Pershing Gold Intercepts Multiple Intervals 

LAKEWOOD, CO - Pershing Gold Corporation reported initial results from Phase 1 of its 2016 Drilling Program at Relief Canyon mine. Pershing Gold is executing a three phase drilling program for 2016-2017. Phase 1 includes step-out drilling to test potential extensions of the high-grade zones at Relief Canyon discovered in the North Target Area in 2014-2015. Pershing Gold has 16 additional holes planned for Phase 1 in 2016. 

"We are excited about RC16-462 for a number of reasons. First, with a 200-foot step-out from previous drilling, we have intersected all three zones of mineralization known at the Relief Canyon deposit; the Main Zone, the Lower Zone and the Jasperoid Zone," stated Stephen D. Alfers, Pershing Gold's Chairman, President and CEO. "These three zones carry excellent grades that are more than twice the average grade of the existing Relief Canyon PEA and 43-101 resource. Finally, we believe that the mineralization encountered here is open pit-able, with an overall strip ratio expected to be around 4:1. This discovery not only brings the potential to add ounces and extend the Relief Canyon mine life, but also to further improve the overall economics of the Relief Canyon project," said Alfers.

Pershing Gold has received the results from the first four core drill holes from Phase 1 of its 2016 Drilling program. The eight intercepts encountered in RC16-462 include all three mineral zones previously identified at Relief Canyon; the Main Zone, the Lower Zone and the Jasperoid Zone. These intercepts have a cumulative thickness of 166.3 feet (50.7m), an average grade of 1.597 gpt, 0.046 oz/ton Au, and 23.5 gpt, 0.70 oz/ton Ag, and assume a minimum ten-foot drill width.

The Company believes that these drill intercepts will expand the PEA pit limit as well as the mineralized grade shells to the east and west. These zones also encounter increasing silver grades with depth, including an intercept of 20.9 feet 3.759 oz/ton Ag from 620.9 to 641.8 feet in RC16-462. All intercepts are 95-100% of true width.

"The PEA makes clear that the Relief Canyon deposit remains open to the west, south and southeast. This Phase 1 drilling should expand the PEA pit limit and expand and upgrade the in-pit resource. The three Phase 1 drill holes completed to date have extended the high-grade mineralization discovered in 2014-2015 beyond the west limit of the PEA pit," Alfers said. "The mineralization of Relief Canyon is still open, and this drilling indicates that the project should continue to get bigger and higher grade."