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Pacific Gold Corp. - Pilot Mountain Resources Legal Settlement
TORONTO, August 17, 2011 - Pacific Gold Corp. (OTCQB: PCFG) (Pinksheets: PCFG)
The Company's subsidiary Pilot Mountain Resources, Inc. ("PMR") has settled its Quiet Title action with Platoro West Inc. ("Platoro"), Wolfranium Resource Corporation, and William Sheriff.
Under the terms of the settlement PMR is required to pay to Platoro 15% (fifteen percent) of all proceeds received from Black Fire Minerals subsidiary Pilot Metals under the option agreement between Pilot Metals and PMR. If Pilot Metals elects to not exercise its options then PMR will have two years to complete a new mining feasibility study on the Project W claims in order to retain ownership of the claims.
Rob Landau CEO of PCFG stated; "We felt that our claim to title was very strong, however the length of time and money involved in fighting the dispute was considerable and we felt that the Company would benefit more from having our resources working immediately at the Black Rock Canyon Mine."
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.