Pershing Gold Initiates 2014 Drilling Program at Relief Canyon
May 01 2014 - 8:00AM
Pershing Gold Corporation (OTCQB:PGLC) ("Pershing Gold" or the
"Company") is pleased to announce the start-up of its 2014 drilling
program at the Relief Canyon Mine property in Pershing County, NV.
This program will be focused on finding mineable ounces to add to
Pershing Gold's recently expanded 43-101 resource estimate.
The program is designed to step out from known resource blocks
as defined by the recent work of Mine Development Associates
described in our March 31, 2014 press release. The program will
test previously undrilled zones that overlie the current resource
blocks, with the objective of expanding those blocks towards the
surface to add near-surface ounces north of the existing pit.
Additionally, the program will include in-fill drilling that is
designed to expand the resource estimate to include additional
high-grade zones of gold mineralization.
The drilling program will focus on two areas. The first drilling
area will be along the high-wall of the current pit with the goal
of expanding the resource to the east. This high-wall drilling will
utilize a specialized rig designed to drill holes at very shallow
dip angles, allowing Pershing Gold the ability to test areas
beneath and east of the high-wall without constructing new
roads.
The second area of drilling will include step-out holes testing
for high-grade mineralization within and to the north of the
existing pit. This drilling will utilize a standard surface diamond
core drill rig. The program will also include in-fill drill holes
to expand high-grade zones within the Lower and Jasperoid
zones.
The Company expects to spend approximately $1.5 million on the
2014 drilling program, targeting 20,000-30,000 feet of core
drilling with up to 40 holes. Pershing Gold has selected West-Core
Drilling, LLC of Elko Nevada for the surface diamond core drilling
and expects to award a contract for the specialized drilling in the
near future.
"The 2014 drilling program is a key step for Pershing Gold as we
execute our 2014 mine development and resource expansion programs,"
stated Stephen Alfers. "It is one prong of our two-prong approach
to continue to expand the Relief Canyon deposit while
simultaneously completing the mine planning, metallurgy,
engineering, geotechnical, environmental and permitting work
necessary to advance our plans to reopen the Relief Canyon Mine in
the second half of 2015."
About Pershing Gold Corporation
Pershing Gold is an emerging Nevada gold producer on a
fast-track to re-open the Relief Canyon Mine, which includes three
open-pit mines and a state-of-the-art, fully permitted and
constructed heap leach processing facility. 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 deposit and to explore and make new
discoveries on nearby lands.
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 the planned reopening and recommissioning of the Relief
Canyon mine and processing facilities, commencement of production,
potential reopening of the Relief Canyon Mine in the second half of
2015 anticipated drilling and other exploration on Pershing Gold's
Relief Canyon properties, focus, objectives and planned locations
for the 2014 exploration program including the anticipated
expansion and upgrade of the Relief Canyon deposit to add
near-surface ounces and locate additional high-grade zones as a
result of drilling, the amount of anticipated drilling and the
anticipated cost of such drilling; interpretations of exploration
results and other geologic information at Relief Canyon,
anticipated expansion of the resource at the Relief Canyon
properties, plans to complete mine planning, metallurgy,
engineering, geotechnical, environmental and permitting work
necessary to advance the planned reopening of the Relief Canyon
mine in the second half of 2015 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, inability to obtain
external financing to fund the development of plans for and the
reopening and commencement of production at the Relief Canyon Mine,
planned exploration, permit modifications or to maintain property
rights; interpretations or reinterpretations of geologic
information or unfavorable exploration results that could
negatively affect estimates of mineralized material and resources
of the potential for Relief Canyon deposit or resource expansion;
delay or inability to obtain permits required for planned
production, including permits to mine the deposit below the water
table, for exploration and other activities; inability to reopen
the Relief Canyon Mine under the currently approved Plan of
Operations; 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, 2013.
The Company assumes no obligation to update any of the information
contained or referenced in this press release.
CONTACT: Jack Perkins
Vice President, Investor Relations
720.974.7254
investors@pershinggold.com
www.PershingGold.com
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