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

LAKEWOOD,Colo.,December15,2015(PRNewswire)—PershingGoldCorporation(NASDAQ:PGLC)(FWB:7PG1)("PershingGold"orthe"Company"),anemergingNevadagoldproducer,announcesthecompletionofits2015DrillingProgramattheReliefCanyonprojectinPershingCounty,Nevada.Resultsarereportedinfeet(“ft”)andmeters(“m”),andingramspertonne(“gpt”)andouncesperton(“oz/ton”)ofgold(“Au”).Highlightedinterceptsinclude:

• 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

“Wearepleasedtoreportthecompletionofthe2015DrillingProgramatReliefCanyon.AsofNovember15,allfivedrillrigshaveceasedoperatingonsite.Preliminaryresultsofthisfinalphaseofdrillingarelistedinthetablebelow,”statedStephenD.Alfers,PershingGold’sChairmanandCEO.“Theseresultsexpandahigh-gradezoneofgoldmineralizationpreviouslyannouncedintheSouthwestTargetArea.Inaddition,theseresultsextendhigh-gradezonesdiscoveredin2015intheNorthTargetArea,theNorthPitandtheJasperoidTargetArea.Weexpectthesehigh-gradeintercepts,takentogetherwiththosepreviouslyannouncedin2015,toimproveoverallprojecteconomicsbycontinuingtosignificantlydrivedownthealreadylow-costprofileforReliefCanyon,”Alfersexplained.SouthwestTargetAreaTheCompanyhasdiscoveredanewblockofmineralizationintheSouthwestTargetArea,bringingmineralization100to250feetclosertothesurfacethanwaspreviouslyprojected.RC15-429with18.8ft(5.7m),5.921gpt,0.172oz/tonAu(Figure1)isthehighest-gradeinterceptyetencounteredinthisarea.Thisnewdiscoveryisassociatedwitharepeatedsectionofthestratigraphyalongagenerallynorthwesttrendingzone.RC15-429testedtheextremenorthwestextensionofanareaofmineralizationdiscoveredearlierthisyear.NorthTargetAreaRecentdrillingintheNorthTargetAreaprimarilyfocusedonstepoutstotheeastdesignedtotesttheLandJmineralizedzones(Figure2).NoteworthyinterceptsincludeRC15-405with2.3ft(0.7m)of9.337gpt,0.274oz/tonAu,RC15-419with20.8ft(6.3m),2.098gpt,0.061oz/tonAuandRC15-421with33.7ft(10.3m),3.716gpt,0.108oz/tonAu.TheseinterceptsexpandthedepositatReliefCanyoneastwardandtowardthesurfaceintheJasperoidTargetArea.

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The2015DrillingProgramconcludedwithatotalofapproximately105,000feetofdrilling.Intotal,177holes,whichincludesomere-drillholes,werecompleted.Thisincludesapproximately160developmentcore-holes,7metallurgicalholes,and10explorationholes.The10explorationholesaccountforapproximately10,000feetofdrillingtotestgreenfieldtargets.Theaveragecostofcontracteddrillingforthe2015programwasslightlylessthan$38perfoot.Intotal,theCompanyspentapproximately$5millionforthedevelopmentdrillinginthisprogram.Approximately75%oftheassayresultshavebeenreceivedbytheCompanyandhaveclearedQualityAssurance/QualityControl(“QA/QC”)review.TheCompanyplanstovalidateallassays,logging,andgeotechnicaldataandincorporatetheresultsintotheCompany’sdatabasebytheendofthismonth.TheCompanywillcompleteitsreviewofthe2015DrillingPrograminthe

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firstquarterof2016andwillthenannounceits2016DrillingProgramtofollowuponthesuccessofthe2015program.TheCompanyexpectstopublishanupdatedNI43-101resourceupdateincorporatingtheseresultsaswellasaPreliminaryEconomicAnalysisonReliefCanyoninthesecondquarterof2016.SignificantinterceptsfromthemostrecentdrillingresultsareshownbelowinTable1.Table1Core 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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CompleteresultsstatedinbothimperialandmetricunitswillbepostedonthePershingGoldwebsiteatwww.pershinggold.comasthoseresultsclearqualityassuranceandqualitycontrol(“QA/QC”),andarefinalized.ThegeologyencounteredinthedrillingatReliefCanyonincludesthreestackedmineralizedzones,identifiedastheMZone,theLZoneandtheJZone(Figure2).The2015DrillingProgramincludesfourtargetareas;TheNorthPit,theNorthTargetArea,theJasperoidTargetAreaandtheSouthwestTargetArea(Figure1).RecentdrillingresultsdiscussedabovehighlighttheNorthTargetAreaandSouthwestTargetArea.AdditionalresultsarependingforthecentralandeasternsectionsoftheJasperoidTargetArea,asareresultsfromrecentdrillingintheNorthPit.Figure2

