Pershing Gold Corporation Reports Fall 2012 Drilling Program Expands Mineralized Zone 500 Feet Beyond Current Pit Boundaries at

Pershing Gold Corporation Reports Fall 2012 Drilling Program Expands
Mineralized Zone 500 Feet Beyond Current Pit Boundaries at the Relief Canyon
Mine

LAKEWOOD, Colo., Dec. 4, 2012 (GLOBE NEWSWIRE) -- Pershing Gold Corporation
(OTCBB:PGLC) is pleased to announce the results of its Fall 2012 drilling
program at the Relief Canyon Mine in Pershing County, Nevada. The results of
this program are expected to contribute new ounces to the Relief Canyon
resource estimate that Roscoe Postle Associates, LTD, USA is currently
preparing and is expected to complete in December 2012.

The drilling program was comprised of 83 holes (27,300 feet) and designed to
accomplish three objectives: (1) to expand the resource in the Main Breccia
Zone south of the existing South and Light Bulb Pits, the southernmost pits at
Relief Canyon; (2) to evaluate the gold mineralization potential in a
1980's-vintage waste rock dump; and (3) to drill a series of piezometer holes
(well holes in which groundwater level may be determined) to define the depth
to the water table in the vicinity of the pits. National Drilling completed
the drilling program using standard reverse circulation procedures.

In commenting on this drilling program, Stephen Alfers, Pershing Gold
Executive Chairman, CEO, and President remarked, "We are very excited about
this round of drilling which expands the area of mineralization in the Main
Breccia Zone up to 500 feet to the south of the southern boundaries of the
South and Light Bulb Pits. It also shows that there is mineralization exposed
at the surface in all three pits and in the waste rock dump southwest of the
pits."

Drill Results

Table 1 (included below) presents the highlights of the drilling results; the
drill hole locations are shown in Figure 1. Significant mineralized intercepts
include RC12-040R with 55 feet of 0.046 ounces per ton ("opt") gold ("Au")
(1.575 grams per ton ("gpt") Au) from 105 to 160 feet and RC12-082R with 100
feet of 0.024 opt Au (0.822 gpt Au). Also notable are the number of holes
shown with mineralization at and near the surface. The mineralization occurs
on unpatented mining claims owned by Pershing Gold's subsidiary, Gold
Acquisition Corp., and on private lands that Pershing Gold sub-leases from
Newmont USA Limited, doing business in Nevada as Newmont Mining Corporation
("Newmont") (NYSE:NEM). Pershing Gold acquired these lands in April 2012 when
it purchased Victoria Resources (US)'s/Victoria Gold Corp.'s (TSX-V:VIT)
interests in Victoria's 2006 mineral lease and sublease with Newmont. The
leased lands are subject to an Area of Interest ("AOI") with Newmont.

Figure 2 shows the expanded area of mineralization in the Main Breccia Zone
target type south of the South and Light Bulb Pits. This mineralized zone
remains open to the south and west. As discussed in our press release dated
July 12, 2012, this mineralized zone is also open to the west. The thickness
of the Main Breccia Zone varies from 10 feet to more than 100 feet. The
Company's drill results indicate that this zone is typically mineralized and
altered wherever it is encountered, with gold grades of 0.005 opt to more than
0.05 opt Au. Please refer to our press release dated July 12, 2012.
[http://ir.stockpr.com/pershinggold/company-news/detail/333/pershing-gold-drill-program-expands-and-upgrades-ore-grade-mineralization-at-relief-canyon-mine].

Figure 1: Map featuring Pershing Gold's Fall 2012 drill hole Location map is
available at http://media.globenewswire.com/cache/19459/file/17015.pdf.

Figure 2:  North-South cross-section through the North and South Pits at the
Relief Canyon Mine is available at
http://media.globenewswire.com/cache/19459/file/17016.jpg

The Main Breccia Zone is developed at a fault contact between the Grass Valley
and Cane Springs Formations. As shown in Figure 2, previous mining activities
at Relief Canyon exploited – but did not exhaust – this mineralized zone. As
described in our press release dated September 17, 2012, two other gold
bearing zones are also present at Relief Canyon: the Lower Zone, which is
approximately 200 feet below and sub-parallel to the Main Breccia Zone; and
the Feeder Zones. Please refer to our press release dated September 17,
2012. [http://ir.stockpr.com/pershinggold/company-news/detail/353/pershing-gold-reports-results-and-progress-toward-reopening-the-relief-canyon-mine.]

 Waste Rock Dump Drilling Program

The second element of the Fall 2012 drilling program was to determine whether
the waste rock dump located in Section 20 southwest of the South Pit contains
gold. Based on the results obtained from the 16 shallow holes drilled in this
waste rock dump, Pershing Gold is encouraged that these previously mined rocks
may become a future resource.

