TORONTO, ONTARIO, Jul 23, 2012 (Marketwire via COMTEX) -- Pacific Gold Corp.
(OTCQB:PCFG)(PINKSHEETS:PCFG), is pleased to provide a progress update for its
subsidiary Pacific Metals Inc.
On June 15th Pacific Metals Inc. was cleared from the SEC review of its Form 10
filing and is now a fully reporting company under the 1934 Securities and
Exchange Act.
On July 20th the board of Pacific Metals Inc. agreed to a dividend of the
outstanding shares of the Company on a one for one basis. The new issued and
outstanding shares of Pacific Metals Inc. are 20 million shares all of which are
owned by Pacific Gold Corp. Pacific Gold is planning a dividend of a portion of
Pacific Metals outstanding common shares to shareholders of Pacific Gold Corp.
in the fall of 2012.
Additionally, Pacific Metals Inc. has received the final version of its
commissioned geologist report on the Graysill Mine project. The report contains
sections including; location and access, production history, development of the
Graysill mine, exploration history, geology of the area, ore genesis of the
Graysill deposit, potential resources, along with various maps. The report also
contains recommendations for the second phase of an exploration for the project,
including sampling and drilling, as recommended by the geologist consultant. The
recommendations are being studied by the Company for implementation as soon as
practicable.
To find out more about Pacific Gold Corp. (OTCQB:PCFG), visit the Company's
website at www.pacificgoldcorp.com.
