LAKEWOOD, Colo., May 3, 2016 /CNW/ -- Pershing Gold Corporation
(NASDAQ:PGLC) (FWB:7PG1) ("Pershing Gold" or the "Company"), an
emerging gold producer, today provides an update on the progress to
production at its Relief Canyon Mine in Pershing County, Nevada.
"This second quarter is a pivotal time for Pershing Gold,"
stated Stephen D. Alfers, Pershing
Gold President, CEO, and Executive Chairman. "For more than a year
now, we have been looking forward to an updated resource, a PEA and
a decision on the restart of the Relief Canyon Mine. The completion
of the pit slope study, the resource update, the PEA and the
receipt of the permit modification should allow us to maximize the
efficiency of the mine plan and provide us with key information as
we rapidly continue towards production at Relief Canyon," Alfers
explained. "The Relief Canyon deposit remains open. The geological
team is preparing their recommendations for the 2016 program,
designed to expand the in-pit resource at Relief Canyon," said
Alfers.
2016 Drilling Program
Pershing Gold is currently in
the final stages of approving its 2016 Drilling Program. To that
end, the Company is completing geophysics to define additional
targets. Pershing Gold has recently contracted Zonge
International Inc. of Reno, Nevada
to complete gravity as well as induced polarization and resistivity
surveys at the project. This work is designed to test the
geophysical signature over the mineralization zones at the
mine. The surveys will be extended into areas to the west,
southwest and south of the mine to aid in drill targeting. The
Company is planning a program designed to add ounces to the 2015
infill program, which was designed to upgrade the deposit and
develop a better understanding of the geology as we plan for the
restart of Relief Canyon.
Initiation of Pre-Feasibility Level Pit Slope
Study
Pershing Gold has retained Golder Associates of
Reno, Nevada to initiate
pre-feasibility level geotechnical studies for the Relief Canyon
Mine. These studies will outline pit slope design criteria and
will define a follow-up pit slope geotechnical program, which are
essential steps in Relief Canyon's path to production. These
studies will document site conditions, provide a geotechnical
model, and provide specific recommendations for a pre-feasibility
level program to develop pit slope design.
This work will set the stage for a Pre-Feasibility Study of the
Relief Canyon project, expected in the fourth quarter of this year.
This Pre-Feasibility Study will formalize the work currently being
done to move Relief Canyon into production, and is a key step to
allow the Company to define reserves at Relief Canyon under
Canadian National Instrument 43-101. The Pre-Feasibility Study
is expected to provide a higher degree of confidence in the Relief
Canyon project and will not negatively affect the Company's
timeline to production.
NI 43-101 Resource Update and Preliminary Economic
Assessment
Work on an updated NI 43-101 resource update and
a Preliminary Economic Assessment ("PEA") is currently underway.
The resource update and PEA are being produced by Mine
Development Associates of Reno,
Nevada. The PEA will include extensive engineering and
metallurgical work and will provide third party updated economics
on the Relief Canyon Mine. The work is proceeding rapidly and
is on schedule for release later this quarter.
About Pershing Gold Corporation
Pershing Gold is an
emerging gold producer whose primary asset is the Relief
Canyon Mine in Pershing County,
Nevada. Relief Canyon includes three open-pit mines,
expanding adjacent open-pit-able gold deposits, 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.
Legal Notice and Safe Harbor Statement
This press
release contains "forward-looking statements" within the meaning of
the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical fact, including those with respect to the
timing and completion of an updated resource estimate and a third
party PEA, the results of geotechnical studies and the planned
Pre-Feasibility study, the expected timing of approval of the EA
and the design of the 2016 Drilling Program, 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, interpretations or reinterpretations of geologic
information, unfavorable exploration results, inability to obtain
permits required for future exploration, development or production,
general economic conditions and conditions affecting the industries
in which the Company operates; the uncertainty of regulatory
requirements and approvals; and fluctuating mineral and commodity
prices. 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
Securities and Exchange Commission, including the Annual Report on
Form 10-K for the year ended December
31, 2015. 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