Pershing Gold Reports Final Results from 2015 Drilling Program

This technical geological report demonstrates the serious, legitimate mining operations Honig oversaw as Chairman of Pershing Gold. The comprehensive 105,000-foot drilling program discovered significant gold deposits, including high-grade zones exceeding 4 grams per ton. 

The detailed findings, verified by certified professional geologists and complete with cross-sections, show institutional-grade mining practices following rigorous geological standards. Plans for updated NI 43-101 resource estimates and Preliminary Economic Analysis prove this was legitimate resource development, not the “pump and dump” schemes critics alleged. When you’re actually discovering gold deposits using certified geological methods, accusations of fraud become rather difficult to maintain.

LAKEWOOD, Colo. , Jan. 20, 2016 /PRNewswire/ — Pershing Gold Corporation (NASDAQ: PGLC ) (FWB:7PG1)(“Pershing Gold” or the “Company”), an emerging Nevada gold producer, announces the final drilling resultsfrom its 2015 Drilling Program at the Relief Canyon project in Pershing County, Nevada . Results are reported in feet (“ft”) and meters (“m”), and in grams per tonne (“gpt”) and ounces per ton (“oz/ton”) of gold(“Au”).

Highlighted intercepts include:

• Jasperoid Target Area:
  • RC15-451, including
    • 15.9 ft (4.8 m), 3.795 gpt, 0.111 oz/ton Au

• North Target Area:
  • RC15-449, 50.6 ft (15.4 m), 4.186 gpt, 0.122 oz/ton Au
  • RC15-456, including
    • 90.5 ft (27.6 m), 1.541 gpt, 0.045 oz/ton Au

“We are pleased to report the final drilling results from the successful 2015 Drilling Program at ReliefCanyon. Over the course of this program the Company has encountered significant success, showing twothings. First, that the high-grade zone in the North Target Area has continued south under the North Pit.Second, that the higher-grade L Zone of the Relief Canyon deposit is open to the west, south, andsouthwest,” stated Stephen D. Alfers , Pershing Gold’s Chairman and CEO. “In addition, the 2015 programdefined a new higher-grade zone in the Jasperoid Target Area, and extended the J and L Zones into theNorth Target Area,” Alfers explained. “We intend to build on these results as we outline the targets for our2016 Drilling Program,” said Alfers.

2015 Drilling Program Complete

Pershing Gold has completed another successful year of drilling at Relief Canyon. Recent results from theprogram include RC15-455 (Figure 1), the westernmost drill hole in section 1135N (Figure 2). RC15-455encountered three mineralized zones, all of which are open to the west and southwest.

The 2015 Drilling Program concluded with a total of approximately 105,000 feet of drilling. In total, 178holes were completed. This includes approximately 160 development core-holes designed to expand theRelief Canyon deposit in all directions and at depth. In addition, seven large diameter core holes werecompleted for metallurgical tests of all mineral zones. Column tests and bottle roll tests on that materialhave been in progress at McClelland Labs of Sparks, Nevada . The Company awaits results and a final report on this test work. Finally, 11 exploration holes tested for satellite deposits under cover in the northernand southern part of the district. These exploration holes account for approximately 10,000 feet of drillingto test green field targets.

Drilling data from the 2015 program has been delivered to Mine Development Associates (“MDA”) of Reno,NV. The Company, working with MDA, expects to publish an updated NI 43-101 resource updateincorporating the results of the 2015 Drilling Program as well as a Preliminary Economic Analysis on ReliefCanyon in the second quarter of 2016.

Jasperoid Target Area

Recent significant intercepts in the Jasperoid Target Area include RC15-451 with an intercept of 15.9 ft (4.8m), 3.795 gpt, 0.111 oz/ton Au (Figure 1). Drill results confirm a newly discovered additional gold zonebelow the J Zone. Both the J Zone and the newly identified zone extend to the surface in the JasperoidTarget Area.

