LAKEWOOD, Colo., June 20, 2018 /PRNewswire/ -- Pershing Gold
Corporation (NASDAQ:PGLC) (TSX: PGLC) (FWB:7PG1) ("Pershing Gold"
or the "Company"), an emerging Nevada gold producer advancing the Relief
Canyon Mine, is pleased to announce that it submitted the 2018 Plan
of Operations ("2018 Plan") Modification for the Phase II expansion
of the mining and heap leach facilities to the Bureau of Land
Management ("BLM") on June 15, 2018.
Pershing Gold submitted this permit application to the Nevada
Department of Environmental Protection ("NDEP") on June 18, 2018.
"We are now permitted to start construction and mining for Phase
I mining at Relief Canyon and we expect to start construction upon
finalization of financing," stated Stephen
Alfers, Chairman, CEO and President of the Company. "The
submission of this 2018 Plan starts the federal and state
permitting processes for the Phase II expansion paving the way for
a seamless transition from Phase I to Phase II," stated Alfers.
"The extensive environmental baseline studies we commissioned to
support the 2018 Plan demonstrate there are no significant
environmental issues associated with Phase II, which should
facilitate timely permit acquisition. This process will allow us to
move smoothly from Phase I into Phase II in the future."
The Company currently has all of the necessary permits for its
Phase I mining and heap leaching operation. The approved Phase I
project authorizes mining the Phase I pit, the full build-out of
the heap leach pad to accommodate leaching of the Phase I ore, and
construction of a new waste rock storage facility. The anticipated
mine life for Phase I is roughly two years following approximately
six to eight months of project construction.
The proposed expansion described in the 2018 Plan includes
enlarging and deepening the open-pit mine; building 106 acres of
new heap leach pad space adjacent to the previously approved pads
to hold the Phase II ore and constructing a new process pond;
expanding the authorized waste rock storage facilities for the
waste rocks to be mined from the Phase II pit; and constructing
ancillary facilities to support the Phase II operation.
Pershing Gold retained expert third-party consultants to augment
the environmental baseline studies and impact analyses that were
done for the Phase I operation. Examples of the Phase II studies
include:
- Detailed waste characterization studies consisting of both
static and kinetic tests (e.g., humidity cell tests) that evaluate
the geochemical behavior of the Phase II waste rocks and the rocks
that will be exposed in the Phase II pit wall. McGinley &
Associates ("McGinley") of Reno,
NV prepared these studies which show the Phase II rocks are
not acid generating and do not leach significant metals;
- Additional groundwater baseline studies and conceptual and
numerical groundwater models for the Phase II pit. WSP USA of Reno,
NV and Golder Associates of Redmond, WA prepared these studies which show
that mining the Phase II pit will require very modest dewatering (a
maximum of roughly 900 gallons per minute during the last three
months of mining), dewatering will not impact springs or
third-party water rights, and there will be a post-mining pit lake
that will be a groundwater sink;
- A predictive pit lake water quality study prepared by McGinley
that shows the pit lake will meet all NDEP water quality standards
and will be safe for wildlife; and
- A Rapid Infiltration Basins ("RIBs") technical investigation by
McGinley demonstrating that there will be insignificant groundwater
mounding and no water quality impacts associated with operation of
the RIBs to manage the dewatering water.
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 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.
Pershing Gold is listed on the NASDAQ Global Market and the
Toronto Stock Exchange under the symbol PGLC and on 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 and applicable Canadian securities
laws. All statements, other than statements of historical fact, are
"forward-looking statements," including the Company's plans to
obtain a surety bond and the cash collateral value of that bond,
the risks associated with the Relief Canyon Mine,and the company's
plans to restart or expand production at Relief Canyon Mine or
explore and discover new resources on nearby lands.
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, interpretations or reinterpretations of geologic
information, unfavorable exploration results, inability to obtain
permits required for future exploration, development or production,
general economic conditions and conditions affecting the industries
in which the Company operates; the uncertainty of regulatory
requirements and approvals; and fluctuating mineral and commodity
prices. 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, and on SEDAR at www.sedar.com. The Company assumes no
obligation to update any of the information contained or referenced
in this press release.
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SOURCE Pershing Gold Corporation