Pershing Gold Increases The Number Of Drill Rigs

 

LAKEWOOD, CO - Pershing Gold Corporation reported that the ongoing step-out core drilling program at Relief Canyon in Pershing County, Nevada has hit additional significant intercepts of high-grade gold in the North Target Area, located to the North of the existing North Pit. Relief Canyon 2014 drill hole 225 contains 55.0 feet of 0.117 ounces per ton (opt) gold (Au)/4.020 grams per tonne (gpt) Au.

The Company also announced that it is adding a third diamond core drill rig to the Relief Canyon Project for the remainder of 2014. "The deployment of a third drill rig to the project is an exciting milestone for Pershing Gold's geology team, well justified by the results to date," said Steve Alfers, Pershing Gold's Executive Chairman and Chief Executive Officer. "We set out to expand and upgrade the deposit, and this ramp up in the program will accelerate that effort."

The three drill rigs are deployed as follows: one drill rig will continue step-out drilling in the North Target Area. A second drill rig will focus on targets to the southwest extension of the Relief Canyon deposit. The third drill rig is deployed to the diamond drill program recently initiated at the Buffalo Mountain Project located approximately two miles North of the Relief Canyon Mine and approximately one mile south of the Packard Mine, a satellite project operated by Coeur Mining, Inc. KB Drilling of Mound House, Nevada is the contractor.  The Company is planning to drill up to 12 holes at Buffalo Mountain.

"Buffalo Mountain is an exciting new high-grade gold and silver target developed this year by Pershing Gold's exploration group. We are eager to drill the Buffalo Mountain Project Area because we believe Pershing Gold will be the first company to drill in this area," said Alfers. The Company has conducted detailed surface sampling, mapping and geophysical work to identify additional Buffalo Mountain drilling targets, both on the Humboldt Range front, and in the pediment to the West. The drilling of the southwest extension is to test the continuity of mineralization to the southwest of the Relief Canyon Main and Light Bulb pits.