Pershing Gold Expanding Its Land Position

LAKEWOOD, CO - Pershing Gold Corporation has signed an agreement with Victoria Gold Corp. to acquire mining claims owned by Victoria's subsidiary, Victoria Resources (US) Inc., as well as its interests in claims and leaseholds owned by Newmont USA Ltd. that were under lease or sublease.

Upon completion of the transaction, claims and leasehold interests so acquired would consist of just over 13,400 acres of mining claims and private lands adjacent to Pershing Gold's existing landholdings at the Relief Canyon Mine in Pershing County, Nevada. Acquisition of these interests further expands a land position that upon completion will control the entire Relief Canyon Mining District as well as the southern portion of the Pershing Gold and Silver Trend. See map below. In the last thirty days, Pershing Gold has significantly expanded its land position to over 24,000 acres from just over 1,100 acres at the original Relief Canyon mine site acquired in August of 2011 by Pershing Gold's subsidiary Gold Acquisition Corporation ("GAC"). This expansion includes the 9,700 acre Pershing Pass acquisition announced earlier this month. Closing of the transaction is subject to various closing conditions.

Under the agreement, at closing, Pershing Gold will acquire Victoria's interests adjacent to the Relief Canyon Mine area. These interests include Victoria's rights under Victoria's 2006 mining lease and sublease from Newmont. Pershing Gold will also acquire approximately 3,800 acres of mining claims that are not subject to the 2006 mining lease and subleases that are wholly-owned by Victoria. Victoria reserves a 2% net smelter return royalty from the production from these wholly-owned claims.

"For the first time in several decades, the Relief Canyon Mining District has now been consolidated by Pershing Gold. The Relief Canyon Mine for many years has been landlocked, constraining previous owners' efforts to develop the Relief Canyon deposit. This landmark acquisition eliminates property boundary concerns and allows Pershing Gold to explore and develop the entire Relief Canyon Mine and adjacent lands on the basis of geology  without limitations due to land ownership," said Stephen D. Alfers, Pershing Gold's Executive Chairman, President and CEO. "The Company has been drilling at Relief Canyon for several months."