posted
looks like a number of acquisitions in the past month, of both claims and equipment to work them! Also I see that insiders are filing form 4's to purchase stock! Could be a runner on this latest news Monday AM!
PCFG Acquires $700 Million Ore Deposit 8/19/2005 4:05:27 PM TORONTO, Aug 19, 2005 /PRNewswire-FirstCall via COMTEX/ -- Pacific Gold Corp., ( PCFG ) announced today that, Pilot Mountain Resources Inc., a subsidiary of Pacific Gold Corp., has acquired Project W from Platoro West Incorporated ("Platoro West").
Project W is primarily a tungsten (chemical symbol W) project located in Mineral County, Nevada. Elevated tungsten values occur throughout the area, and there are known mineral resources within the claim area. The property is located approximately 21 miles east of the town of Mina with access through an all-weather, county-maintained gravel road and a network of further trails. Mina is 168 miles south-east of Reno on Route 95. The claims are located at an average elevation of 6,500 feet.
Resource calculations from a feasibility study completed by Kaiser Engineers place the size of Project W at 9,061,600 tons, grading 0.386% WO(3) of combined proven, probable and possible ore, or approximately 35,000 tons of WO(3). Current prices of WO(3) as quoted in the Northern Miner place the gross value before extraction costs of the tungsten deposit at $674 million, not including credits from additional minerals.
The terms of the acquisition of Project W call for Pilot Mountain Resources Inc. to pay to Platoro West, 150,000 shares of common stock of Pacific Gold Corp. and a 2% gross royalty on all mineral sales from Project W. On completion of an updated feasibility study, title of the claims comprising Project W will be transferred to Pilot Mountain Resources Inc. In addition to the claims, Pilot Mountain Resources Inc. will receive copies of previously prepared working documents and reports regarding Project W.
The Company plans to aggressively begin work on Project W. Initially, the Company plans to conduct a diligent review of the existing project documentation and undertake preliminary mineral analysis. Following the documentation review, the Company plans to engage an engineering firm to prepare an up-to-date feasibility study for Project W.
Pacific Gold Corp. remains committed to its focus on alluvial gold projects and its base business strategy of acquiring proven but undeveloped mineral deposits. Due to the unique nature of the Project W opportunity, and the recent economic developments in the tungsten market, management believes Project W is a significant opportunity for the Company and its shareholders. The Company has amended its mission statement and corporate strategy accordingly. Previously the mission statement of Pacific Gold was to acquire up to 5,000,000 ounces of gold-based resources by 2009. The Company has updated its mission statement to acquiring up to $2 billion of mineral deposits by 2009. With the acquisition of Project W, the Company has achieved approximately 55% of its goal. The updated mission statement is quoted in this release.
Project History
During the 1970's and early 1980's, diamond drilling conducted independently by the Duval Corporation and Union Carbide Corporation resulted in the identification of three principal resource areas. Reports addressing the occurrence of tungsten mineralization and estimates of Project W resources have been prepared by the Duval Corporation, Union Carbide Corporation and independent consultants including Kaiser Engineers, Inc. and David S. Robertson and Associates. Pilot Mountain Resources Inc. has access to these reports through its agreement with Platoro West.
In the three principal resource areas currently identified, a resource of 8,299,000 tons averaging 0.33% WO(3) was calculated for the Desert Scheelite occurrence, a resource of 427,200 tons averaging 0.42% WO(3) was calculated for the Gunmetal occurrence, and a resource of 1,562,800 tons averaging 0.37% WO(3) was calculated for the Garnet occurrence. At the time it was concluded by Union Carbide that further drilling in the vicinity of the Gunmetal and Garnet tungsten occurrences would likely add appreciably to the existing known tungsten resource. In 1981, the project was the subject of a feasibility study undertaken by Kaiser Engineers Inc. with results showing the deposit can be mined profitably depending on the market price for tungsten.
About Tungsten
The word tungsten means "heavy stone" in Swedish. Its chemical symbol is W. Tungsten is a grayish-white lustrous metal which exhibits many important physical properties including a high melting point and density, as well as good thermal and electrical conductivity, a low coefficient of expansion, excellent corrosion resistance, and exceptional strength at elevated temperatures.
