Pershing Gold Corporation (OTCQB: PGLC)
An Emerging Nevada Gold Producer Fast-Tracked to Resume Production
Pershing Gold Corporation (Pershing Gold) is an emerging Nevada gold producer on a fast-track to reopen the Relief Canyon Mine. Pershing Gold’s strategy to create shareholder value has four elements:
- Confirm, expand and upgrade the gold resource at Relief Canyon.
- Re-commission existing heap-leach processing facility at Relief Canyon to fast-track the Company to production.
- Explore strategically located 25,000-acre contiguous land package around Relief Canyon.
- Create value through strategic acquisitions.
Relief Canyon Mine and Processing Facility
The Relief Canyon Mine property includes three open-pit mines and a state-of-the-art, fully permitted and constructed heap leach processing facility. The plant has the capacity to treat eight million tons per year. The permitted leach pad can hold 21 million tons and can be readily expanded. The facility is ideally situated to process ore from future discoveries of satellite deposits.
These assets present Pershing Gold with a unique opportunity to capitalize upon the synergies of an existing processing facility adjacent to a mine that has additional resources to achieve a fast-track path to production at the Relief Canyon Mine.
The Relief Canyon Mine
The Relief Canyon Gold Processing Facility
- Consolidated property position to eliminate constraints to past mine development and expansion
- Expanded landholdings to cover more than 25,000 acres
- Completed aggressive drilling programs which yielded more than five-times increase of Mineralized Material
- Identified NI 43-101 compliant gold resource of 552,000 Measured and Indicated and 165,000 Inferred ounces of gold
- Discovered that Relief Canyon deposit is comprised of three stacked mineralized zones
- Completed $11.1 million financing in August 2013
- Completed 2013 drilling program to expand Lower Zone discovery and test for additional high-grade zones