Pacific Gold Corp fka PCFG

[Biochemist2002]

Regarding the "Option and Asset Sale Agreement" with Pilot Metals Inc. (a subsidiary of Black Fire Minerals Limited of Australia (ASX: BFE)), and the "Quiet Claim" for Pilot Mountain Resources...
Reference: http://www.pacificgoldcorp.com/news110512.html

You can see the case info here:
http://www.washoecourts.com/index.cfm?page=casedesc&case_id=CV11-01181&Submit=Submit
And here's info about "Quiet Claims" (their purpose, etc.):
http://www.realestatelawyers.com/resources/real-estate/deeds-and-trusts/quiet-title-lawsuit-action.htm

IMO, the option with Black Fire Minerals would be fantastic for PCFG.
Here's Black Fire Minerals' website: http://www.blackfireminerals.com.au/IRM/content/home.html

Pacific Gold Corp. - Pilot Mountain Options Project W for up to $3,000,000

TORONTO, February 14, 2011 - Pacific Gold Corp. (Pink Sheets: PCFG) announced today that on February 10, 2011, its subsidiary, Pilot Mountain Resources Inc. ("PMR"), entered into an Option and Asset Sale Agreement ("Agreement") with Pilot Metals Inc., a subsidiary of Black Fire Minerals of Australia (ASX: BFE), whereby Pilot Metals has secured an option on the Project W Tungsten claims owned by PMR.

The basic monetary terms of the Agreement call for Pilot Metals to pay PMR $50,000 for a 100 day due diligence period on the PMR mining claims. Within the initial 100 day option period, Pilot Metals has the right to exercise an additional 24 month option on the PMR claims by paying to PMR a further $450,000. During the 24 month option period, Pilot Metals may conduct physical due diligence work including sampling, drilling or any other work on the claims it deems necessary.

At any point prior to the conclusion of the 24 month option period, Pilot Metals may exercise an option and election to either purchase 100% of the PMR claims, for $1,500,000, paid as three annual installments of $500,000 each, and an additional $1,000,000 payment to PMR on the commencement of commercial mining operations, or Pilot Metals may elect to enter into a joint venture with PMR for the mining claims by paying a further $1,000,000 to PMR paid as two annual $500,000 installments, with each company owning 50% of the joint venture.

The total amount eventually paid to PMR will depend on Pilot Metals acceptance or decline of the options available. If Pilot Metals elects to exercise the second option and not proceed with the purchase or joint venture then PMR would receive a total of $500,000 but retain ownership of the claims. If Pilot Metals exercises the second option and then further elects a joint venture, then PMR would receive $1,500,000 in total and retain a 50% ownership of the claims. If Pilot Metals elects to exercise the option and then purchase the claims, then PMR would receive $2,000,000 plus an additional $1,000,000 when commercial production commences for a total of $3,000,000.

"We look forward to seeing Pilot Metals advance the project. The proceeds generated by the option and sale of the claims will allow Pacific Gold to direct additional money towards its permitted properties in anticipation of production." said Rob Landau, CEO.

To find out more about Pacific Gold Corp. (Pink Sheets: PCFG), visit the Company's website at www.pacificgoldcorp.com. You can also 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.

http://www.pacificgoldcorp.com/news110214.html

As it is now...

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.
http://www.pacificgoldcorp.com/news110512.html

Pilot Mountain Resources Inc.
The company owns 45 lode claims (BLM file no. NMC 111111) that were purchased in August 2005, within the project area covering approximately 900 acres. In connection with its acquisition of the claims, Pacific Gold and Pilot Mountain are required to pay Platoro West Incorporated a 2% gross royalty on all mineral sales from the project....

