Drill Program Expands And Upgrades Ore Grade Mineralization

 

LAKEWOOD, CO - Pershing Gold Corporation reported results from the first 12 holes of its Phase II 2012 drilling program. Pershing Gold drilled 23 core holes (approximately 14,700 feet) on lands at the Relief Canyon Mine properties, completing its Phase II 2012 drilling. These holes are located west of the current pit boundary on private lands that Pershing Gold leases from Newmont USA Limited, a subsidiary of Newmont Mining Corporation.

The company believes that the results from these 12 holes are significant, because they confirm the extension of the mineralized zone west of the Relief Canyon pit boundary and more than double the length of some of the gold intercepts in nearby reverse-circulation rotary holes drilled by previous operators. Results from the remaining 11 holes are expected later in the third quarter. Boart-Longyear, Ltd. and Ruen Drilling were the drilling contractors.

Pershing Gold's 2012 drilling program was designed to further two objectives. "These results represent real progress toward our first goal to expand known mineralization and advance the Relief Canyon Mine towards production," said Stephen D. Alfers, Pershing Gold's Executive Chairman and CEO, and added, "Our second goal is to generate targets and drill new discoveries on our 25,000 acre land position in the Humboldt Gold and Silver Trend in Nevada. Earlier this year we drilled new targets generated by our exploration group. Those results are pending."

The 12 core holes that Pershing Gold completed tested deeper zones than previously tested. Pershing Gold's deeper core holes, located near historic reverse circulation holes, have discovered gold zone intercepts thicker than the gold zone intercepts in the older reverse-circulation holes. A comparison of the .results from RC12-017 with SPRC-140, which was drilled in 1984 by Southern Pacific Land Co., illustrates this point. SPRC-140 intercepted 100 feet of 0.44 grams per ton (gpt) (0.013 ounces per ton (opt) gold. RC12-017, which is roughly 35 feet west of SPRC-140, has intercepted 215 feet (from 220 to 435 feet) of 0.504 gpt (0.015 opt) gold.

In 2010 Mine Development Associates completed a Technical Report under Canadian National Instrument 43-101 for Firstgold Corporation, the previous owner of Relief Canyon Mine, reporting resources attributable to lands now controlled by Pershing Gold and its subsidiary Gold Acquisition Corp. ("GAC"). Alfers added, "We expect to develop our own resource estimate in the coming months. This estimate will include the results of the core drilling program on the expanded land position we now control. We expect these results will significantly upgrade and expand the resource attributable to the Relief Canyon Mine project."

The company's address is 1658 Cole Blvd, Building 6, Suite 210, Lakewood, CO 80401, 877-705-9357