LAKEWOOD, Colo., Aug. 8, 2016 /CNW/ -- Pershing Gold
Corporation (NASDAQ:PGLC) (FWB:7PG1) ("Pershing Gold" or the
"Company"), the emerging Nevada
gold producer advancing the Relief Canyon Mine, today announces
that on August 3, 2016, the
Winnemucca District, Humboldt
River Field Office of the U.S. Bureau of Land Management (the
"BLM") approved the Environmental Assessment ("EA") and Plan of
Operations authorizing Pershing Gold to expand the Relief Canyon
Mine. The EA evaluates the environmental impacts associated with
the Plan of Operations Modification that Gold Acquisition Corp,
Pershing Gold's wholly owned subsidiary, submitted to BLM to seek
authorization to expand the Relief Canyon Mine.
"Securing BLM's authorization to expand the mine is the key
permit needed for the Relief Canyon Mine to resume production,"
stated Stephen Alfers, Chairman,
CEO, and President of Pershing Gold. "We thank BLM for the
excellent job they did in preparing the EA. The successful
acquisition of this permit significantly de-risks the project and
is a critical milestone in the process to restart Relief
Canyon."
"Along with permitting expansion of the pit boundary and
deepening of the pit, this permit modification increases
permissible drilling areas, allowing the Company to drill high
potential targets around the existing pits," explained Alfers. "The
other key milestones on the path to production at Relief Canyon are
a decision whether to utilize self or contract mining and obtaining
full financing for the project. We are working
diligently to achieve these remaining objectives and continue to
anticipate initial production within approximately six to nine
months from the investment decision by our Board of Directors and
obtaining full financing for the project," he continued.
The Nevada Division of Environmental Protection ("NDEP") is
completing its analysis of several other permits, which the Company
anticipates will be issued within the next two months. NDEP
recently issued the Mercury Operation Permit to Construct, which
will allow Pershing Gold to install mercury emission control
equipment in the processing plant.
In its decision to approve the Environmental Assessment and Plan
of Operations, BLM stated that the Company's planned mitigation and
environmental protection measures will protect the environment and
the expanded mine will not create any significant environmental
impacts. Among the public comments the BLM received on the
June 2016 Preliminary EA, the
Pershing County Commissioners
endorsed the project describing Pershing Gold "as a valued asset to
our community," stating that they have "had a very positive
interaction with the Pershing Gold Corporation management
team."
As described in the Company's June
9th press release, the approved Plan of
Operations authorizes Pershing Gold to significantly expand the
open-pit mine on mining claims that GAC owns and on private lands
that GAC leases from New Nevada Resources and New Nevada Lands,
construct a new waste rock storage facility, build new mine support
facilities, and conduct a major exploration drilling program to
test target areas surrounding the pit.
BLM's EA and associated decision documents are available on
BLM's website at:
https://eplanning.blm.gov/epl-front-office/eplanning/planAndProjectSite.do?methodName=dispatchToPatternPage¤tPageId=66157
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 key milestones
identified for advancing the Relief Canyon project, expected timing
of issuance of several other permits currently being considered by
the NDEP, and various activities permitted by the approved
Environmental Assessment and Plan of Operations, including
pit expansion, pit deepening and additional drilling and BLM
statements regarding the protection of the environment provided by
the Company's planned environmental protection and mitigation
measures. the anticipated timing of production at Relief
Canyon after investment decision and obtaining full financing for
the project, 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;
fluctuating mineral and commodity prices, final investment approval
and the ability to obtain necessary financing on acceptable terms
or at all. 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