Pershing Gold Announces BLM Approves Expanded Drilling Program in the North Target Area at the Relief Canyon Mine

LAKEWOOD, Colo., Nov. 19, 2014 /PRNewswire/ -- Pershing Gold Corporation (OTCQB:PGLC) ("Pershing Gold" or the "Company") is pleased to announce that the Winnemucca District Office of the U.S. Bureau of Land Management ("BLM") has approved an expanded drilling program in the North Target Area at Pershing Gold's Relief Canyon Mine in Pershing County, Nevada.  As shown on Figure 1, the North Target Area is located north of the North Pit in a zone where the Company has already drilled numerous holes this year with high-grade gold intercepts.

The permit authorizes Pershing Gold to construct 48 new drill sites and associated access roads in the North Target Area. Multiple holes can be drilled from each site, which gives the Company optimal flexibility to drill holes at different angles and in different directions from a single drill site to define the gold mineralization in this part of the Relief Canyon deposit while at the same time minimizing surface disturbance.

"Given our recent success drilling high-grade gold intercepts in the North Target Area, additional drilling in this zone is an important and exciting component of our deposit development strategy at Relief Canyon," stated Stephen D. Alfers, Pershing Gold's Chairman and CEO. "This permit will allow us to systematically drill this area where there is significant potential to increase the gold resource."

Key objectives of the North Target Area drilling program include the following:

• Extend mineralization to the west where the deposit remains open and largely untested;
• Drill core holes in several gold-bearing structural zones that are only partially tested and delineated with historic reverse circulation holes;
• Demonstrate continuity of the high-grade ore shells, which management expects to increase the number of high-grade ounces and improve project economics; and
• Confirm the grade and extent of gold mineralization by drilling core holes in areas defined mainly by historic reverse circulation holes, which has the potential to increase the overall resource as well as to upgrade ounces classified as inferred in the current resource to the measured and indicated resource classification.

"Our aggressive drilling campaign at Relief Canyon will continue as we steadily upgrade and expand the deposit," commented Alfers. "We are very pleased to be in a position to step-up our efforts to define the deposit through additional drilling and appreciate BLM's review of our proposal for the drilling program in the North Target Area." In addition to the North Target Area drilling program, drilling is underway to test promising targets in the southwest part of the deposit. The Company is planning to drill into 2015 and has adequate funds for the planned drilling program, which is anticipated to cost approximately $1.1 million.

Pershing Gold is planning to incorporate the results from drilling completed since 2013, including the holes drilled in the North Target Area, into an updated third-party resource estimate, scheduled for completion in 2015. Once the new resource estimate is published, the Company plans to complete an independent Preliminary Economic Assessment on the Relief Canyon Project.

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 is currently permitted to resume mining at Relief Canyon under the existing Plan of Operations.

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.

Cautionary Note to United States Investors Regarding Estimates of Measured, Indicated and Inferred Resources
We use certain terms, or refer to reports that use these terms, in this press release such as "measured", "indicated" and "inferred resources", that are defined in Canadian National Instrument 43-101; however these terms are not recognized under the U.S. SEC Industry Guide 7. U.S. investors are cautioned not to assume that any or all of measured, indicated or inferred resources are economically or legally mineable or that these resources will ever be converted into reserves. "Inferred mineral resources" have a high degree of uncertainty as to their existence and it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are urged to consider closely the disclosure in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q 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 the planned reopening and recommissioning of the Relief Canyon mine and processing facilities, anticipated additional drilling and other exploration on Pershing Gold's Relief Canyon properties and the cost of planned drill programs, anticipated expansion and upgrade of the Relief Canyon deposit as a result of drilling, planned update of estimates of mineral resources and preparation of a Preliminary Economic Assessment, interpretations of exploration results and other geologic information at Relief Canyon, 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, or to maintain property rights; higher drill program costs than anticipated; interpretations or reinterpretations of geologic information or unfavorable exploration results that could negatively affect estimates of resources or completion of a Preliminary Economic Assessment; 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; 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.

Logo - http://photos.prnewswire.com/prnh/20141119/159490LOGO

SOURCE Pershing Gold Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED