LAKEWOOD, Colo., Feb. 26, 2018 /CNW/ -- Pershing Gold
Corporation (NASDAQ:PGLC), (TSX:PGLC), (FWB:7PG1) ("Pershing Gold"
or the "Company"), an emerging Nevada gold producer, announces the start of
preliminary construction activities at Relief Canyon.
On February 13, 2018, Ames
Construction began initial land clearing in preparation for
potential construction at Relief Canyon, including future heap
leach pads, haul roads and waste rock storage facilities (Figure
1). If the Company is able to achieve further financing for the
project, it will then be able to move directly into construction of
the heap leach pads, overland conveyors, crushing facilities,
contractor yards, and process plant optimization. The current
plan anticipates contract mining of the permitted Phase 1 open pit,
and contract-mining personnel would mobilize during this
period.
"The beginning of preliminary construction activities at Relief
Canyon is an exciting and vital next step for the Company as we
continue to advance Relief Canyon toward commercial production,"
stated Stephen D. Alfers, Pershing
Gold's Chairman, President and CEO. "This initial work includes
clearing approximately 165 acres of land," explained Alfers.
"Because of the existing infrastructure at Relief Canyon (Figure 2)
and the low initial estimated CAPEX and working capital of
approximately US$35 million required
to restart the mine, we continue to anticipate a six to nine month
construction period, following the completion of project
financing," stated Alfers.
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 historic 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 more than 27,000 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 and the
Toronto Stock Exchange under the symbol PGLC and on the Frankfurt
Stock Exchange under the symbol 7PG1.
Forward Looking Statements
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 and applicable Canadian securities laws. All statements, other
than statements of historical fact, are "forward-looking
statements," including the prospects for financing the project, our
ability to begin construction of mine facilities, our expectations
and plans for contract mining, the anticipated length of
construction, and prospects for expansion and new discoveries on
the Company's landholdings. 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, inability to obtain
sufficient financing to commence construction and production,
interpretations or reinterpretations of geologic information,
unfavorable exploration results, inability to obtain permits
required for future exploration, development or production, 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, 2016, and on SEDAR
at www.sedar.com. 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