LAKEWOOD, Colo., Oct. 10, 2012 (GLOBE NEWSWIRE) -- Pershing Gold Corporation (OTCBB:PGLC) is pleased to announce that it has retained Roscoe Postle Associates USA, Ltd. ("RPA") to provide an evaluation and an updated resource estimate for the Relief Canyon Mine project, located along the west flank of the Humboldt Range in Pershing County, Nevada. The resource estimate is expected to be completed in the fourth quarter of 2012, with a new Canadian National Instrument 43-101 compliant Technical Report available in the first quarter of 2013. In addition, RPA has been asked to complete a Preliminary Economic Analysis of the Relief Canyon Mine project in early 2013.
Data from Pershing Gold's 2011 and 2012 drill programs (126 holes totaling approximately 61,000 feet of drilling) will be included in RPA's evaluation of the Relief Canyon Mine vicinity. Most of the holes drilled in the Relief Canyon Mine vicinity were located outside of the existing open-pit mines and have identified new mineralization in all directions around the current boundary of the open-pit mines.
Larry Hillesland, VP of Exploration and Development commented, "The selection of RPA to provide engineering services for the Relief Canyon Mine project is a significant step in our goal to advance the project from mineral resources to a producing gold mine. RPA is known world–wide for resource estimates and mine design," and went on to say, "This is the next step towards reaching our target of producing gold in 2014."
About Roscoe Postle Associates USA, Ltd.
Roscoe Postle Associates USA, Ltd. is a global mining consultant with offices in Canada, the United States and United Kingdom. The company provides services to the mining industry at all stages of project development from exploration and resource evaluation through scoping, prefeasibility studies, financing, permitting, construction, operation, closure and rehabilitation. RPA advises major mining companies, mid-caps, junior mining companies, financial institutions, governments, law firms and individual investors on the technical and commercial aspects of mineral property development.
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 target to commence production at the Relief Canyon mine in 2014, commencement of production targeted for 2014, results of drilling, anticipated resource report and preliminary economic analysis, interpretations of exploration results and other geologic information at Relief Canyon, anticipated amount of ounces to be reported in the new resource at the Relief Canyon properties, 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.