Pershing Gold Corporation Expands Landholdings At The Relief Canyon Mine Project In Pershing County, Nevada
LAKEWOOD, Colo., Feb. 7, 2013 (GLOBE NEWSWIRE) -- Pershing Gold Corporation (OTCBB:PGLC) is pleased to announce that it has located 105 new unpatented mining claims and acquired by lease roughly 635 acres of private lands at its Relief Canyon Project in Pershing County, Nevada. Both the new claims and the private lands are strategic additions that add nearly 2,630 acres to Pershing Gold's land position. The Company now controls approximately 25,220 acres in the Pershing Gold and Silver Trend along the southern flank of the Humboldt Range.
As shown on Figure 1, the new claims are mainly located to the northwest and northeast of the Relief Canyon Mine. Gold Acquisition Corp., Pershing Gold's wholly owned subsidiary, owns 87 of the new claims. Pershing Gold owns ten of the new claims which lie within the Area of Interest ("AOI") of the 2006 Minerals Lease and Sublease that Pershing Gold acquired in April 2012 when it purchased the interests of Victoria Resources (US), a subsidiary of Victoria Gold Corp. (TSX:VIT-V) in this Lease and Sublease with Newmont USA Limited, doing business in Nevada as Newmont Mining Corporation ("Newmont") (NYSE:NEM). Additionally, Pershing Gold has located eight new claims south of the Relief Canyon Mine in the Pershing Pass project area.
Pershing Gold recently entered into a mining lease with BTF Properties under which Pershing Gold has exclusive rights to about 635 acres in the Pershing Pass project area. The BTF lease provides the lessors with annual advanced royalty payments, a production royalty equal to a percentage of net smelter returns subject to a buy-down option, and has a primary term of ten years which may be extended for a second ten-year term and for so long thereafter as mineral development work continues on the property.
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