Pershing Gold Reports New Discovery at Relief Canyon

LAKEWOOD, CO - Pershing Gold Corporation reported the discovery of a new zone of high-grade gold mineralization at the Relief Canyon Mine property in Pershing County, Nevada. Results of its 2012 Phase I drilling program show high-grade gold mineralization outside of the existing open-pit mine on unpatented mining claims wholly-owned by Pershing Gold's subsidiary Gold Acquisition Corp. ("GAC"). In addition, drill-holes collared inside the current pit boundary also intercepted significant gold mineralization.

The new discovery hole (SBG12-D03) is located in the North Target Area to the north of the current pit boundary. Phase I drilling also extended known mineralization in the Southwest Target Area to the southwest of the current pit boundary. This drilling found mineralization that is open to both the north and the south.

"We are extremely pleased with these drilling results. Drill-hole SBG12-D03 is north of the pit and has a thick intercept of high-grade gold," said Stephen Alfers, Pershing Gold's Chairman and CEO. "This hole, taken together with SBG12-D04 and SBG12-D05, indicates substantial mineralization for at least 600 feet north of the North Pit, and likely extends much further. We are optimistic that following up this drilling will ultimately add ounces to the Relief Canyon resource and lead to a new mine plan to expand the open-pit mine."

The 2011 and 2012 Phase I drilling program consisted of 5 reverse circulation holes and 15 core holes in total. The total footage of the combined 2011 and 2012 Phase I drilling program is 19,288 feet, including drilling previously reported in the Company's North, Southwest and Range Front Target Areas. Pursuant to its 2012 Phase I program, the Company has drilled 7 core holes totaling 6,842 feet in the North and Southwest Target Areas. The 2011 and 2012 Phase I drilling program concentrated entirely on lands 100% controlled by GAC. None of the drilling reported here was done on lands in the Area of Interest ("AOI") described in the transaction closed April 5, 2011 with Victoria Gold Corp. and Newmont USA Ltd.

Highlights of the drilling results include 55 feet of 0.125 ounces per ton (opt) gold (Au) from 505 to 560 feet in drill-hole SBG12-D03 within fault and cave-fill breccias with abundant jasperoid clasts. Also significant are the gold intercepts in SBG12-D04 and SBG12-D05 on the northern edge of the North pit. These intercepts are below the mined-out main zone and show thick intervals (SBG12-D04 from 0 to 309 feet of 0.014 opt Au) of lower grade gold. Management believes these drill-holes likely intercepted steeply dipping feeder or fault zones that are shown to vary from 10 to more than 100 feet in thickness. Pershing Gold technical staff are optimistic that ongoing drilling will continue to show expansion of mineralization beyond the current resource base.

In the North Target Area, the 2012 Phase I drilling results, coupled with holes drilled by previous operators, define significant stratigraphically and structurally controlled gold zones in the lower part of the Cane Springs formation. These results include drill-holes SBG12-D05 with 112.9 feet of 0.016 opt Au and SBG12-D04 with 309 feet of 0.014 opt Au. The stratigraphically controlled gold-bearing zone, based on Phase I drilling and holes drilled by previous operators, appears to vary from about 40 to 100 feet in thickness. Preliminary geologic modeling shows this zone extending northward from the North Pit for about 1000 feet.

Drill-hole SBG12-D02 intercepted mineralized jasperoid and clay-rich breccia (Main Breccia Zone) at the contact between the Cane Springs and Grass Valley formations, with 38 feet of 0.075 opt Au. Drilling clearly shows ore grade mineralization 1000 feet south of the south pit. Phase II drilling will test this zone along trend for more than 2500 feet. Sporadic drill-holes completed by previous operators in this area suggest the Main Breccia Zone extends at least this far. Anomalous mineralization in SBG12-D01 indicates the main breccia zone of gold mineralization is east of drill-hole SBG12-D01.

"The 2011 and 2012 Phase I drilling program greatly enhances our understanding of the gold deposit at Relief Canyon and identifies several exciting exploration targets adjacent to the mine which the Company plans to test with additional core drilling in the coming months," said Stephen Alfers. "We are planning an aggressive 2012 Phase II drilling program designed to add new ounces to the resource base. We plan to develop a revised resource estimate in early 2013." The company's address is 1658 Cole Blvd, Building 6, Suite 210, Lakewood, CO 80401, email: [email protected].