain unpatented mining claims located in Mineral County, Nevada, on April 15, 2011, in the County of Washoe, Case Number CV11-01181. On April 26, 2011, Platoro West Inc. filed an action against Pilot Mountain Resources Inc., entitled Verified Complaint for Damages and to Quiet Title and Expunge Cloud Upon Title in the District Court, Mineral County, Case Number 9438. The Company believes that the action of Platoro in the Washoe Court should be consolidated with the company's action to quiet title because the issues are basically the same.

The company commenced its action to quiet title in various claims it acquired from Platoro on August 31, 2006, located in Mineral County because Platoro had asserted certain rights thereto, despite Platoro's having taken action to transfer by assignment the claims to the company in 2006. Platoro's action in the Mineral County District Court is an attempt to have the claims returned to it based on assertions that the Company breached its original purchase agreement to acquire the claims, despite the subsequent assignment, and that the Company did not deal fairly with Platoro under the terms of the purchase agreement. The Company believes that it fully performed the terms of the contract, and regardless, the subsequent assignment of the claims waived any breaches under the purchase agreement and transferred them to the company, and the company is fully entitled to continue to hold the claims. The Company plans to defend its rights to the claims to the fullest extent possible.

Nevada Rae Gold
Pacific Gold's subsidiary Nevada Rae Gold, Inc. is continuing work and making progress at the Black Rock Canyon Mine.

SEC Filings
The Company has been working diligently with the new auditors and substantial progress is being made to complete and file all of the Company's SEC reports.

Pacific Gold Corp., currently has 745,732,651 shares outstanding.

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 2011 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.