News for 'PCFG' - (Pacific Gold Corp. Corporate Update)
TORONTO, ONTARIO, Nov 9, 2012 (Marketwire via COMTEX) -- Pacific Gold Corp.
(OTCQB:PCFG)(PINKSHEETS:PCFG).
Pacific Gold announced today the following update on the status of the Company
and each of its four subsidiaries.
Neva! da Rae Gold
During the 3rd quarter of 2012 the Black Rock Canyon Mine mined and processed
16,300 cubic yards of gravel and produced 63 ounces of gold during 167 operating
plant hours. The Company's goals for the 3rd quarter were 75,000 cubic yards of
gravels processed.
The plant and equipment are in good repair and are able to process the required
volume of gravels. The Mine has had numerous difficulties with obtaining staff
that are capable of running the plant and mining gravels at productive rates.
Some of the most identifiable problems are that mine employees have had trouble
with maintaining proper spare parts inventory lists to keep equipment uptime,
daily workflow monitoring by site management, and proper daily maintenance and
removal of the geotextile bags. In order to resolve the staffing issues initial
internal discussions have focused on reducing the amount of labor required at
the Mine by using more automation. This ! would include reducing the number of
geotextile bags, changing the current pond system to concrete ponds and adding a
new dewatering screen. The Company plans to begin a more focused search to
identify a suitable candidate to take over the daily management of the Mine.
As such the Company has temporarily ceased mining and screening operations at
the site in order to properly evaluate how to proceed with making the screening
operation run at a steady rate of production. The Company estimates that this
process will take up to 120 days. NDEP has advised the Company that approval of
any changes to the operation will take approximately 60 days from when the
Company submits its design changes.
Fernley Gold
The Company is reviewing its initial Plan of Operations that was filed with the
BLM and NDEP and plans to hire a new engineering firm to file an amended plan in
2013. Upon approval of the amended Plan by the BLM and NDEP, the Co! mpany will
file for its additional necessary permits and reclamation bond in order to
commence mining at the Olinghouse Placers. BLM and NDEP approval may take until
2014 to complete.
Pilot Mountain Resources
The Company is very pleased with progress to date made at Project W by Pilot
Metals (a subsidiary of Black Fire Minerals). Since the time Project W was
optioned to Pilot Metals significant improvements to the resource calculation
have been made and Pilot Metals has advanced the project to meet with the
expectations of management. Should Pilot Metals elect to exercise their purchase
option they will be required to advance $500,000 to Pilot Mountain Resources in
September 2013, along with two additional payments of $500,000 each in 2014 and
2015.
Pacific Metals
The Company paid its dividend of 1 share of Pacific Metals for each 420 shares
of Pacific Gold Corp. on November 2nd, 2012.
Pacific Metals is work! ing towards having a form 211 filed with the FINRA so that
trading in Pacific Metals shares may soon begin. Once the market quote is
established for the Company it will begin working to raise $500,000 in capital
for its 2013 budget. The Company has a work plan for 2013 from its Geologist
consultants for an estimated $300,000 of work to be performed in 2013 which
includes preparing new maps, resource survey's and new drill holes on the
Graysill claims.
Pacific Gold Corp.
The Company is holding its annual general meeting on November 13th in Las Vegas
and hopes to approve a number of measures for financially restructuring the
share capital of the Company. Following the meeting, the Company will actively
look to raise $2 million in new debt and/or equity in order to complete its
business plans in 2013 as outlined above. Without raising the necessary funding
the Company may have to curtail some of its plans in 2013.
Annual Mee! ting
The Company would like to remind its shareholders that there will be no video or
audio recording of the annual meeting permitted. As well any shareholders
planning on attending the meeting should bring a valid photo identification as
well as proof of share ownership.
To find out more about Pacific Gold Corp. (OTCQB:PCFG), visit the Company's
website at www.pacificgoldcorp.com.
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.,
which owns and operates the Black Rock Canyon gold mine, located in
north-central Nevada; Pilot Mountain Resources Inc., which owns Project W, a
large tungsten based deposit in Nevada; Fernley Gold, Inc., which has! acquired
exclusive lease rights to mine the Lower Olinghouse Placers in north-western
Nevada; and Pacific Metals Corp., which 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 2012 and beyond, t! o differ materially from those expressed in,
or implied by, these forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT: Pacific Gold Corp. 416-214-1483
www.pacificgoldcorp.com
SOURCE: Pacific Gold Corp.
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INDUSTRY KEYWORD: Manufacturing and Production\Mining and Metals
SUBJECT CODE: MINING EXPLORATION UPDATE
