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Pershing Gold Corp.
Summary
| Project: | Relief Canyon | |
|---|---|---|
| Deposit: | Relief Canyon | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 6/28/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 28-6-2016: Pershing Gold Corp. announces a PEA report for its Relief Canyon deposit at the Relief Canyon project. PEA results incl. pre-tax NPV (5%) of $158.6M, IRR of 125%. Mine Development Associates (“MDA”) has prepared this Technical Report and Prelim | |
| Resources: | (Resource, M+I): 38.468Mt @ 0.68g/t Au for 778000oz Au contained at Relief Canyon | |
| CP/QP: | [Resources]: Paul Tietz (Mine Development Associates) | |
| ABSTRACT: | Mine Development Associates (“MDA”) has prepared this Technical Report and Preliminary Economic Assessment on the Relief Canyon gold project, located in Pershing County, Nevada, at the request of Pershing Gold Corporation (“Pershing Gold”). The Relief Canyon project is owned by Gold Acquisition Corp., a wholly owned subsidiary of Pershing Gold. A Preliminary Economic Assessment is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. A PEA study can only demonstrate the potential viability of mineral resources and cannot be used to support mineral reserves. The purpose of this Technical Report, with an effective date of June 2, 2016, is to present a Preliminary Economic Assessment (“PEA”) based on an updated mineral resource estimate for the Relief Canyon gold project, updating a 2015 resource estimate prepared for Pershing Gold by MDA. Though Pershing Gold is not listed in Canada, MDA prepared this report and the estimates provided herein in accordance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”), Companion Policy 43-101CP, and Form 43-101F1, as well as with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards - For Mineral Resources and Reserves, Definitions and Guidelines” (“CIM Standards”) adopted by the CIM Council on May 10, 2014. The effective date of the mineral resource estimate in this report is March 16, 2016. | |
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