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Pershing Gold Corporation Increases Mineralized Material At Relief Canyon By A Factor Of Nearly Five And Announces An In-Pit Gold Resource Estimate

Stocks in this article: PGLC

LAKEWOOD, Colo., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Pershing Gold Corporation (OTCBB:PGLC) is pleased to announce that it has completed an in-house calculation of mineralized material in the Company's model for the Relief Canyon Mine in Pershing County, Nevada which estimates 32,541,000 tons of gold mineralized material at an average grade of 0.017 ounces per ton gold ("opt Au"). The Company's in-house technical staff calculated the estimate under SEC Guide 7, and the in-house estimate does not include identified material that is currently in the inferred category.

When Pershing Gold acquired the Relief Canyon Mine in August 2011, based on the 2010 Technical Report that Mine Development Associates ("MDA") prepared for the previous owner, Relief Canyon had an in-situ resource equivalent to mineralized material under SEC Guide 7 of 6,533,000 tons at an average grade of 0.017 opt Au. As such, mineralized material reported by Pershing Gold today represents a nearly five-fold increase in the size of the Relief Canyon deposit.

Pershing Gold is also pleased to announce that Roscoe Postle Associates USA, Ltd. ("RPA") has completed an estimate of the in-pit mineral resource using pit optimizing software at Relief Canyon that shows a measured and indicated in-pit resource of 463,000 ounces of gold and an inferred in-pit resource of 101,000 ounces of gold. (See Table 1) RPA's estimate was prepared using the guidelines in Canadian National Instrument 43-101. Pershing Gold anticipates that the exploration program planned for 2013 will further expand both the SEC Guide 7 estimate of mineralized material and the in-pit 43-101 resource estimates as the deposit remains open in all directions.

Table 1. In-Pit Gold ("Au") Resource Estimate at Relief Canyon (Oxide and Mixed Oxide)

 
CATEGORY TONS GOLD GRADE (opt Au) TOTAL IN-PIT GOLD OUNCES
Measured 2,918,000 0.0149 44,000
Indicated 21,627,000 0.0194 419,000
Total Measured & Indicated 24,545,000 0.0188 463,000
 
Inferred 4,811,000 0.0210 101,000
Notes:
1. Canadian Institute of Mining Metallurgy and Petroleum (CIM) definitions were followed for classification of mineral resources
2. Mineral resources are estimated at a gold cut-off grade of 0.0046 opt
3. Resources are estimated using a gold price of US $1,650 per ounce
4. The resources are constrained by a Whittle pit shell prepared with the use of Whittle® 4X pit optimizing software program
5. RPA Principal Geologist Luke Evans, M.Sc., P.Eng. is the Qualified Person for the resource estimate

In commenting upon Pershing Gold's fast-track expansion of the resource at the Relief Canyon Mine, Stephen D. Alfers, Pershing Gold President, CEO, and Executive Chairman stated, "In just a little more than a year we have reached an important milestone. We have substantially expanded the mineralized material at the Relief Canyon gold deposit. Additionally, in that same timeframe, we have RPA's in-pit resource estimate that includes resources upgraded to the measured category and a significant increase in the indicated category. With this upgraded and expanded resource we have increased our confidence in the size and quality of the Relief Canyon deposit. This is noteworthy progress on our path to resume mining." 

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