Pershing Gold Announces 0.119 Ounces per ton Gold over 58.1 feet in Step-Out Drilling at Relief Canyon

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Oct 21, 2014, 08:00 ET

LAKEWOOD, Colo., Oct. 21, 2014 /PRNewswire/ -- Pershing Gold Corporation (OTCQB: PGLC) ("Pershing Gold" or the "Company") is pleased to announce that its ongoing step-out core drilling program at Relief Canyon in Pershing County, Nevada continues to expand new high-grade gold zones in the North Target area, notably, RC14-203 (Relief Canyon 2014 drill hole 203) reported 0.119 ounces per ton ("opt") gold ("Au")/4.070 grams per tonne ("gpt") Au over 58.1 feet.

Figure 1 North Target Area Highwall Drilling

Table 1
Highlights of the step-out drilling include:

Core Hole	From	To	Width	Gold	Gold	Silver	Silver
Number	feet			gpt	opt	gpt	opt

RC14-202	555.0	595.0	40	1.513	0.044	1.9	0.05
RC14-203	478.1	536.2	58.1	4.070	0.119	21.2	0.62
including	485.0	492.6	7.6	21.650	0.632	31.4	0.92
RC14-205	365.0	460.0	95	0.959	0.028	3.9	0.11
including	435.0	454.8	19.8	3.541	0.103	6.6	0.19
	485.1	513.5	28.4	1.361	0.040	0.9	0.02
RC14-207	429.2	562.0	132.8	1.810	0.053	11.1	0.32
RC14-209	435.0	498.0	63	1.030	0.030	7.5	0.22
RC14-211	262.7	329.9	67.2	2.616	0.076	3.1	0.09
	390.0	419.7	29.7	1.698	0.050	3.8	0.11
RC14-211A	262.2	334.8	72.6	3.057	0.089	4.3	0.13
	382.0	420.0	38	1.518	0.044	2.9	0.08
RC14-216	200.0	210	10	1.118	0.033	4.2	0.12
RC14-218	265.2	285	19.8	1.214	0.035	1.8	0.05
	404.8	414	9.2	3.618	0.106	6.9	0.20
	451.9	494.7	42.8	2.446	0.071	4.5	0.13

Notes:	1.	RC14-XXX denotes Relief Canyon 2014 followed by the drill hole number.
	2.	The reported width is not the true width of the intercept.
	3.	Results from all intervals for which we have received and verified results will be posted on our website at www.pershinggold.com.

The ongoing 2014 drilling program continues to extend high-grade intervals of high-grade gold mineralization in the new high-grade gold zone in the North Target area at the Relief Canyon Mine previously announced on September 15, 2014. This expanding high-grade zone is associated with white clay and fluorite. Pershing Gold plans to continue systematic step-out drilling along these higher-grade trends for the remainder of 2014.

Figure 1: Map showing North Target Highwall Drilling

To view a high-resolution version of Figure 1:
http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/153291-Pershing-Gold-Corp.pdf

The drill holes listed in Table 1 include wide intervals of gold mineralization with grades from two to five times the average grade of the March 31, 2014 resource estimate for the Relief Canyon deposit. In addition to expanding the higher-grade zone, the program and its use of core drilling is also instrumental in gaining a better understanding of the controls on gold and silver mineralization at Relief Canyon. Core samples allow for detailed logging and structural analysis, something not possible with reverse circulation drilling. Currently the 2014 program has completed nearly 70 core drill holes totaling approximately 40,000 feet. The results of all drill holes from which we have received and verified results are listed on Pershing Gold's website at www.pershinggold.com.

"Our continued success in expanding this high-grade zone in the Relief Canyon deposit is very exciting," commented Stephen D. Alfers, Pershing Gold's Chairman and CEO. "Specifically, holes RC14-211 and RC14-211A offset the wide intercepts in holes RC14-193 and RC14-195 previously reported. In addition, holes RC14-205 and RC14-207 offset previously reported holes RC14-177 and RC-179. These two zones are more than 600 feet apart, and additional drilling is planned later this year to test the continuity of these zones."

In addition to expanding higher-grade material in the northern part of the deposit, Pershing Gold has begun testing a gold zone in the southern part of the deposit that is above the Main Zone. This zone was encountered in historic reverse circulation drill holes and lies entirely within the Grass Valley formation. The first core hole in this area intercepted strongly silicified and brecciated limestone with some fine grain quartz veins with an approximate thickness of forty feet. This zone is open to the north, south and west and likely merges with the Main Zone to the east. All assays are pending.

Scientific and Technical Data
All scientific and technical information related to drill and surface samples for the Relief Canyon project has been reviewed and approved by Larry L. Hillesland, Certified Professional Geologist, who is a Qualified Person under the definitions established by Canadian National Instrument 43-101. Drill core at Relief Canyon is boxed and sealed at the drill rig and moved to the Relief Canyon logging and sample preparation facilities by trained personnel. The core is logged and split down the center using a typical table-fed circular rock saw. One half of the core is sent for assay to Skyline Assayers & Laboratories of Sparks, Nevada, while the other half is returned to the core box and stored at Relief Canyon in a secure, fenced-off, area. Pershing Gold Corporation quality assurance/quality control (QA/QC) procedures include the regular use of blanks, standards, and duplicate samples.

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 potential reopening of the Relief Canyon Mine under the currently held permits, drill and assay results, expansion of the high-grade in the Relief Canyon deposit and those statements 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, whether the Company will be able to obtain external financing to fund the development of plans for and the reopening and commencement of production at the Relief Canyon Mine, results of exploration and infill and step-out drilling including drilling in the North Target highwall area and in the southern part of the deposit above the Main Zone, interpretations or reinterpretations of geologic information or unfavorable exploration results that could negatively affect estimates of mineralized material and gold resources at Relief Canyon; unfavorable of less favorable than anticipated results from 2014 drilling, delay or inability to obtain permits required for exploration and other activities; 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, 2013. 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