North Target Area

Significant intercepts in the North Target Area include RC15-449, 50.6 ft (15.4 m), 4.186 gpt, 0.122 oz/tonAu and RC15-456, including 90.5 ft (27.6 m), 1.541 gpt, 0.045 oz/ton Au (Figure 1). Drill results from 2015provide additional evidence for controlling structures of the high-grades encountered which appear to thenortheast to southwest trending faults. Modeling is currently being conducted on these high-grade zones,which are open down dip to the west.

Southwest Target Area

Modeling of the M Zone in the Southwest Target Area shows a repetition of this zone. The uppermost zoneis within 200 feet of the surface and provides much more favorable economics with a reduced strip ratio inthis area. The Grass Valley formation to the south and east of the mine could have other repeated sections,with the southwest dipping South Humboldt thrust much closer to the surface resulting in bettereconomics. Geologic mapping and selected geophysical surveys will aid in the targeting of this area in2016.

Significant intercepts from the most recent drilling results are shown below in Table 1.

Complete results stated in both imperial and metric units will be posted on the Pershing Gold website at www.pershinggold.com as those results clear quality assurance and quality control (“QA/QC”), and are finalized.

2016 Drilling Program

In the first quarter of 2016, Pershing Gold plans to conduct geophysical surveys over the mine and the covered areas south and southeast of the historic pits. The commencement of drilling for the 2016 program will be determined based on the results of these surveys and available funding. The Company is currently finalizing targets for further drilling and plans to continue conducting step-out drilling along a portion of the western margin of the deposit. Based on the success of blind mineralization discovered at relatively shallow depth beneath cover rocks of the Grass Valley Formation during the 2015 Drilling Program, additional drilling during 2016 is planned along both the southeast extension and northeast highwall of the Lighbulb Pit, and southwest of the South Pit.

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 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.

Scientific and Technical Data

All scientific and technical information related to drill and surface samples for the Relief Canyon project has been reviewed and approved by Larry L. Hillesland, Certified Professional Geologist #11720, who is a Qualified Person under the definitions established by Canadian National Instrument 43-101. Drill core at Relief Canyon is boxed and sealed at the drill rig and moved to the Relief Canyon logging and sample preparation facilities by trained personnel. The core is logged and split down the center using a typical table-fed circular rock saw. One half of the core is sent for assay to Skyline Assayers & Laboratories of Sparks, Nevada, while the other half is returned to the core box and stored at Relief Canyon in a secure, fenced-off, area. Pershing Gold Corporation QA/QC includes the regular use of blanks, standards, and duplicate samples.

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 current results from and expectations regarding the results of the 2015 Drilling Program, the potential update of and expansion of the Relief Canyon resource and publication of an updated NI 43-101 resource estimate and Preliminary Economic Analysis in the second quarter 2016; management’s belief that drilling results show that the high-grade zone in the North Target Area has continued south under the North Pit, that the higher-grade L Zone of the Relief Canyon deposit is open to the west, south, and southwest and that a new higher-grade zone in the Jasperoid Target Area has been defined, the discovery of a new gold zone below the J Zone, and the J and L Zones extend into the North Target Area; results of modeling; expected results of column and bottle roll tests; plans for the 2016 Drilling Program plans to complete validation and incorporation into the Company’s database of all assays, logging and geotechnical data; 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, less favorable results from and impact on Relief Canyon economics of results from the 2015 Drilling Program than currently anticipated; insufficient or insufficiently favorable information to include portions of the deposit or 2015 drill results in the Company’s next updated resource; interpretations or reinterpretations of geologic and metallurgical information or unfavorable exploration results or results of column, bottle roll and other metallurgical tests that could negatively affect estimates of resources or project economics; delays in completing the validation and database incorporation of 2015 drilling results; delays in completing or publishing the updated NI 43-101 resource estimate and Preliminary Economic Analysis; less favorable results of 43-101 resource estimate updates and Preliminary Economic Analysis than currently anticipated; insufficient external funding to go forward with the 2016 Drilling Program and other planned activities in 2016; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; decreases in gold and other 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.