Pershing Gold Discovers New Mineralization at Relief ... â€؛ pershinggold â€؛ news â€؛ 2015-12-15...آ 

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    Pershing Gold Discovers New Mineralization at Relief Canyon and Completes 2015 Drilling Program

    LAKEWOOD, Colo., December 15, 2015 (PR Newswire)—Pershing Gold Corporation (NASDAQ:PGLC) (FWB:7PG1) ("Pershing Gold" or the "Company"), an emerging Nevada gold producer, announces the completion of its 2015 Drilling Program at the Relief Canyon project in Pershing County, Nevada. Results are reported in feet (“ft”) and meters (“m”), and in grams per tonne (“gpt”) and ounces per ton (“oz/ton”) of gold (“Au”). Highlighted intercepts include:

    • Southwest Target Area: o RC15-429, 18.8 ft (5.7 m), 5.921 gpt, 0.172 oz/ton Au

    • North Target Area:

    o RC15-405, 2.3 ft (0.7 m), 9.337 gpt, 0.274 oz/ton Au o RC15-419, 20.8 ft (6.3 m), 2.098 gpt, 0.061 oz/ton Au o RC15-421, 33.7 ft (10.3 m), 3.716 gpt, 0.108 oz/ton Au

    “We are pleased to report the completion of the 2015 Drilling Program at Relief Canyon. As of November 15, all five drill rigs have ceased operating on site. Preliminary results of this final phase of drilling are listed in the table below,” stated Stephen D. Alfers, Pershing Gold’s Chairman and CEO. “These results expand a high-grade zone of gold mineralization previously announced in the Southwest Target Area. In addition, these results extend high-grade zones discovered in 2015 in the North Target Area, the North Pit and the Jasperoid Target Area. We expect these high-grade intercepts, taken together with those previously announced in 2015, to improve overall project economics by continuing to significantly drive down the already low- cost profile for Relief Canyon,” Alfers explained. Southwest Target Area The Company has discovered a new block of mineralization in the Southwest Target Area, bringing mineralization 100 to 250 feet closer to the surface than was previously projected. RC15-429 with 18.8 ft (5.7 m), 5.921 gpt, 0.172 oz/ton Au (Figure 1) is the highest-grade intercept yet encountered in this area. This new discovery is associated with a repeated section of the stratigraphy along a generally northwest trending zone. RC15-429 tested the extreme northwest extension of an area of mineralization discovered earlier this year. North Target Area Recent drilling in the North Target Area primarily focused on step outs to the east designed to test the L and J mineralized zones (Figure 2). Noteworthy intercepts include RC15-405 with 2.3 ft (0.7 m) of 9.337 gpt, 0.274 oz/ton Au, RC15-419 with 20.8 ft (6.3 m), 2.098 gpt, 0.061 oz/ton Au and RC15-421 with 33.7 ft (10.3 m), 3.716 gpt, 0.108 oz/ton Au. These intercepts expand the deposit at Relief Canyon eastward and toward the surface in the Jasperoid Target Area.

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    Figure 1

    The 2015 Drilling Program concluded with a total of approximately 105,000 feet of drilling. In total, 177 holes, which include some re-drill holes, were completed. This includes approximately 160 development core-holes, 7 metallurgical holes, and 10 exploration holes. The 10 exploration holes account for approximately 10,000 feet of drilling to test green field targets. The average cost of contracted drilling for the 2015 program was slightly less than $38 per foot. In total, the Company spent approximately $5 million for the development drilling in this program. Approximately 75% of the assay results have been received by the Company and have cleared Quality Assurance/Quality Control (“QA/QC”) review. The Company plans to validate all assays, logging, and geotechnical data and incorporate the results into the Company’s database by the end of this month. The Company will complete its review of the 2015 Drilling Program in the