Tungsten is an important strategic metal for which there is no known substitute. Tungsten is an essential commodity, valued as an extremely hard carbide used in cutting and wear-resistant components, and as the metal or alloy for lamp and lighting filaments and electrodes, electrical and electronic contact surfaces, heat and radiation shielding in high temperature furnaces and x-ray equipment, and electrodes in certain welding methods.
Oregon Gold and Grants Pass Gold
Pacific Gold Corp. also announced today that two of its operating subsidiary companies, Grants Pass Gold Inc. and Oregon Gold Inc., have merged. Effective today, the Company's existing Oregon gold companies will be known collectively as Oregon Gold. The merger was completed in order to streamline Pacific Gold Corp. operations, and was a logical progression given the close proximity of the Bear Bench and Defiance projects.
To find out more about Pacific Gold Corp. ( PCFG ), visit our website at www.pacificgoldcorp.com, or contact the Company at 416-214-1483.
About Pacific Gold Corp.
The Company's business plan includes the acquisition and development of production-ready and in-production mining operations. The Company is currently focused on alluvial gold and base metals operations located in western North America. Pacific Gold Corp. currently owns four 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. Fernley Gold, Inc. ("Fernley Gold") has acquired the exclusive lease rights to mine the Lower Olinghouse Placers. Oregon Gold, Inc. ("Oregon Gold") owns the Bear Bench claims and Defiance mine, located in south-western Oregon.
Mission Statement
To acquire existing natural resource deposits located throughout North America, by either lease or purchase, collectively containing a minimum of $2 billion of gross market value, and to develop the acquired deposits into producing mines as soon as possible following acquisition.
Important Information
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 2005 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.
Pacific Gold Corp. Consolidated Balance Sheet June 30, 2005 ASSETS Current Assets: Cash $ 1,323,393 Deposits 131,818 ----------- Total Current Assets 1,455,211 -----------
Property and Equipment: Proved Development, net 231,412 Probable Undeveloped Acquisition and Development Costs 10,000 Equipment, net 1,438,254 Building, net 79,653 Water Rights and Wells 90,000 Land 23,670 ----------- Total Property and Equipment, net 1,872,989
Reclamation Surety Bond 189,218 ----------- TOTAL ASSETS $ 3,517,418 ===========
LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 80,881 Accrued Interest 176,708 Notes Payable - Shareholder 1,605,601 ----------- Total Current Liabilities 1,863,190
Other Liabilities: Convertible Note Payable 306,666
Stockholders' Equity: Preferred Stock - $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding -- Common Stock - $0.001 par value; 100,000,000 shares authorized, 23,960,190 shares issued and outstanding 23,960 Additional Paid-in Capital 3,430,744 Retained Deficit (2,107,142) ----------- Total Stockholders' Equity 1,347,562 ----------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 3,517,418 ===========
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
I would assume that this sb2 filing on 6/9/05 was a factor in the PPS being lowered, but from what I can see that would still leave there assets far outweighing there current PPS!
This prospectus covers up to 21,666,666 shares of common stock of Pacific Gold Corp. that may be offered for resale, or otherwise disposed for the account of, the selling stockholders set forth under the heading "Selling Stockholders" beginning on page 23. All the shares of common stock will be offered for resale after being issued by Pacific Gold to the selling stockholders pursuant to conversion of outstanding convertible debentures and upon exercise of outstanding common stock purchase warrants. The convertible debentures and common stock purchase warrants were sold by Pacific Gold to the selling stockholders in a private placement on April 7, 2005.
The shares of common stock are traded on the OTC Bulletin Board under the symbol PCFG. The last sale price of the common stock on June 8, 2005 was $0.40.
Even with these share in the market it still leaves them with about 56m O/S which is low for what they have for proven reserves. I don't see any other S8's or SB2's filed lately.
What I do see however is officers of the company buying up shares on Form 4's
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
My guess is that with the amount of equipment that they have been buying lately that they are ready to start pulling some ore out of the ground!
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posted
does this statement say that they have $1.050 billion in proven and probable reserves on hand?
