LAKEWOOD, Colo., Feb. 28, 2017 /CNW/ -- Pershing Gold
Corporation (NASDAQ:PGLC) (TSX: PGLC) (FWB:7PG1) ("Pershing Gold"
or the "Company"), an emerging Nevada gold producer advancing the Relief
Canyon Mine, is pleased to announce that it has successfully
completed the environmental permitting process and has secured all
of the permits necessary to restart and expand the Relief Canyon
Mine.
The permits fully authorize Pershing Gold to begin mining and
heap leach processing of the Relief Canyon deposit. Mining
activities and facilities covered by the permits include: expanding
and deepening the open-pit mine, constructing a new waste rock
storage area, significantly increasing the exploration drilling
area to allow testing of high-priority targets around the existing
pit, installing and operating the mercury emission control
equipment in the processing plant, and operating the crusher and
other equipment at the heap leach processing facilities.
The major permits now in hand include the Plan of Operations
approved by the Bureau of Land Management ("BLM"), the Reclamation
and Water Pollution Control Permits issued by the Nevada Division
of Environmental Protection ("NDEP")/Bureau of Mining Regulation,
and three air quality permits issued by the NDEP/Bureau of Air
Pollution Control.
"The successful acquisition of these permits is a major
milestone for the Company that significantly advances our ability
to begin production at the Relief Canyon Mine," stated Stephen Alfers, Chairman, CEO, and President of
Pershing Gold. "We thank BLM and NDEP for all of their hard work in
carefully reviewing and approving our permit applications for the
Relief Canyon Mine."
Prior to commencing mining activities, Pershing Gold must
provide BLM and NDEP with additional financial assurance to
guarantee reclamation of the mine site. The Company is making plans
to satisfy this financial assurance requirement with a surface
management surety bond provided by a third-party insurance
underwriter. Pershing Gold anticipates that the cash
collateral required to secure this bond will be approximately
$1.4 million.
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 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 and the
Toronto Stock Exchange under the symbol PGLC and on 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 and applicable Canadian securities
laws. All statements, other than statements of historical fact, are
"forward-looking statements," including the Company's plans to
obtain a surety bond and the cash collateral value of that bond,
the risks associated with the Relief Canyon Mine,and the company's
plans to restart or expand production at Relief Canyon Mine or
explore and discover new resources on nearby lands.
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; 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,
2015, 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