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03/12/14 - $0.43
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pershing gold corp (PGLC) Details

Pershing Gold Corporation is engaged in the exploration and development of gold and precious metal properties primarily in Nevada. It focuses on the exploration of Relief Canyon properties covering an area of approximately 25,000 acres located in Pershing County in northwestern Nevada. The Relief Canyon properties include approximately 940 owned unpatented mining claims, 120 owned millsite claims, 170 leased unpatented mining claims, and leased and subleased private lands. The company is based in Lakewood, Colorado.

16 Employees
Last Reported Date: 12/4/14

pershing gold corp (PGLC) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: $625.0K
Principal Financial Officer, Principal Accoun...
Total Annual Compensation: $235.0K
Senior Vice President
Total Annual Compensation: $154.8K
Compensation as of Fiscal Year 2013.

pershing gold corp (PGLC) Key Developments

Pershing Gold Announces Expansion of High-Grade Zone with 87.91 gpt (2.57 opt) Intercept at Relief Canyon

Pershing Gold Corporation announced that the core-drilling program at the Relief Canyon Mine in Pershing County, Nevada continues to discover numerous high-grade gold intercepts that further define a broad zone of high-grade gold mineralization in the North Target Area. Drill hole RC15-265A encountered 0.9 meters (3 feet) of 87.912 grams per tonne ("gpt") gold ("Au")/2.567 ounces per ton ("opt") Au that is included in a 9.2 meter (30.3 foot) intercept of 11.422 gpt/0.334 opt Au. Drill hole RC15-269 is another significantly mineralized hole, which contains a 3.1 meter (10.2 foot) intercept of 9 gpt/0.263 opt Au within a 28 meter (91.8 foot) intercept of 1.74 gpt/0.051 opt Au. This hole also includes a 6.2 meter (20.2 foot) intercept of 3.05 gpt/0.089 opt Au. The current Relief Canyon resource estimate does not include any of the 2014 and 2015 drill holes “ including the many core holes in the North Target Area drilled during this time frame. The company is planning to release an updated resource estimate in April of 2015. Once the updated resource estimate is published, the company plans to complete an independent Preliminary Economic Assessment on the Relief Canyon Project.

Pershing Gold Corporation Announces the Core-Drilling Program at the Relief Canyon Mine, Nevada

Pershing Gold Corporation announced that the core-drilling program at the Relief Canyon Mine in Pershing County, Nevada has discovered the highest-grade gold intercept drilled to date at the Relief Canyon Mine. The company has drilled a number of holes with high-grade gold intercepts in the North Target Area, located north of the North Pit. Drill hole RC15-264, a step-out drill hole located near the western boundary of the presently defined gold mineralization, hit an extremely high-grade intercept of 4.7 feet of 76.8 grams per tonne gold 2.24 ounces per ton Au. This intercept is within a much wider high-grade zone measuring 39.0 feet of 10.12 gpt Au/0.295 opt Au. The high-grade gold zone shown in Figure 1 is approximately 1,350 feet long in a north-south direction and varies from 275 feet to 400 feet wide in an east-west direction. The 76.8 gpt Au/2.24 opt Au intercept in RC15-264 is hosted in a zone of muscovite-carbonate schist with crenulation folds, multiple generations of pyrite, and hematite. This high-grade intercept occurs within a broader zone of the white clay (illite)-fluorite mineral assemblage that is typically associated with high-grade mineralization in the North Target Area. RC15-264 and the other high-grade intercepts being reported. Eight holes contain high-grade gold intercepts, with six holes encountering mineralized intervals that exceed 4.35gpt Au/0.127 opt Au. Some of the thicker high-grade intercepts include 77.9 feet of 3.03 gpt Au/0.089 opt Au in RC14-242, 114.6 feet of 2.19 gpt Au/0.064 opt Au in RC 14-247, and 59.8 feet of 2.65 gpt/0.077 opt Au in RC14-249.

Pershing Gold Signs Deal Consolidating Relief Canyon Lands

Pershing Gold has acquired from Newmont USA Limited the exclusive mining and surface use rights to approximately 1,600 acres of new long-term mining leases and 74 unpatented lode mining claims comprising approximately 1,300 acres. The purchase price paid to Newmont was $6 million. This transaction also includes the acquisition of a new 20-year mining lease from New Nevada Lands and New Nevada Resources. These mining leases and claims cover lands located adjacent to Pershing's Relief Canyon Mine in Pershing County, Nevada. Pershing formerly held these lands and claims under a Minerals Lease and Sublease with Newmont. The transaction involved the conversion of a portion of the mineral sublease to new long-term mining leases that substantially upgrades Pershing's mining rights and surface use rights. The transaction consolidates Pershing's 100% owned Relief Canyon Mine with Newmont's mineral interests in adjacent properties. In addition, the deal reduces the potential royalty and terminates Newmont's back-in joint venture rights and other contract rights to the land.


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