The Company has amended its mission statement and corporate strategy accordingly. Previously the mission statement of Pacific Gold was to acquire up to 5,000,000 ounces of gold-based resources by 2009. The Company has updated its mission statement to acquiring up to $2 billion of mineral deposits by 2009. With the acquisition of Project W, the Company has achieved approximately 55% of its goal. The updated mission statement is quoted in this release.
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
RicPic...A lot of great DD. Where do you see this going Monday, since we closed around .29 Friday
Posts: 222 | Registered: Nov 2003
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posted
I'm not going to speculate as to the top, but I do believe it will move up conciderably! This acquisition just tripled the size of there assets.
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
thats an interesting bit of new info! Thanks!
Funny thing here is that I just checked the threshold securities list and they don't seem to be on it at all during that time frame! Where is you info coming from?
posted
This is a stock that has been slipping through the cracks no dought! Even the Officers are buying the stock as a result of its low PPS. That should tell you something right there. I think this latest $700m news, should wake up more than just a few invester here.
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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In April and May, Pacific Gold sold $4,000,000 in face value of convertible debt for net proceeds of $2,666,086 and $600,000 in equity. During the second Quarter of 2005 the Company began utilizing these funds primarily for the purchase of heavy mining equipment and other infrastructure.
Additionally during the quarter we hired additional key personnel including a new Chief Financial Officer and a Human Resources Director. Much of management's time in the second quarter was applied in the preparation of operations at the Black Rock Canyon Mine near Crescent Valley, Nevada.
By the end of the quarter we had completed most of its major equipment purchases and was beginning to focus on supplementary equipment for Black Rock Canyon, building construction, screen and plant assembly, additional acquisitions of mineral properties as well as and other corporate events.
Nevada Rae Gold, Inc.
During the second quarter of 2005 Nevada Rae Gold made significant progress on the Black Rock Canyon Mine development including;
o Delivery of heavy earth moving equipment; o Security perimeter fence installation; o Mill building purchase; o JCI triple deck screen purchase; and, o Building Permit Preparation.
Nevada Rae is currently awaiting its building permit to begin construction. Once complete, the focus will shift to plant assembly and finally test production. Full production is expected to begin in the fourth quarter of 2005.
Fernley Gold, Inc.
Fernley Gold, Inc. entered into a lease agreement in 2004 for the right to mine the property and claims known as Butcher Boy and Teddy. The property and claims are located 34 miles east of Reno, Nevada, just off highway I-80. The area, known for placer gold, and commonly referred to as the Olinghouse Placers, has a rich mining history.
During 2005, Fernley Gold anticipates additional sampling and testing, followed by submission of its Plan of Operations. Fernley Gold is current under the terms of our lease.
Oregon Gold, Inc.
In June and early July, 2005 Oregon Gold conducted a trenching and sampling program. Results continued to confirm gold presence on the Bear Bench. The Company is determining its next moves with regards to the project.
Grants Pass Gold, Inc.
During the quarter, no mining activities occurred on the Company claims. Additionally Pacific Gold Corp. authorized the merger of Grants Pass Gold, Inc. into Oregon Gold, Inc. This activity is expected to be completed in the third quarter of 2005.
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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posted
PCFG Begins Building Construction 8/30/2005 1:32:18 PM TORONTO, Aug 30, 2005 /PRNewswire-FirstCall via COMTEX/ -- Pacific Gold Corp. ( PCFG ) today announced that Nevada Rae Gold has received its building permit from the Lander County, Nevada, Building Department. Construction of the Company's Building No. 1 at the Black Rock Canyon mine commenced on August 26th.
Building No. 1 will accommodate the Company's mill and screening operation at the Black Rock Canyon Mine. The building will protect the mill and equipment from the elements, and allow the Company to process gold bearing gravels year round. Building No. 1 is also designed to provide an area for the Company's mechanics to work on the heavy equipment and machinery.
Building No. 1 construction is expected to be completed in approximately six weeks.
The Black Rock Canyon Mine is operated by Pacific Gold's subsidiary Nevada Rae Gold. The Company began pre-production in April, and expects to have the mine in production during the fourth quarter of 2005.
To learn more about Pacific Gold Corp. ( PCFG ), visit our website at www.pacificgoldcorp.com, or contact the Company at 416-214-1483.
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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