Message #7 From:
NewsBot Date: April 5, 2008 07:31:18 AM
PCFG - Pilot Mountain Spin Off
TORONTO, March 18 /PRNewswire-FirstCall/ - Pacific Gold Corp. (OTCBB:
PCFG) today provided an update on Pilot Mountain Resources.
Pacific Gold has completed a share restructuring of Pilot Mountain
Resources, Inc. by subscribing for new shares of Pilot Mountain Resources,
Inc. and raising the current outstanding shares of Pilot Mountain Resources to
10 million shares. Pilot Mountain Resources plans to file a Form 10 filing
with the SEC in April to prepare the Company for a dividend distribution of 2
million of the shares owned by Pacific Gold Corp. to the shareholders of
Pacific Gold Corp. at some point in the near future.
Once the dividend is completed, Pilot Mountain should qualify for listing
on the OTC Bulletin Board.
In addition, Pacific Gold has made similar arrangements for its 100% owned
subsidiary Oregon Gold, Inc. with similar arrangements regarding share
structure and a Form 10 filing with the SEC.
Management is pursuing a strategy of spinning off some Pacific Gold
subsidiaries into their own publicly traded companies because management
believes the projects are not currently reflective of the true value in the
Pacific Gold Corp. stock price. Pilot Mountain Resources owns claims that
comprise Project W which is a large predominantly tungsten-based resource with
mineralized deposits that may contain up to a gross in ground value, before
costs, of $800 million in base metals.
Shares in both subsidiaries are still subject to lien under the agreement
with Yorkville Advisors.
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.
