"These outstanding results underscore Pershing Gold's unique opportunity. We have a permitted and operational heap leach facility designed specifically to process the deposit at Relief Canyon. Our continued progress in expanding and upgrading the deposit keeps us moving forward on our critical path to resume mining at Relief Canyon. I am very pleased with the exceptional progress we have made," stated Stephen Alfers.
Pershing Gold's plans for 2013 will focus on further expanding the Relief Canyon deposit and advancing the project towards production. The Company plans to modify its existing exploration permit to authorize drilling outside the currently defined in-situ resource boundary. The lands surrounding this boundary have not yet been tested sufficiently to determine whether they can be included in future resource estimates and economic evaluations. Additionally, Pershing Gold plans to amend the permit for the Relief Canyon Mine to authorize renewed mining activities. These projects will require additional external funding.
About Pershing Gold Corporation
Pershing Gold Corporation is a new gold exploration and development company focusing on acquiring, exploring, and developing gold deposits in Pershing County and elsewhere in Nevada. The Relief Canyon Mine property in Pershing County is owned by Gold Acquisition Corp., the Company's wholly owned subsidiary.About Roscoe Postle Associates USA, Ltd. Roscoe Postle Associates USA, Ltd. is a global mining consultant with offices in Canada, the United States, and in the United Kingdom. The company provides services to the mining industry at all stages of project development from exploration and resource evaluation through scoping, prefeasibility studies, financing, permitting, construction, operation, closure and rehabilitation. RPA advises major mining companies, mid-caps, junior mining companies, financial institutions, governments, law firms and individual investors on the technical and commercial aspects of mineral property development. Cautionary Note to United States Investors Regarding Estimates of Mineralized Material and Measured, Indicated, and Inferred Resources Mineralized material described in this press release is gold-bearing material that has been physically delineated by one or more of a number of methods including drilling, underground work, surface trenching and other types of sampling. This material has been found to contain a sufficient amount of mineralization of an average gold grade to have potential that warrants further exploration evaluation. While this material is not currently or may never be classified as ore reserves, it is reported as mineralized material only if the potential exists for reclassification into the reserves category. This material cannot be classified in the reserves category until technical, economic and legal factors have been evaluated. Under the United States Securities and Exchange Commission's standards, a mineral deposit does not qualify as a reserve unless it can be economically and legally extracted at the time of reserve determination and it constitutes a proven or probable reserve (as defined below).