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Featured Company News - Pershing Gold Announces Positive Preliminary Feasibility Study for Relief Canyon Project

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LONDON, UK / ACCESSWIRE / June 7, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Pershing Gold Corp. (NASDAQ: PGLC). The Company announced on June 05, 2017, that has completed an NI 43-101 compliant resource and Preliminary Feasibility Study (PFS) on its Relief Canyon Mine in Pershing County, Nevada. Pershing Gold's land holdings cover about 25,000 acres and include the Relief Canyon Mine asset and lands surrounding the mine in all directions. This land package delivers Pershing Gold the opportunity to expand the Relief Canyon Mine deposit and to explore and make new discoveries on the neighboring lands. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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The Announcement

The PFS was completed by Mine Development Associates (MDA) Kappes Cassidy & Associates, of Reno, N.V. and Jorgensen Engineering and Technical services, of Centennial, CO, with an effective date of May 26, 2017. The positive PFS by MDA recommends that Pershing Gold should advance the Relief Canyon project to a production decision. According to the PFS, the Relief Canyon Mine is expected to generate a pre-tax net present value of $144.6 million, an internal rate of return of 89%, and net cash flow of $192.7 million.

The PFS is viewed as a major milestone by the Company. The PFS is based on a mine plan and a financial model with an annual average production of about 90,000 ounces of gold per year over a mine life of about 6 years. Additionally, the Relief Canyon deposit is open in three directions, offering the opportunity for continued expansion and extension of the mine.

Financial Metrics

Under the PFS, the Company expects to produce 525,790 oz gold, with a production of 93,900 oz gold/year, over the 5.6 years of the average life of mine (LOM). The PFS additionally highlights the low-cost nature of the project with an average cash cost of $770/oz gold and All-in Sustaining cost of $802/oz gold. The PFS also allows the categorization of about 80% of the gold ounces and 73% of the tons within the NI 43-101 measured and indicated resource at Relief Canyon as proven and probable reserves. To date, more than 1,100 holes and about 500,000 feet of drilling has been completed at Relief Canyon.

According to the PFS, the average gold recovery rate is expected to be around 83%, on crushed and agglomerated material, an improvement from the recovery rate of 80% identified by the PEA. Currently Pershing Gold holds all the state and federal permits necessary to start the Phase-I mining, and development scenario for the project. Phase-I, which has been already approved, is the re-purposing of the previously approved disturbance for expanded mining to a pit bottom elevation of 5,080 feet, partial backfilling of the Phase-I pit to approximately 20 feet above the historical groundwater elevation to eliminate a pit lake.

Pershing Gold Growth Prospects

At the Relief Canyon mine, multiple growth opportunities are available for additional expansion and development drilling. The Company plans to expand on the 2016 Phase-2 drilling that identified new zones of mineralization southeast of Lightbulb Pit, with the potential to elevate these zones of mineralization to a mineral resource status. On May 08, 2017, the Company announced that it has initiated a drilling program at the recently consolidated Blackjack Project, Area, located about 6 miles, south of Company's Relief Canyon project. Prior to the announcement, on February 28, 2017, the Company announced the successful completion of the environmental permitting process where it secured all the permits necessary to restart and expand the Relief Canyon Mine.

Last Close Stock Review

Pershing Gold's share price finished yesterday's trading session flat at $2.89. A total volume of 74.58 thousand shares exchanged hands. The stock has advanced 9.47% in the last month. The stock currently has a market cap of $79.21 million.

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SOURCE: Pro-Trader Daily