The waste rock dump contains over 1 million tons of rock that was considered
too low-grade to be placed on the heaps and leached when it was mined in the
late 1980s, when gold prices varied from about $360 to $500 per ounce. At
today's gold prices, economic cut-off grades are significantly lower;
consequently, this historic waste rock dump may have potentially mineable gold
values. Significant intercepts in the waste rock dump include RC12-103R from 0
to 80 feet with 0.010 opt Au (0.342 gpt Au), RC12-104R from 0 to 70 feet with
0.009 opt Au (0.308 gpt Au), and RC12-106R from 35 to 65 feet with 0.10 opt Au
(0.342 gpt Au). 

Depth to Groundwater Study

The third component of the Fall 2012 drilling program was to drill nine holes
that were completed as piezometers specifically designed to measure the depth
to groundwater in the vicinity of the pits. Figure 1 shows the piezometer
locations. Schlumberger Water Services of Reno, NV helped design and implement
this hydrogeological investigation.

In addition to providing data on the elevation of the water table directly
below and near the three pits, several of the piezometers intercepted gold
mineralization such as RC12-033R (located in the Light Bulb Pit) with from 0
to 125 feet with 0.012 opt Au (0.041 gpt Au), and RC12-094R (located in the
North Pit) from 0-20 feet with 0.036 opt Au (1.23 gpt Au). The two
southernmost piezometers (RC12-087R and RC12-088R), which are located well
south of the South and Light Bulb Pits, also contain mineralized intercepts as
shown in Table 1.

Plans for the Remainder of 2012

All drill results from the 127 drill holes (61,000 feet) that have been
completed since late 2011 will be incorporated into a new resource estimate
that is being prepared by Roscoe Postle Associates, LTD, USA. The new resource
estimate is anticipated to be completed in December of 2012.

The Company has initiated a detailed mapping exercise in the pits and adjacent
areas to collect structural data that will help refine our understanding of
the complex geology at Relief Canyon. Additionally, this work will identify
new drill targets that we plan to test during the first half of 2013.

Detailed geologic mapping and rock sampling of Pershing Gold's extensive land
position in the Pershing Pass area at the south end of the Humboldt Range is
currently in progress. This work is expected to generate several drilling
targets that will be tested in 2013.

Plans for Early 2013

The Company plans to continue its efforts to expand the gold resource at
Relief Canyon in early 2013 with a diamond drilling program designed to extend
gold mineralization in the Main Breccia Zone further to the south in Sections
20 and 21. This program will include some infill drilling along the margins of
the North and South Pits. 

The Company plans also to continue the ongoing effort to refine its
understanding of the Relief Canyon geologic system and the controls on
mineralization. So far, this work has developed two new target concepts that
are expected to be tested as part of the 2013 drilling program: (1) the
potential for north-trending, steeply-dipping feeder zones north of the North
Pit; and (2) whether thrust faults are one of the primary controls on
mineralization and have potentially created stacked mineralized zones, (e.g.;
the Main Breccia Zone mineralization on top of the Lower Zone
mineralization). The Company plans to test this concept in 2013 with deep core
holes south of the currently defined Lower Zone. 

"Since acquiring Relief Canyon in August 2011, Pershing Gold has significantly
advanced this asset through a program of intensive and strategic exploration
drilling and ongoing work focused on reopening the mine and heap leach
processing facilities," commented Stephen Alfers. "We are especially
enthusiastic about the Fall drilling campaign which, along with Pershing
Gold's previous drilling, has shown that gold mineralization in the Main
Breccia Zone is open to both the south and the west. The presence of gold in
the historic waste rock dump, in the Feeder Zone and the Lower Zone presents
the possibility that this material could add ounces to the resource. These
three opportunities are among the low-hanging fruit that we intend to evaluate
further with future drilling, sampling, and metallurgical testing."  

Table 1. Summary of Gold Intercepts Relief Canyon from the Fall 2012 Relief
Canyon Drilling Program, Pershing County, Nevada

