LAKEWOOD, Colo., Sept. 2, 2015 /CNW/ -- Pershing Gold
Corporation (NASDAQ:PGLC), (FWB:7PG1) ("Pershing Gold" or the
"Company") announces that Mine Development Associates ("MDA") of
Reno, Nevada has completed an
updated Canadian National Instrument 43-101 Technical Report for
Pershing Gold's Relief Canyon Mine in Pershing County, Nevada. The MDA Technical
Report discusses in detail the resource estimate, previously
announced in July 2015, based on the
results from drilling completed through January 2015. The new Technical Report is
available on the Company's website at
http://www.pershinggold.com/relief-canyon/technical-reports.
"This Technical Report presents a snapshot of the Relief Canyon
resource estimate based on drilling completed through early 2015,"
stated Stephen D. Alfers, Pershing
Gold's Chairman and CEO. "We expect this resource to expand when we
complete an updated resource estimate that incorporates the results
from our aggressive 2015 drilling program, which commenced in
May 2015," Alfers explained. "So far,
the Company has drilled 80 core holes in the 2015 program, and
currently has four rigs on site with drilling planned through the
end of this year. We expect our 2015 core drilling program to
complete approximately 100 holes and approximately 75,000 feet
(22,800 meters)," commented Alfers.
As previously reported in the Company's July 6, 2015 press release, the MDA resource
estimate shows a Measured and Indicated resource of 739,000 ounces
of gold and an Inferred Resource of 70,000 ounces of gold. MDA's
estimate was prepared following the definitions and guidelines
adopted by the Canadian Institute of Metallurgy. These definitions
and guidelines satisfy the requirements of Canadian National
Instrument 43-101. MDA geologist, Paul
Tietz, Certified Professional Geologist, was the qualified
person responsible for preparing the Technical Report and resource
estimate.
The Company's ongoing core-drilling program will continue to
test those parts of the deposit where confirmation core drilling
can potentially expand the gold resource – either by adding ounces
or upgrading existing ounces from the Inferred resource
classification to the Indicated or Measured resource
classification.
About Pershing Gold Corporation
Pershing Gold is the emerging gold producer whose primary asset
is the the Relief Canyon Mine in Pershing County, Nevada. Relief Canyon
includes three open-pit mines and a state-of-the-art, fully
permitted and constructed heap-leach processing facility. Pershing
Gold is currently permitted to resume mining at Relief Canyon under
the existing Plan of Operations.
Pershing Gold's landholdings cover approximately 25,000 acres
that include the Relief Canyon Mine asset and lands surrounding the
mine in all directions. This land package provides Pershing Gold
with the opportunity to expand the Relief Canyon Mine deposit and
to explore and make new discoveries on nearby lands.
Pershing Gold is listed on the NASDAQ Global Market under the
symbol PGLC and the Frankfurt Stock Exchange under the symbol 7PG1.
The investment banks Euro Pacific Capital Inc., H.C. Wainwright and Co. LLC (under the name
Rodman & Renshaw) and Cantor Fitzgerald currently produce
analyst reports on the Company.
Cautionary Note to United States Investors Regarding
Estimates of Measured, Indicated, and Inferred Resources
This press release uses the terms "Measured," "Indicated" and
"Inferred resources", which are defined in Canadian Institute of
Metallurgy guidelines, the guidelines widely followed to comply
with Canadian National Instrument 43-101. We advise U.S.
investors that these terms are not recognized by the United States
Securities and Exchange Commission (the "SEC"). The estimation of
measured and indicated resources involves greater uncertainty as to
their existence and economic feasibility than the estimation of
proven and probable reserves. Mineral resources are not
mineral reserves, and U.S. investors are cautioned not to assume
that measured or indicated mineral resources will be converted into
reserves. Inferred mineral resources have a high degree of
uncertainty as to their existence, and their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource exists, or is economically or legally
viable. US investors are urged to consider closely the disclosure
in our Form 10-K and other SEC filings. You can review and
obtain copies of these filings from the SEC's website at
http://www.sec.gov/edgar.shtml.
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934.
All statements, other than statements of historical fact,
including, without limitation, those with respect to the
objectives, plans and strategies of the Company set forth herein
including expectations regarding the planned 2015 drilling program
and the potential update of and expansion of the Relief Canyon
resource, and those preceded by or that include the words
"believes," "expects," "given," "targets," "intends,"
"anticipates," "plans," "projects," "forecasts" or similar
expressions, are "forward-looking statements." Although the
Company's management believes that such forward-looking statements
are reasonable, it cannot guarantee that such expectations are, or
will be, correct. These forward-looking statements involve a number
of risks and uncertainties, which could cause the Company's future
results to differ materially from those anticipated. Potential
risks and uncertainties include, among others, unanticipated delays
in or changes to the planned drilling program for 2015;
interpretations or reinterpretations of geologic and metallurgical
information or unfavorable exploration results that could
negatively affect estimates of resources; general economic
conditions and conditions affecting the industries in which the
Company operates; the uncertainty of regulatory requirements and
approvals; decreases in gold and other mineral and commodity
prices; risks of junior exploration and pre-production activities;
and maintenance of important business relationships. Additional
information regarding the factors that may cause actual results to
differ materially from these forward-looking statements is
available in the Company's filings with the SEC including the
Annual Report on Form 10-K for the year ended December 31, 2014. The Company assumes no
obligation to update any of the information contained or referenced
in this press release.
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SOURCE Pershing Gold Corporation