Pershing Gold Takes Key Steps Towards Resuming Production at the Relief Canyon Mine, Pershing County, NV
Press Release: Pershing Gold Corporation – 3 hours ago
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LAKEWOOD, Colo., Oct. 21, 2013 (GLOBE NEWSWIRE) -- Pershing Gold Corporation ( PGLC) ("Pershing Gold" or the "Company") is pleased to announce that it has taken another significant step towards putting its Relief Canyon Mine in Pershing County, Nevada back into production. The Company has selected Knight Piesold and Company ("Knight Piesold") to perform the geotechnical engineering work required to update several key permits for the mine. Knight Piesold is a well-known, international consulting company that provides engineering and environmental services for the mining, power, water, transportation and construction sectors. The Knight Piesold team assigned to the Relief Canyon project is a group of highly experienced engineers and scientists who have worked on numerous Nevada mining projects.
"We are very pleased to be working with Knight Piesold, a recognized leader in providing engineering consulting services for mines in Nevada and around the world," said Stephen D. Alfers, Pershing Gold CEO and Executive Chairman. "Their expertise will help us optimize the design of the expanded mine and secure the permit modifications we need on schedule."
Pershing Gold's 2013 drilling campaign is still in progress as drilling continues in an area mainly north of the North Pit. The current drilling effort has the objective of expanding and upgrading the existing NI 43-101 compliant in-pit resource of 463,000 ounces of Measured and Indicated gold and 101,000 ounces of Inferred gold. ir.stockpr.com
The first round of drilling results announced last month show that the Lower Zone portion of the Relief Canyon deposit has considerable areal extent and is open in all directions. This drilling also discovered several high-grade intercepts. ir.stockpr.com The Company plans to announce additional drilling results as they become available.
Knight Piesold is just one of several mining experts working with Pershing Gold on the Relief Canyon Mine. As previously announced, McClelland Labs, Inc. of Sparks, Nevada is conducting the metallurgical test work needed for mine planning, permitting activities, and to optimize gold recoveries. ir.stockpr.com The Company is also working with Mine Development Associates of Reno, Nevada to update the NI 43-101 compliant resource estimate. Pershing Gold plans to use the updated resource estimate to develop the first Preliminary Economic Assessment for the Relief Canyon Mine. The Company also plans to retain other mining industry top talent as needed to advance the Relief Canyon Project.
"We are well situated to become Nevada's next, new gold producer because we own a mine with a gold resource and a fully constructed and permitted gold recovery facility," explained Stephen Alfers. "Together, these facilities create the perfect opportunity for fast-track resumption of gold production with only modest capital expenditures to re-start the entire operation. The leach pads can accommodate 21 million tons of ore with lots of room for expansion; the gold recovery plant has the capacity to process up to 8 million tons per year."
About the Relief Canyon Mine
The Relief Canyon Mine property includes three open-pit mines and a state-of-the-art, fully permitted and constructed heap leach processing facility. These assets present Pershing Gold with the opportunity to achieve a fast-track path to production at the Relief Canyon Mine. Pershing Gold's landholdings cover over 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 and to explore and make new discoveries on nearby lands. A portion of the Relief Canyon Mine property is subject to the 2006 Minerals Lease and Sublease that Pershing Gold acquired in April 2012 when it purchased the interests of Victoria Resources (US), a subsidiary of Victoria Gold Corp. (TSX:VIT-V) in this Lease and Sublease with Newmont USA Limited, doing business in Nevada as Newmont Mining Corporation ( NEM).
Cautionary Note to United States Investors Regarding Estimates of Measured, Indicated and Inferred Resources: We use certain terms in this press release, such as "measured", "indicated" and "inferred resources", that are defined in Canadian National Instrument 43-101; however these terms are not recognized under the U.S. SEC Industry Guide 7. U.S. investors are cautioned not to assume that any or all of measured, indicated or inferred resources are economically or legally mineable or that these resources will ever be converted into reserves. "Inferred mineral resources" have a high degree of uncertainty as to their existence and it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are urged to consider closely the disclosure in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings. You can review and obtain copies of these filings from the SEC's website at sec.gov
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, are forward-looking statements including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein including the planned use of Knight Piesold, McClelland Labs, Mine Development Associates and other consultants at the Relief Canyon Mine property; planned resource update and Preliminary Economic Assessment; planned update of permits; planned and potential future drilling and other exploration on Pershing Gold's Relief Canyon property; results of drilling and anticipated timing of additional drilling and results, interpretations and significance of exploration results and other geologic information at Relief Canyon; potential expansion of the resource at the Relief Canyon properties; and anticipated fast-track reopening of the Relief Canyon Mine with modest capital expenditures. 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 external financing to fund the Company's future activities including maintaining its land position and reopening the Relief Canyon Mine; uncertainties regarding the amount of capital and other expenditures required to reopen the Relief Canyon mine; interpretations and changes in interpretation or reinterpretations of geologic information; unfavorable exploration results or failure of future results to confirm the significance of the current drilling results in the Lower Zone; delays in obtaining exploration results or new resource analysis or reports; inability to obtain or substantial delays in obtaining permits required for future exploration or development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating 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, 2012 and each subsequently filed Quarterly Report on Form 10-Q and Current Report on Form 8-K. The Company assumes no obligation to update any of the information contained or referenced in this press release.
Contact:
Stephen D. Alfers
Executive Chairman, President and CEO
Phone Number: 720.974.7248
Email: investors@pershinggold.com
www.PershingGold.com |
