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Pacific Gold Corp. - Pilot Mountain Resources Update
TORONTO, May 24, 2011 - Pacific Gold Corp. (Pink Sheets: PCFG)
The Company has been preparing the Black Rock Canyon Mine for production. During the first and second quarters of 2011 work has included: road preparation, plumbing for the geotextile tubes, electrical work, additional fencing and enhanced security measures. The Company is also making repairs that are necessary prior to production to one of its water wells.
The NDEP has informed Nevada Rae Gold that it requires the Company to make some adjustments to the Black Rock Canyon Mine settling pond system, and that NDEP staff will need to approve these adjustments prior to the mine commencing operations. The Company will complete the adjustments in June.
Subject to NDEP approval and the water well repairs the mine is ready to commence operations.
Nevada Rae Gold has retained an environmental engineering consultant with a monthly contract that instructs the consultant to perform all of the work as necessary in order to maintain all of the state and federal permits required at the Black Rock Canyon Mine. The new consultant will help to ensure that all permits, regulations and reports are regularly and properly submitted as required to the various county, state and federal regulatory agencies during operation of the mine.
Based on the high price bids received for contract hauling of gravels at the mine, the Company has decided it would be best for the first few months of production to rent machinery and haul the gravels without outsourcing. Renting equipment will keep the capital costs lower and provide the mine with flexibility as production increases.
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.