Pacific Gold Corp. Redeems Convertible Debentures
October 20 2008 - 9:00AM
PR Newswire (US)
TORONTO, Oct. 20 /PRNewswire-FirstCall/ -- Pacific Gold Corp.
(OTCBB: PCFG) announced today that it has completed a sale of its
fleet of Komatsu Haul trucks. A portion of the proceeds from the
sale were used to redeem convertible debentures previously sold to
Yorkville Advisors. The principal remaining on the original face
value of the $2,440,000 in notes sold to Yorkville is now $267,000.
As previously announced in March, Nevada Rae Gold conducted tests
with a local hauling contractor that showed over the road trucks
should greatly decrease operating and maintenance costs. It was
decided that the capital tied up in the Komatsu trucks, would serve
a better use by reassembling the production plant with the new
desanding system and reducing the debt to Yorkville Advisors
(formerly Cornell Capital Partners). The Company is currently
receiving quotes from contractors for the plant reassembly. Nevada
Rae Gold currently has over 1700 acres of land covered by claims
and leases, located between the Cortez and Battle Mountain Trends.
This northern area of Nevada is responsible for over 80% of all
Gold Production in the U.S. The Company's claims and leases contain
up to 500,000 ounces of gold. About the Company The Company'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 five 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; Oregon Gold, Inc.
("Oregon Gold") owns the Bear Bench claims and Defiance mine,
located in south-western Oregon; 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 2008
and beyond, to differ materially from those expressed in, or
implied by, these forward-looking statements. DATASOURCE: Pacific
Gold Corp. CONTACT: Dan Schustack, CEOcast, Inc. for Pacific Gold
at (212) 732-4300; To find out more about Pacific Gold Corp.
(OTCBB: PCFG), visit our website at
http://www.pacificgoldcorp.com/, Or contact the Company directly at
(416) 214-1483
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