Pershing Gold (NASDAQ: $PGLC) (TSX: $PGLC.TO) New Website Showcases Preliminary Feasibility Study (PFS) for the Company's Relief Canyon Gold Mine
Point Roberts, WA and Delta, BC - August 17, 2017 (Investorideas.com Newswire) Investorideas.com, a global news source covering leading sectors including mining stocks announces Pershing Gold Corporation (NASDAQ:PGLC) (TSX:PGLC) (FWB:7PG1),an emerging Nevada gold producer has launched a new website www.PershingGold.com to showcase the robust economics evidenced in the recently released PFS for the Company's Relief Canyon Gold Mine.
Additionally the company website features the June investor presentation at:
Mine Development Associates, Kappes Cassidy & Associates, of Reno, NV and Jorgensen Engineering and Technical Services, of Centennial, CO, completed the PFS for the Company's Relief Canyon gold mine with an effective date of May 26, 2017. The positive PFS by MDA recommends that Pershing Gold advance the Relief Canyon Project to a production decision. Highlights from the PFS include a pre-tax net present value of $144.6 million, an internal rate of return of 89% and Net Cash Flow of $192.7 million. This NPV, IRR and Net Cash Flow assume pre-tax economics using $1,250 per ounce of gold, $16.75/oz of silver and a 5% discount rate. Further highlights from the PFS are listed below in Table 1 (showing updates to the Preliminary Economic Assessment the Company announced on June 24, 2016), and PFS gold price sensitivities are listed below in Table 2.
The favorable economics of Relief Canyon are reinforced throughout the PFS. The PFS indicates the viability of contract-mining and conveyor stacking to bring the project into production. Under the PFS, 525,790 oz Au are expected to be produced with average life of mine ("LOM") production of 93,900 oz Au/year over the 5.6 year LOM. The PFS highlights the low cost nature of this project with an average cash cost of $770/oz Au and All in Sustaining Cost ("AISC") of $802/oz Au. The modest capital expense ("CAPEX") nature of this project is reaffirmed with the PFS Initial CAPEX of $23.6 million.
About Pershing Gold Corporation www.PershingGold.com
Pershing Gold is an emerging gold producer whose primary asset is the Relief Canyon Mine in Pershing County, Nevada. Relief Canyon includes three historic 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.
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