 
Hole ID       From    To     Width    Au gpt    Au opt    Description and
                                                          Location
              feet                                         
RC12-031R     0       45     45       0.274     0.008     Piezometer in South
                                                          Pit
              110     150    40       0.411     0.012      
RC12-032R     0       80     80       0.342     0.01      Piezometer in North
                                                          Pit
RC12-033R     0       125    125      0.411     0.012     Piezometer in Light
                                                          Bulb  (LB) Pit
RC12-034R     140     160    20       1.062     0.031     Main Breccia South
                                                          of South Pit
RC12-035R     155     165    10       0.445     0.013     Main Breccia South
                                                          of South Pit
RC12-036R     240     270    30       0.411     0.012     Main Breccia South
                                                          of South Pit
RC12-037R     185     215    30       0.342     0.01      Main Breccia South
                                                          of LB Pit
              230     240    10       0.445     0.013      
RC12-038R     50      90     40       0.582     0.017     Main Breccia South
                                                          of South Pit
RC12-039R     85      105    20       1.301     0.038     Main Breccia South
                                                          of South Pit
RC12-040R     105     160    55       1.575     0.046     Main Breccia South
                                                          of South Pit
RC12-045R     345     365    20       0.445     0.013     Main Breccia South
                                                          of South Pit
RC12-046R     15      40     25       0.171     0.005     Main Breccia South
                                                          of South Pit
              330     340    10       0.514     0.015      
RC12-047R     190     195    5        1.438     0.042     Main Breccia South
                                                          of South Pit
RC12-048R     435     450    15       1.610     0.047     Main Breccia South
                                                          of South Pit
RC12-050R     370     375    5        1.438     0.042     Main Breccia South
                                                          of South Pit
              450     465    15       1.062     0.031      
RC12-052R     0       65     65       0.342     0.01      Section 21 waste
                                                          rock dump
              280     365    85       0.445     0.013     Main Breccia South
                                                          of LB Pit
RC12-055R     100     110    10       0.753     0.022     Main Breccia South
                                                          of LB Pit
RC12-056R     100     155    55       0.377     0.011     Main Breccia South
                                                          of LB Pit
RC12-058R     105     145    40       0.788     0.023     Main Breccia South
                                                          of LB Pit
RC12-061R     360     400    40       0.342     0.01      Main Breccia South
                                                          of LB Pit
              420     440    20       0.240     0.007      
RC12-062R     380     425    45       1.096     0.032     Main Breccia South
                                                          of LB Pit
RC12-063R     200     220    20       1.301     0.038     Main Breccia South
                                                          of LB Pit
RC12-064R     185     220    35       0.479     0.014     Main Breccia South
                                                          of LB Pit
              280     285    5        0.411     0.012      
RC12-066R     250     275    25       0.274     0.008     Main Breccia South
                                                          of LB Pit
RC12-067R     440     445    5        0.274     0.008     Main Breccia South
                                                          of LB Pit
RC12-068R     370     375    5        0.308     0.009     Main Breccia South
                                                          of LB Pit
              455     460    5        0.274     0.008      
RC12-069R     330     405    75       0.308     0.009     Main Breccia South
                                                          of LB Pit
              420     430    10       0.308     0.009      
RC12-070R     325     400    75       0.651     0.019     Main Breccia South
                                                          of LB Pit
RC12-071R     415     420    5        0.240     0.007     Main Breccia South
                                                          of LB Pit
RC12-072R     345     365    20       0.240     0.007     Main Breccia South
                                                          of Pit
              390     400    10       0.377     0.011      
RC12-075R     330     335    5        0.274     0.008     Main Breccia South
                                                          of LB Pit
RC12-076R     290     315    25       0.274     0.008     Main Breccia South
                                                          of LB Pit
              370     375    5        0.274     0.008      
              410     415    5        0.411     0.012      
RC12-078R     375     380    5        0.514     0.015     Main Breccia South
                                                          of LB Pit
              400     440    40       0.445     0.013      
RC12-079R     305     385    80       0.479     0.014     Main Breccia South
                                                          of LB Pit
RC12-080R     265     280    15       0.274     0.008     Main Breccia South
                                                          of LB Pit
RC12-081R     195     215    20       1.370     0.04       Main Breccia South
                                                          of LB Pit
              260     265    5        0.411     0.012      
RC12-082R     200     300    100      0.822     0.024     Main Breccia South
                                                          of LB Pit
RC12-083R     185     220    35       1.062     0.031     Main Breccia South
                                                          of LB Pit
RC12-085R     25      35     10       0.240     0.007     Light Bulb Pit
RC12-086R     20      75     55       1.096     0.032     Main Breccia Light
                                                          Bulb Pit
              140     145    5        0.582     0.017      
RC12-087R     415     440    25       0.308     0.009     Piezometer hole
                                                          South of Pit
RC12-088R     0       15     15       0.377     0.011     Piezometer hole
                                                          South of Pit
              500     515    15       0.240     0.007     Main Breccia South
                                                          of Pit
RC12-089R     130     140    10       1.267     0.037     Main Breccia South
                                                          of South Pit
RC12-091R     45      75     30       0.377     0.011     Light Bulb Pit
RC12-092R     0       35     35       0.274     0.008     Light Bulb Pit
RC12-094R     0       20     20       1.233     0.036     Piezometer in North
                                                          Pit
RC12-095R     0       40     40       0.959     0.028     Piezometer in North
                                                          Pit
RC12-096R     0       35     35       0.479     0.014     Piezometer in North
                                                          Pit
RC12-097R     0       20     20       0.342     0.01      Piezometer in South
                                                          Pit
RC12-098R     0       40     40       0.274     0.008     Section 20 waste
                                                          rock dump
RC12-099R     0       10     10       0.274     0.008     Section 20 waste
                                                          rock dump
              30      50     20       0.205     0.006      
RC12-100R     10      65     55       0.274     0.008     Section 20 waste
                                                          rock dump
RC12-101R     0       15     15       0.205     0.006     Section 20 waste
                                                          rock dump
              60      65     5        0.205     0.006      
RC12-102R     10      20     10       0.240     0.007     Section 20 waste
                                                          rock dump
              40      60     20       0.308     0.009      
RC12-103R     0       80     80       0.342     0.01      Section 20 waste
                                                          rock dump
RC12-104R     0       70     70       0.308     0.009     Section 20 waste
                                                          rock dump
RC12-105R     0       20     20       0.616     0.018     Section 20 waste
                                                          rock dump
              50      65     15       0.377     0.011      
RC12-106R     0       20     20       0.479     0.014     Section 20 waste
                                                          rock dump
              35      65     30       0.342     0.01       
RC12-107R     0       55     55       0.274     0.008     Section 20 waste
                                                          rock dump
RC12-108R     5       10     5        0.240     0.007     Section 20 waste
                                                          rock dump
              35      40     5        0.308     0.009      
RC12-109R     0       25     25       0.342     0.01      Section 20 waste
                                                          rock dump
RC12-110R     10      45     35       0.240     0.007     Section 20 waste
                                                          rock dump
RC12-111R     0       15     15       0.342     0.01      Section 20 waste
                                                          rock dump
              30      50     20       0.240     0.007      
RC12-112R     0       30     30       0.308     0.009     Section 20 waste
                                                          rock dump
              50      100    50       0.342     0.01       
RC12-113R     10      25     15       0.274     0.008     Section 20 waste
                                                          rock dump
RC12-114R     0       40     40       0.274     0.008     Section 20 waste
                                                          rock dump
 
