LAKEWOOD, Colo., Aug. 20, 2015 /CNW/ -- Pershing Gold Corporation (NASDAQ: PGLC) (FWB: 7PG1) ("Pershing Gold" or the "Company") is pleased to announce that the Winnemucca District, Humboldt River Field Office of the U.S. Bureau of Land Management ("BLM") has initiated a 30-day public scoping period to seek public comments on Pershing Gold's proposed Plan of Operations Modification related to an expansion of the Relief Canyon Mine. BLM issued a news release on August 14, 2015, (see: http://www.blm.gov/nv/st/en/info/newsroom/2015/august/winnemucca__blm_announces.html), which serves as the official commencement of the public scoping period.
"We are pleased that BLM has started the public comment period and the process to evaluate our Plan of Operations Modification for the Relief Canyon Mine Expansion," stated Stephen Alfers, Chairman, CEO, and President of Pershing Gold. "We look forward to working with BLM as they review our proposed expansion plan and conduct the required environmental review."
Pershing Gold's Plan of Operations Modification includes the following proposed activities:
- Expand the footprint of the existing pit area by approximately 68.3 acres (41.2 public, 27.1 private);
- Develop a new waste rock storage area (Waste Rock Area 5) on 95.7 acres of private land;
- Improve the closure design for the old heaps by covering them with approximately three feet of overburden and waste rock, which will serve as a hold and release type of evapotranspiration cover;
- Drill one or more new water supply wells as necessary to augment or replace the existing wells which will be impacted by mining activities;
- Install additional piezometers as necessary to augment the existing array or replace some piezometers which will be impacted by mining activities;
- Improve site communications by installing radio repeater hardware;
- Add wireless links to the production wells, crushing systems and process plant;
- Construct new growth media stockpiles, diversion ditches for storm water control, and reconfigure certain roads and fence lines necessary for the expanded facilities;
- Construct new exploration drill roads and sites;
- Construct an on-site analytical laboratory;
- Relocate and expand the on-site warehouse facilities;
- Develop a new on-site Class III landfill that will be integrated into Waste Rock Storage Area 5;
- Potentially process ores from other sites on the existing heap leach facilities (toll leaching); and
- Close and reclaim all project facilities at the completion of the operation.
BLM's news release invites the public to submit written comments on the Plan of Operations Modification within 30 days to Lorence Busker, BLM's Project Lead, at 5100 E. Winnemucca Boulevard, Winnemucca, NV 89445 or e-mail: [email protected] with Relief Canyon Mine Expansion (Busker) in the subject line.
As explained in BLM's news release, the agency has also distributed a "Dear Interested Public" letter and a map, both of which are also available on BLM's NEPA webpage at http://1.usa.gov/1NrpZHI. Additionally, a copy of the Relief Canyon Plan of Operations Modification can be reviewed at the Winnemucca District Office during regular business hours. Mr. Busker is available at (775) 623-1500 for more information.
About Pershing Gold Corporation
Pershing Gold is the emerging Nevada gold producer restarting the Relief Canyon Mine, which 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. The investment banks Euro Pacific Capital Inc., H.C. Wainwright and Co. LLC (under the name Rodman & Renshaw) and Cantor Fitzgerald currently produce analyst reports on the Company.
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein including the planned activities contemplated by the Plan of Operations Modification, potential reopening of the Relief Canyon Mine and commencement of production, anticipated Modification of the Plan of Operations, and the timing and duration of the public comment period regarding the Plan of Operations Modification, and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, 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, inability to obtain external financing to fund the development of plans for and the reopening and commencement of production at the Relief Canyon Mine, delay in the public comment process on the Plan of Operations Modification; rejection of or unfavorable alterations to the Plan of Operations Modification, or delay in approval of the same; interpretations or reinterpretations of geologic information or unfavorable exploration results that could negatively affect estimates of mineralized material and resources; inability to reopen the Relief Canyon Mine under the currently approved Plan of Operations; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; risks of junior exploration and pre-production activities; and maintenance of important business relationships. 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 SEC including the Annual Report on Form 10-K for the year ended December 31, 2014. 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: Jack Perkins, Vice President, Investor Relations, 720.974.7254, [email protected], www.PershingGold.com, http://www.PershingGold.com