Pershing Gold Announces BLM Approval of Relief Canyon Mine Expansion
LAKEWOOD, Colo., Aug. 8, 2016 /PRNewswire/ -- Pershing Gold Corporation (NASDAQ:PGLC) (FWB:7PG1) ("Pershing Gold" or the "Company"), the emerging Nevada gold producer advancing the Relief Canyon Mine, today announces that on August 3, 2016, the Winnemucca District, Humboldt River Field Office of the U.S. Bureau of Land Management (the "BLM") approved the Environmental Assessment ("EA") and Plan of Operations authorizing Pershing Gold to expand the Relief Canyon Mine. The EA evaluates the environmental impacts associated with the Plan of Operations Modification that Gold Acquisition Corp, Pershing Gold's wholly owned subsidiary, submitted to BLM to seek authorization to expand the Relief Canyon Mine.
"Securing BLM's authorization to expand the mine is the key permit needed for the Relief Canyon Mine to resume production," stated Stephen Alfers, Chairman, CEO, and President of Pershing Gold. "We thank BLM for the excellent job they did in preparing the EA. The successful acquisition of this permit significantly de-risks the project and is a critical milestone in the process to restart Relief Canyon."
"Along with permitting expansion of the pit boundary and deepening of the pit, this permit modification increases permissible drilling areas, allowing the Company to drill high potential targets around the existing pits," explained Alfers. "The other key milestones on the path to production at Relief Canyon are a decision whether to utilize self or contract mining and obtaining full financing for the project. We are working diligently to achieve these remaining objectives and continue to anticipate initial production within approximately six to nine months from the investment decision by our Board of Directors and obtaining full financing for the project," he continued.
The Nevada Division of Environmental Protection ("NDEP") is completing its analysis of several other permits, which the Company anticipates will be issued within the next two months. NDEP recently issued the Mercury Operation Permit to Construct, which will allow Pershing Gold to install mercury emission control equipment in the processing plant.
In its decision to approve the Environmental Assessment and Plan of Operations, BLM stated that the Company's planned mitigation and environmental protection measures will protect the environment and the expanded mine will not create any significant environmental impacts. Among the public comments the BLM received on the June 2016 Preliminary EA, the Pershing County Commissioners endorsed the project describing Pershing Gold "as a valued asset to our community," stating that they have "had a very positive interaction with the Pershing Gold Corporation management team."
As described in the Company's June 9th press release, the approved Plan of Operations authorizes Pershing Gold to significantly expand the open-pit mine on mining claims that GAC owns and on private lands that GAC leases from New Nevada Resources and New Nevada Lands, construct a new waste rock storage facility, build new mine support facilities, and conduct a major exploration drilling program to test target areas surrounding the pit.
BLM's EA and associated decision documents are available on BLM's website at: https://eplanning.blm.gov/epl-front-office/eplanning/planAndProjectSite.do?methodName=dispatchToPatternPage¤tPageId=66157
About Pershing Gold Corporation
Pershing Gold is an emerging gold producer whose primary asset is the Relief Canyon Mine in Pershing County, Nevada. Relief Canyon includes three open-pit mines, expanding adjacent open-pit-able gold deposits, and a state-of-the-art, fully permitted and constructed heap-leach processing facility. Pershing Gold is currently permitted to resume mining at Relief Canyon under the existing Plan of Operations.
Pershing Gold's landholdings cover approximately 25,000 acres that include the Relief Canyon Mine asset and lands surrounding the mine in all directions. This land package provides Pershing Gold with the opportunity to expand the Relief Canyon Mine deposit and to explore and make new discoveries on nearby lands.
Pershing Gold is listed on the NASDAQ Global Market under the symbol PGLC and the Frankfurt Stock Exchange under the symbol 7PG1.
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including key milestones identified for advancing the Relief Canyon project, expected timing of issuance of several other permits currently being considered by the NDEP, and various activities permitted by the approved Environmental Assessment and Plan of Operations, including pit expansion, pit deepening and additional drilling and BLM statements regarding the protection of the environment provided by the Company's planned environmental protection and mitigation measures. the anticipated timing of production at Relief Canyon after investment decision and obtaining full financing for the project, 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, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, 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, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. 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 Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2015. The Company assumes no obligation to update any of the information contained or referenced in this press release.
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SOURCE Pershing Gold Corporation
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