Note: The reported width is not the true width of the intercept. Results from
all intervals for which we have received and verified results will be posted
on our website at www.pershinggold.com

Scientific and Technical Data

All scientific and technical information for the Relief Canyon project has
been reviewed and approved by Rick Walker, P.Geo, who is a Qualified Person
under the definitions established by Canadian National Instrument 43-101.
Drill core at Relief Canyon is boxed and sealed at the drill rig and moved to
the Relief Canyon logging and sample preparation facilities by trained
personnel. The core is logged and split down the center using a typical
table-fed circular rock saw. Reverse circulation chips are split at the drill
rig with approximately 3 to 6 kilograms of cuttings saved for assay from each
5-foot sample. The samples are stored in a fenced area until picked up by
Inspectorate. Reverse circulation and core samples are analyzed by
Inspectorate, Reno, Nevada,  Pershing Gold Corporation quality
assurance/quality control (QA/QC) procedures include the regular use of
blanks, standards, and duplicate samples. 

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.

Legal Notice and Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934. All statements, other than
statements of historical fact, including, without limitation, those with
respect to the objectives, plans and strategies of the Company set forth
herein including the plan to commence production at the Relief Canyon mine and
advance the Company's exploration projects, and those preceded by or that
include the words "believes," "expects," "given," "targets," "intends,"
"anticipates," "plans," "projects," "forecasts" or similar expressions, are
"forward-looking statements." 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 external
financing to fund the recommissioning of the processing facilities, and the
reopening and commencement of production at the Relief Canyon Mine, planned
exploration or maintain property rights; interpretations or reinterpretations
of geologic information, unfavorable exploration results, inability to obtain
permits required for planned production, exploration and other activities,
general economic conditions and conditions affecting the industries in which
the Company operates; the uncertainty of regulatory requirements and
approvals; fluctuating mineral and commodity prices; risks of junior
exploration and pre-production activities; and maintenance of important
business relationships. 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 SEC including the
Annual Report on Form 10-K for the year ended December 31, 2011 and each
subsequently filed Quarterly Report on Form 10-Q and Current Report on Form
8-K. The Company assumes no obligation to update any of the information
contained or referenced in this press release.

CONTACT: Stephen D. Alfers
         Executive Chairman, President and CEO
         Phone Number: 720.974.7248
         Email: investors@pershinggold.com
         www.PershingGold.com

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