High-Grade Mineralized Zones At Relief Canyon Mine

LAKEWOOD, CO - Pershing Gold Corporation reported results for 16 diamond core holes drilled in late 2013 at the Relief Canyon Mine in Pershing County, NV. These latest results continue to verify the presence of three stacked mineralized zones. The Lower Zone and the Jasperoid Zone are previously unidentified mineral zones, which Pershing Gold geologists delineated in the 2012 and 2013 drilling programs.

Fifteen of the 16 holes encountered gold mineralization; 13 have intercepts with gold grades that are higher than the average grade of 0.643 grams per tone (gpt) gold (Au)/0.019 ounces per ton (opt) Au used in the January 2013 NI 43-101 compliant Measured and Indicated gold resource estimate. Drilling indicates these zones have the potential for further expansion in several directions.

"These results are a game changer for a couple of reasons," stated Stephen Alfers, Pershing Gold's Chairman and CEO. "The first game changer is the discovery that the deposit is comprised of three stacked mineralized zones that are controlled by low-angle structures. We believe we will be able to significantly expand both the size and the overall grade of the deposit, because both the Lower and Jasperoid Zone drill results show higher grade than the previously mined Main Zone.

"Second," said Alfers, "this drilling program was designed to test targets in the Lower and Jasperoid Zones. We successfully encountered numerous gold-mineralized intercepts in both zones, with ten holes hitting the Lower Zone and 13 holes drilled into the underlying Jasperoid Zone. We have also expanded the lateral extent of both zones."

Mining at Relief Canyon during the 1980s developed only the mineralization in the Main Zone; it did not reach the Lower Zone or the underlying Jasperoid Zone. Moreover, the most recent resource estimate (January 2013) included only a limited part of the Lower Zone and did not include any gold mineralization from the Jasperoid Zone. Data from drilling in these newly discovered mineral zones will be included in the resource estimate update currently in preparation.

The Company has engaged an independent consultant that is currently preparing an updated resource estimate, which is planned to be completed in Q1 2014. "We anticipate that the 2014 resource estimate will grow in terms of ounces and will be higher grade than our 2013 estimate," stated Alfers.

The 2013 drilling results show that the Lower Zone is at least 1,500 feet long and 1,000 feet wide. As currently defined by drilling, the Jasperoid Zone is about 1,200 feet long and approximately 800 feet wide. The Company believes that additional drilling will continue to expand the boundaries of the Lower and Jasperoid Zones, which remain open to the north, south, and east. There also may be potential to expand these Zones to the west.

The Company has submitted an application to seek authorization from the Bureau of Land Management (BLM) to drill more holes to delineate and expand the Lower and Jasperoid Zones north of the North Pit. Once the BLM approves this drilling, Pershing Gold is planning to drill at about 20 new sites. The Company has sufficient financial resources to pursue this planned drilling program and estimates these additional holes will cost approximately $500,000.

Pershing Gold is an emerging Nevada gold producer on a fast track to re-open the Relief Canyon Mine, which includes three open-pit mines and a state-of-the-art, fully permitted and constructed heap leach processing facility.