In August 2005, Pacific Gold Corp. established a subsidiary called Pilot Mountain Resources Inc. Pilot Mountain acquired Project W. Project W is primarily a tungsten project located in Mineral County, Nevada. Elevated tungsten values occur throughout the area. The property is located approximately 21 miles east of the town of Mina with access through an all-weather, county-maintained gravel road and a network of further trails. Mina is 168 miles south-east of Reno on Route 95. The claims are located at an average elevation of 6,500 feet.

Resource calculations from a 1981 pre-feasibility study completed by Kaiser Engineers place the size of Project W at 9,061,600 tons, grading 0.386% Tungsten Tri-oxide (WO3 ) of mineralized material, or approximately 35,000 tons of WO3.

The terms of the acquisition of Project W call for Pilot Mountain Resources Inc. to pay to Platoro West a 2% gross royalty on all mineral sales from Project W. In addition to the claims, Pilot Mountain Resources Inc. received copies of previously prepared working documents and reports regarding Project W.

Overview

Project W is primarily a tungsten project located in Mineral County, Nevada. Elevated tungsten values occur throughout this area, and there are known mineral resources within the claim area. The claims are located at an average elevation of 6,500 feet.

The property is located approximately 21 miles east of the town of Mina with access through an all-weather, county-maintained gravel road and a network of further trails. Mina is 168 miles southeast of Reno on Route 95.

The company has claims within the project area covering approximately 900 acres.

History

Project W encompasses three distinct occurrences of tungsten mineralization – Desert Scheelite, Gunmetal and Garnet. During the 1970's and early 1980's, diamond drilling conducted by both the Duval Corporation and Union Carbide Corporation resulted in these three principal areas being delineated. Reports addressing the occurrences of tungsten mineralization and estimates of resources of Project W have been written by personnel of Duval Corporation, Union Carbide Corporation and independent consultants including Kaiser Engineers, Inc. and David S. Robertson and Associates. Pilot Mountain Resources Inc. has access to these reports through its agreement with Platoro West Incorporated.

In 1981, the project was the subject of a feasibility study undertaken by Kaiser Engineers Inc. While the study concluded that a combination of open-pit and underground mining would return an acceptable profit, the tungsten market collapsed shortly thereafter and the project remained idle until the demise of the Metals and Mining Division of Union Carbide during the late 1980's.

Geology

The tungsten ore occurs principally in the form of the mineral scheelite within garnetiferous tactites adjacent to contacts of quartz monzonite and granodiorite intrusions. The tactites are genetically related to the intrusives and are products of metasomatically altered carbonate rocks of the upper Luning Formation which locally contain potentially important amounts of sphalerite, chalcopyrite, molybdenite and argentiferous galena.

Project W is composed essentially of layered rocks of the Permian to Lower Jurassic ages which have a combined maximum thickness of over 20,000 feet. The oldest unit exposed on the property is the Mina Formation which consists principally of chert, sandy argillite and a number of tuffaceous units which are exposed as high, jagged cliffs to the south of the Desert Scheelite tungsten occurrence across a prominent fault scarp. The Mina Formation is overlain by the Luning Formation, the host unit for the tungsten mineralization on the property. The Luning Formation is made up of three, equally thick members with a collective thickness of approximately 8,000 feet. The upper member consists predominantly of limestone and to a much lesser extent, fine grained clastic sediments. The middle member is composed of a uniform sequence of conglomerates, quartzites and mudstones and the lower member consists of carbonate and clastic sediments. Most of the known tungsten occurrences and deposits on the property are confined to the upper member of the Luning Formation.

The tactites, metasomatic replacement bodies which host the tungsten occurrences on the property, are stratigraphically controlled and generally are proximal to quartz monzonite and/or granodiorite intrusives. Two groups of tactites are recognized: a dark-colored, iron-rich, brown garnet group, which hosts most of the tungsten mineralization, and a light-colored, low-iron group which contains tan-colored garnets. The tactites generally occur in a number of parallel horizons. Scheelite is the only significant tungsten-bearing mineral on the property. It is yellow in color and can contain minor amounts of molybdenum.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8011160

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