TORONTO, ONTARIO--(Marketwire - July 23, 2012) - 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.
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, to differ materially from those expressed in, or implied by, these forward-looking statements.