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    first quarter of 2016 and will then announce its 2016 Drilling Program to follow up on the success of the 2015 program. The Company expects to publish an updated NI 43-101 resource update incorporating these results as well as a Preliminary Economic Analysis on Relief Canyon in the second quarter of 2016. Significant intercepts from the most recent drilling results are shown below in Table 1. Table 1 Core Hole From To Width gpt gold oz/ton gold Target Number feet Area RC15-392 93 100 7 0.493 0.014 Jasperoid 137 157.1 20.1 0.259 0.008 RC15-396 22 39.8 17.8 0.420 0.012 Jasperoid RC15-398 42 48.7 6.7 1.090 0.032 Jasperoid RC15-400 39 44 5 1.006 0.0294 Jasperoid RC15-404 117 118.9 1.9 1.978 0.058 Jasperoid RC15-405 388 403 15 0.858 0.026 North 448 450.3 2.3 9.337 0.274 RC15-407 82 95.4 13.4 1.518 0.044 North RC15-409 0 18 18 0.294 0.009 North 299.3 313 13.7 0.791 0.023 RC15-410 11.7 22 10.3 0.300 0.009 Jasperoid 114.7 118.8 4.1 0.548 0.016 RC15-411 520.6 555 34.4 0.392 0.011 North 569 624 55 0.884 0.026 RC15-412 50 54.3 4.3 1.082 0.032 Jasperoid 119 124.2 5.2 1.278 0.037 RC15-413 389.2 404.8 15.6 0.766 0.022 Southwest RC15-417 0 11 11 0.347 0.01 North 298 313 15 0.614 0.018 RC15-418 284.7 302 17.3 0.372 0.011 Jasperoid RC15-419 198 218.8 20.8 2.098 0.061 North RC15-421 185 217.9 32.9 1.912 0.056 North 265 298.7 33.7 3.716 0.108 RC15-422 210 242.4 32.4 0.683 0.02 North RC15-423 443.2 521.8 78.6 0.323 0.009 Southwest 543 658 115 .464 0.013 RC15-424 220.2 231 10.8 1.972 0.058 North RC15-425 41.5 59 17.5 0.294 0.009 North RC15-426 190.3 200.8 10.5 0.413 0.012 Jasperoid RC15-427 542 558 16 0.487 0.014 Southwest RC15-429 181.2 200 18.8 5.921 0.172 Southwest RC15-430 218.7 222.2 3.5 0.577 0.017 North

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    Complete results stated in both imperial and metric units will be posted on the Pershing Gold website at as those results clear quality assurance and quality control (“QA/QC”), and are finalized. The geology encountered in the drilling at Relief Canyon includes three stacked mineralized zones, identified as the M Zone, the L Zone and the J Zone (Figure 2). The 2015 Drilling Program includes four target areas; The North Pit, the North Target Area, the Jasperoid Target Area and the Southwest Target Area (Figure 1). Recent drilling results discussed above highlight the North Target Area and Southwest Target Area. Additional results are pending for the central and eastern sections of the Jasperoid Target Area, as are results from recent drilling in the North Pit. Figure 2

    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 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.

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    Scientific and Technical Data All scientific and technical information related to drill and surface samples for the Relief Canyon project has been reviewed and approved by Larry L. Hillesland, Certified Professional Geologist #11720, who is a Qualified Person under the definitions established by Canadian National Instrument 43-101. Drill core at Relief Canyon is boxed and sealed at the drill rig and moved to the Relief Canyon logging and sample preparation facilities by trained personnel. The core is logged and split down the center using a typical table-fed circular rock saw. One half of the core is sent for assay to Skyline Assayers & Laboratories of Sparks, Nevada, while the other half is returned to the core box and stored at Relief Canyon in a secure, fenced-off, area. Pershing Gold Corporation QA/QC includes the regular use of blanks, standards, and duplicate samples. 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 current results from and expectations regarding the results of the 2015 drilling program, the potential update of and expansion of the Relief Canyon resource and publication of an updated NI 43-101 resource estimate and Preliminary Economic Analysis in the second quarter 2016; discovery of a new block of mineralization in the Southwest Target area; plans to complete by the end of December 2015 validation and incorporation into the Company’s database of all assays, logging and geotechnical data; 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 a