AboutPershingGoldCorporationPershingGoldisanemerginggoldproducerwhoseprimaryassetistheReliefCanyonMineinPershingCounty,Nevada.ReliefCanyonincludesthreeopen-pitminesandastate-of-the-art,fullypermittedandconstructedheap-leachprocessingfacility.PershingGoldiscurrentlypermittedtoresumeminingatReliefCanyonundertheexistingPlanofOperations.PershingGold'slandholdingscoverapproximately25,000acresthatincludetheReliefCanyonMineassetandlandssurroundingthemineinalldirections.ThislandpackageprovidesPershingGoldwiththeopportunitytoexpandtheReliefCanyonMinedepositandtoexploreandmakenewdiscoveriesonnearbylands.PershingGoldislistedontheNASDAQGlobalMarketunderthesymbolPGLCandtheFrankfurtStockExchangeunderthesymbol7PG1.

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ScientificandTechnicalDataAllscientificandtechnicalinformationrelatedtodrillandsurfacesamplesfortheReliefCanyonprojecthasbeenreviewedandapprovedbyLarryL.Hillesland,CertifiedProfessionalGeologist#11720,whoisaQualifiedPersonunderthedefinitionsestablishedbyCanadianNationalInstrument43-101.DrillcoreatReliefCanyonisboxedandsealedatthedrillrigandmovedtotheReliefCanyonloggingandsamplepreparationfacilitiesbytrainedpersonnel.Thecoreisloggedandsplitdownthecenterusingatypicaltable-fedcircularrocksaw.OnehalfofthecoreissentforassaytoSkylineAssayers&LaboratoriesofSparks,Nevada,whiletheotherhalfisreturnedtothecoreboxandstoredatReliefCanyoninasecure,fenced-off,area.PershingGoldCorporationQA/QCincludestheregularuseofblanks,standards,andduplicatesamples.LegalNoticeandSafeHarborStatementThispressreleasecontains"forward-lookingstatements"withinthemeaningofSection21EoftheSecuritiesExchangeActof1934.Allstatements,otherthanstatementsofhistoricalfact,including,withoutlimitation,thosewithrespecttotheobjectives,plansandstrategiesoftheCompanysetforthhereinincludingcurrentresultsfromandexpectationsregardingtheresultsofthe2015drillingprogram,thepotentialupdateofandexpansionoftheReliefCanyonresourceandpublicationofanupdatedNI43-101resourceestimateandPreliminaryEconomicAnalysisinthesecondquarter2016;discoveryofanewblockofmineralizationintheSouthwestTargetarea;planstocompletebytheendofDecember2015validationandincorporationintotheCompany’sdatabaseofallassays,loggingandgeotechnicaldata;andthoseprecededbyorthatincludethewords"believes,""expects,""given,""targets,""intends,""anticipates,""plans,""projects,""forecasts"orsimilarexpressions,are"forward-lookingstatements."AlthoughtheCompany'smanagementbelievesthatsuchforward-lookingstatementsarereasonable,itcannotguaranteethatsuchexpectationsare,orwillbe,correct.Theseforward-lookingstatementsinvolveanumberofrisksanduncertainties,whichcouldcausetheCompany'sfutureresultstodiffermateriallyfromthoseanticipated.Potentialrisksanduncertaintiesinclude,amongothers,lessfavorableresultsfromandimpactonReliefCanyoneconomicsofresultsfromthe2015explorationprogramthancurrentlyanticipated;insufficientorinsufficientlyfavorableinformationtoincludeportionsofthedepositor2015drillresultsintheCompany’snextupdatedresource;interpretationsorreinterpretationsofgeologicandmetallurgicalinformationorunfavorableexplorationresultsthatcouldnegativelyaffectestimatesofresourcesofprojecteconomics;delaysincompletingthevalidationanddatabaseincorporationof2015drillingresults;delaysincompletingorpublishingtheupdatedNI43-101resourceestimateandPreliminaryEconomicAnalysis;lessfavorableresultsof43-101resourceestimateupdatesandPreliminaryEconomicAnalysisthancurrentlyanticipated;generaleconomicconditionsandconditionsaffectingtheindustriesinwhichtheCompanyoperates;theuncertaintyofregulatoryrequirementsandapprovals;decreasesingoldandothermineralandcommodityprices;risksofjuniorexplorationandpre-productionactivities;andmaintenanceofimportantbusinessrelationships.Additionalinformationregardingthefactorsthatmaycauseactualresultstodiffermateriallyfromtheseforward-lookingstatementsisavailableintheCompany'sfilingswiththeSECincludingtheAnnualReportonForm10-KfortheyearendedDecember31,2014.TheCompanyassumesnoobligationtoupdateanyoftheinformationcontainedorreferencedinthispressrelease.

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ContactInformationFormoreinformation,pleasecontact:StephenAlfers,ExecutiveChairman,PresidentandCEOJackPerkins,VicePresident,InvestorRelations720.974.7254investors@pershinggold.comwww.PershingGold.com