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Pacific Gold Corp. - B&B Claim Lease Finalized
TORONTO, August 2, 2011 - Pacific Gold Corp. (OTCQB: PCFG)
Nevada Rae Gold, Inc., ("NRG") a subsidiary of PCFG, announced today that it has completed its diligence review and elected to finalize and close its lease agreement with the owners representing a group of additional claims adjacent to NRG’s existing leases and claims in Crescent Valley. This new group of claims is referred to by NRG as the B&B claims. NRG has leased a 75% interest in the B&B claims.
The B&B claims area encompasses almost 2,000 acres of additional federal mining claims containing gold bearing gravels. The B&B claims more than double NRG’s existing land area in Crescent Valley at the Black Rock Canyon Mine.
NRG plans to perform a new evaluation on the B&B claims including new maps, a seismic survey to measure the full volume of the gravels, as well as bulk trench sampling in order to measure the gold grades of the claims.
The lease calls for NRG to pay the claim owners a gross royalty of 4% on gold sales or $0.50 per yard of gravels mined, whichever is greater. NRG will be required to make annual minimum advance royalty payments. The term of the lease is for 10 years with an option for NRG to extend the term for a further 10 years.
To find out more about Pacific Gold Corp. (OTCQB: 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.