Pacific Gold Corp. announced that it has received consent from Yorkville Advisors (formerly Cornell Capital Partners) to release 20% of the shares of its wholly owned subsidiary Oregon Gold, Inc. to enable them to be distributed to the shareholders of Pacific Gold Corp.

Pacific Gold will distribute 20% of the Oregon Gold common shares by way of a stock dividend. Full details of the record date and details of the mechanics of the dividend will be announced in the near future.

Oregon Gold is a fully reporting company under SEC rules, and its Form 10 went effective on September 2nd, 2008.

Pacific Gold is spinning off a portion of the shares of Oregon Gold to its stockholders in order to expand the possibilities for funding the operations of Oregon Gold and increasing shareholder value by permitting the market to evaluate the operations and assets of Oregon Gold apart from those of Pacific Gold.

Oregon Gold owns the Defiance mine and placer claims covering nearly 280 acres in Josephine County, Oregon.

“We are currently working to proceed with the Oregon Gold dividend as soon as possible.” stated Rob Landau, CEO, 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 - News), visit website at www.pacificgoldcorp.com. Or contact the Company directly at 416-214-1483.

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 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 entry was posted by Gold Mining on Monday, November 10th, 2008 at 9:35 pm and is filed under Gold, Gold Mining Companies, Mining Stock. Tags: Acquisition, America, Argentina, Base Metal, Black Rock Canyon, Black Rock Canyon gold mine, CEOcast Inc., Colorado, Company, Cornell, Cornell Capital Partners, County, Dan Schustack, Defiance mine, Delores, Delores Counties, Fernley Gold Inc., Gold, Gold Mine, Goldcorp, Graysill Mine, in-production mining operations, Josephine County, metal, Mine, mining, Nevada, Nevada Rae Gold Inc., New Pacific Metals Corp., North, North America, Oregon, Oregon Gold Inc., owned subsidiary, Pacific Gold Corp., Pacific Gold Corporation, Pacific Metals Corp., Resources, Resources Inc., Rob Landau, San Juan, San Juan Province, Securities and Exchange Commission, Spin, Stock, Stock Split, United States, Western, Yorkville. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.