Drilling Program Expands Mineralized Zone At Relief Canyon Mine

LAKEWOOD, CO - Pershing Gold Corporation reported results of its Fall 2012 drilling program at the Relief Canyon Mine in Pershing County, Nevada.

The drilling program was comprised of 83 holes (27,300 feet) and designed to accomplish three objectives: (1) to expand the resource in the Main Breccia Zone south of the existing South and Light Bulb Pits, the southernmost pits at Relief Canyon; (2) to evaluate the gold mineralization potential in a 1980's-vintage waste rock dump; and (3) to drill a series of piezometer holes (well holes in which groundwater level may be determined) to define the depth to the water table in the vicinity of the pits. National Drilling completed the drilling program using standard reverse circulation procedures.

In commenting on this drilling program, Stephen Alfers, Pershing Gold Executive Chairman, CEO, and President remarked, "We are very excited about this round of drilling which expands the area of mineralization in the Main Breccia Zone up to 500 feet to the south of the southern boundaries of the South and Light Bulb Pits. It also shows that there is mineralization exposed at the surface in all three pits and in the waste rock dump southwest of the pits."

Significant mineralized intercepts include RC12-040R with 55 feet of 0.046 ounces per ton ("opt") gold ("Au") (1.575 grams per ton ("gpt") Au) from 105 to 160 feet and RC12-082R with 100 feet of 0.024 opt Au (0.822 gpt Au). Also notable are the number of holes shown with mineralization at and near the surface. The mineralization occurs on unpatented mining claims owned by Pershing Gold's subsidiary, Gold Acquisition Corp., and on private lands that Pershing Gold sub-leases from Newmont USA Limited. Pershing Gold acquired these lands in April 2012 when it purchased Victoria Resources (US)'s/Victoria Gold Corp.'s (VIT.V) interests in Victoria's 2006 mineral lease and sublease with Newmont. The leased lands are subject to an Area of Interest ("AOI") with Newmont.