LAKEWOOD, Colo., June 9, 2016 /CNW/ -- Pershing Gold Corporation (NASDAQ:PGLC, FWB:7PG1) ("Pershing Gold" or the "Company") is pleased to announce that on June 3, 2016, the Winnemucca District, Humboldt River Field Office of the U.S. Bureau of Land Management ("BLM") started the 30-day public review period requesting public comments on the Preliminary Environmental Assessment for Pershing Gold's Relief Canyon Mine. The Environmental Assessment evaluates the Plan of Operations Modification that Gold Acquisition Corp. ("GAC"), Pershing Gold's wholly-owned subsidiary, submitted to BLM to seek authorization to expand the Relief Canyon Mine. The Company anticipates BLM approval of the Plan of Operations Modification in the third quarter of this year.
The proposed mine expansion would involve increasing the pit footprint and deepening the pit on mining claims that GAC owns and on private lands that GAC leases from New Nevada Resources and New Nevada Lands, building a new waste rock storage area on leased private lands, and constructing numerous ancillary facilities to support the expanded mining operation. Figure 1 shows the existing mine facilities and the facilities included in GAC's mine expansion proposal. BLM's "Dear Interested Party" letter provides a detailed list of the activities proposed for the Relief Canyon Mine Expansion. This letter is available on the BLM's website at http://1.usa.gov/1NrpZHI.
"BLM's publication of the Preliminary Environmental Assessment and initiation of the public comment period for the document is a significant milestone in the permitting process for the mine," stated Stephen Alfers, Chairman, CEO, and President of Pershing Gold. "We thank BLM for the excellent job they did in preparing the Environmental Assessment and look forward to working with BLM as they finalize their review of our plans to expand the mine."
At the conclusion of the public comment period, which ends on July 3, 2016, BLM will respond to any public comments received on the Preliminary Environmental Assessment, make any necessary changes to the document, and finalize its decision for the proposed mine expansion. BLM's Dear Interested Party letter invites the public to submit written comments on the Modified Plan to Lorence Busker, BLM's Project Lead, at 5100 E. Winnemucca Blvd., Winnemucca, NV 89445 or e-mail [email protected] with Relief Canyon Mine Expansion (Busker) in the subject line. A copy of the Preliminary Environmental Assessment can be reviewed at the Winnemucca District Office during regular business hours from 7:30 a.m. to 4:30 p.m. Mr. Busker is available at (775) 623-1500 for more information. The Environmental Assessment can be downloaded from BLM's website at: https://eplanning.blm.gov/epl-front-office/eplanning/planAndProjectSite.do?methodName=dispatchToPatternPage¤tPageId=66157
About Pershing Gold Corporation
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, expanding adjacent open-pit-able gold deposits, 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.
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the timing of BLM approval of the Plan of Operations Modification to permit expansion of the Relief Canyon Mine are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, unexpected delays in the BLM review and approval, or the BLM's failure to approve, the Plan of Operations Modification sought by the Company that could result from extensions of the public comment period, adverse public comments, litigation or other problems or delays in the permitting process. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2015. The Company assumes no obligation to update any of the information contained or referenced in this press release.
SOURCE Pershing Gold Corporation
For further information: Stephen Alfers, Executive Chairman, President and CEO; Jack Perkins, Vice President, Investor Relations, 720.974.7254, [email protected], www.PershingGold.com