Pershing Gold Begins Preliminary Construction Activities at Relief Canyon
LAKEWOOD, Colo., Feb. 26, 2018 /CNW/ -- Pershing Gold Corporation (NASDAQ:PGLC), (TSX:PGLC), (FWB:7PG1) ("Pershing Gold" or the "Company"), an emerging Nevada gold producer, announces the start of preliminary construction activities at Relief Canyon.
On February 13, 2018, Ames Construction began initial land clearing in preparation for potential construction at Relief Canyon, including future heap leach pads, haul roads and waste rock storage facilities (Figure 1). If the Company is able to achieve further financing for the project, it will then be able to move directly into construction of the heap leach pads, overland conveyors, crushing facilities, contractor yards, and process plant optimization. The current plan anticipates contract mining of the permitted Phase 1 open pit, and contract-mining personnel would mobilize during this period.
"The beginning of preliminary construction activities at Relief Canyon is an exciting and vital next step for the Company as we continue to advance Relief Canyon toward commercial production," stated Stephen D. Alfers, Pershing Gold's Chairman, President and CEO. "This initial work includes clearing approximately 165 acres of land," explained Alfers. "Because of the existing infrastructure at Relief Canyon (Figure 2) and the low initial estimated CAPEX and working capital of approximately US$35 million required to restart the mine, we continue to anticipate a six to nine month construction period, following the completion of project financing," stated Alfers.
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 more than 27,000 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.
Forward Looking Statements
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 prospects for financing the project, our ability to begin construction of mine facilities, our expectations and plans for contract mining, the anticipated length of construction, and prospects for expansion and new discoveries on the Company's landholdings. 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 sufficient financing to commence construction and production, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, 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, 2016, 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
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