Pershing Gold Reports Final Results from 2015 Drilling Program

LAKEWOOD, CO - Pershing Gold Corporation reported on final drilling results from its 2015 Drilling Program at the Relief Canyon project in Pershing County, Nevada. Results are reported in feet ("ft") and meters ("m"), and in grams per tonne ("gpt") and ounces per ton ("oz/ton") of gold ("Au").

Highlighted intercepts include: Jasperoid Target Area: RC15-451, including 15.9 ft (4.8 m), 3.795 gpt, 0.111 oz/ton Au; North Target Area: RC15-449, 50.6 ft (15.4 m), 4.186 gpt, 0.122 oz/ton Au RC15-456, including 90.5 ft (27.6 m), 1.541 gpt, 0.045 oz/ton Au.

"We are pleased to report the final drilling results from the successful 2015 Drilling Program at Relief Canyon. Over the course of this program the Company has encountered significant success, showing two things. First, that the high-grade zone in the North Target Area has continued south under the North Pit. Second, that the higher-grade L Zone of the Relief Canyon deposit is open to the west, south, and southwest," stated Stephen D. Alfers, Pershing Gold's Chairman and CEO. "In addition, the 2015 program defined a new higher-grade zone in the Jasperoid Target Area, and extended the J and L Zones into the North Target Area," Alfers explained. "We intend to build on these results as we outline the targets for our 2016 Drilling Program," said Alfers.

Pershing Gold has completed another successful year of drilling at Relief Canyon. Recent results from the program include RC15-455, the westernmost drill hole in section 1135N (Figure 2). RC15-455 encountered three mineralized zones, all of which are open to the west and southwest.

The 2015 Drilling Program concluded with a total of approximately 105,000 feet of drilling. In total, 178 holes were completed. This includes approximately 160 development core-holes designed to expand the Relief Canyon deposit in all directions and at depth. In addition, seven large diameter core holes were completed for metallurgical tests of all mineral zones. Column tests and bottle roll tests on that material have been in progress at McClelland Labs of Sparks, Nevada. The Company awaits results and a final report on this test work. Finally, 11 exploration holes tested for satellite deposits under cover in the northern and southern part of the district. These exploration holes account for approximately 10,000 feet of drilling to test green field targets.

Drilling data from the 2015 program has been delivered to Mine Development Associates ("MDA") of Reno, Nevada. The Company, working with MDA, expects to publish an updated NI 43-101 resource update incorporating the results of the 2015 Drilling Program as well as a Preliminary Economic Analysis on Relief Canyon in the second quarter of 2016.

In the first quarter of 2016, Pershing Gold plans to conduct geophysical surveys over the mine and the covered areas south and southeast of the historic pits. The commencement of drilling for the 2016 program will be determined based on the results of these surveys and available funding. The Company is currently finalizing targets for further drilling and plans to continue conducting step-out drilling along a portion of the western margin of the deposit. Based on the success of blind mineralization discovered at relatively shallow depth beneath cover rocks of the Grass Valley Formation during the 2015 Drilling Program, additional drilling during 2016 is planned along both the southeast extension and northeast highwall of the Lighbulb Pit, and southwest of the South Pit.

Pershing Gold is an emerging gold producer whose primary asset is the Relief Canyon Mine in Pershing County, Nevada. Relief Canyon includes three open-pit mines and a state-of-the-art, fully permitted and constructed heap-leach processing facility. Pershing Gold is currently permitted to resume mining at Relief Canyon under the existing Plan of Operations.

Pershing Gold's landholdings cover approximately 25,000 acres that include the Relief Canyon Mine asset and lands surrounding the mine in all directions. This land package provides Pershing Gold with the opportunity to expand the Relief Canyon Mine deposit and to explore and make new discoveries on nearby lands.

Pershing Gold is listed on the NASDAQ Global Market under the symbol PGLC and the Frankfurt Stock Exchange under the symbol 7PG1.