Pacific Gold Corp.: Pacific Metals Initiates Exploration Program on Graysill Mine
TORONTO, ONTARIO -- (Marketwire) -- 04/16/12 -- Pacific Gold Corp. (OTCQB: PCFG)(PINKSHEETS: PCFG) is pleased to announce that its subsidiary Pacific Metals Corp. has engaged a Colorado based Geologist consulting firm to begin research and field work on the Graysill Claims.
The currently planned scope of work consists of four phases; Phase 1: Detailed research of the mine including geology, production, etc.; Phase 2: Field evaluation of property and mine during summer field season; Phase 3: Exploration program - drilling, sampling of old workings. This work directed by results of field evaluation; Phase 4: NI-43-101 Report of exploration efforts.
The results from each phase will be a guide to subsequent activities. The Phase 1 research will consist of locating and assessing all available literature on the mine followed by a summary report outlining findings. Additionally this report will contain recommendations regarding future work on the property.
Phase 1 is estimated to be completed before the end of May 2012.
The production history of the Graysill Mine is known to have produced vanadium and byproduct uranium during an approximately twenty year period after World War II. Before the mine ceased production, approximately 32,000 tons of ore were mined with a reported grade of 2.41% vanadium pentoxide and 0.09% uranium oxide. The Company believes that there may be a currently known resource of up to 400,000 tons with further exploration potential.
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.
Contacts:
Pacific Gold Corp.
416-214-1483
www.pacificgoldcorp.com
