LAKEWOOD, Colo., March 3, 2016 /PRNewswire/ -- Pershing Gold
Corporation (NASDAQ:PGLC) (FWB:7PG1) ("Pershing Gold" or the
"Company"), an emerging Nevada
gold producer, announced today that the Company has issued a letter
to its shareholders regarding the Company's progress in advancing
its Relief Canyon Mine property.
Highlights from the letter include:
- Canadian National Instrument (NI) 43-101 gold resource at
Relief Canyon of 739,000 Measured and Indicated and 70,000 Inferred
ounces of gold reported in July 2015.
This represents a more than five-fold increase in the resource at
Relief Canyon since the Company acquired Relief Canyon in 2011
and a 34% increase in the 2015 Measured and Indicated resources
over the 2014 resource.
- 2015 drilling program results will be reflected in the
Company's next NI 43-101 resource report and Preliminary Economic
Assessment, both of which are expected in the second quarter of
2016.
- Highlights from the November 2015
preliminary internal economics include estimated cash costs in the
range of approximately $695-$745 per
ounce gold, and all in sustaining costs in the range of
approximately $725-$775 per ounce
gold.
- Successful listing on NASDAQ Global Market, additional analyst
coverage and an increase in daily trading volume of more than 250%
since July 2015 uplisting.
Last week, the Company announced it had completed private
placement financings that resulted in net cash proceeds of
$7.4 million. Having no outstanding
debt, the Company is well capitalized for the 2016 advancement of
the Company's Relief Canyon project and for general corporate
purposes.
To download a copy of the shareholder letter please click
here.
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 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.
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 2016 update of and
expansion of the Relief Canyon resource, preliminary internal
estimates of cash costs and all in sustaining costs, 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 resource
update for 2016; interpretations or reinterpretations of geologic
and metallurgical information or unfavorable exploration results
that could negatively affect estimates of resources; increases in
costs and adverse changes in other assumptions upon which
preliminary internal economics were based; 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 Corp.