Updated Resource Estimate At Relief Canyon Mine

LAKEWOOD, CO - Pershing Gold Corporation reported that it has retained Roscoe Postle Associates USA, Ltd. ("RPA") to provide an evaluation and an updated resource estimate for the Relief Canyon Mine project, located along the west flank of the Humboldt Range in Pershing County, Nevada. The resource estimate is expected to be completed in the fourth quarter of 2012, with a new Canadian National Instrument 43-101 compliant Technical Report available in the first quarter of 2013. In addition, RPA has been asked to complete a Preliminary Economic Analysis of the Relief Canyon Mine project in early 2013.

Data from Pershing Gold's 2011 and 2012 drill programs (126 holes totaling approximately 61,000 feet of drilling) will be included in RPA's evaluation of the Relief Canyon Mine vicinity. Most of the holes drilled in the Relief Canyon Mine vicinity were located outside of the existing open-pit mines and have identified new mineralization in all directions around the current boundary of the open-pit mines.

Larry Hillesland, VP of Exploration and Development commented, "The selection of RPA to provide engineering services for the Relief Canyon Mine project is a significant step in our goal to advance the project from mineral resources to a producing gold mine. RPA is known world--wide for resource estimates and mine design," and went on to say, "This is the next step towards reaching our target of producing gold in 2014."