Source: The Gold Report 04/06/2017
As Pershing Gold closes a deal to consolidate its Blackjack project, it continues to move the Relief Canyon mine closer to production.
Pershing Gold Corp. (PGLC:NASDAQ; PGLC:TSX) has a couple of irons in the fire, with its flagship Relief Canyon mine progressing closer to production and a new sublease that will expand the Blackjack project, which the company terms as highly prospective.
On April 4 Pershing Gold announced it has entered into “a Mining Sublease with Newmont USA Limited which further consolidates the Antelope Springs mining district in the Pershing Pass area south of the Relief Canyon Mine.” Stephen Alfers, chairman, CEO, and president of Pershing Gold stated, “The Blackjack Project is comprised of seven historic mercury and antimony mines. The consolidation of this historic mining district for the first time is the crucial catalyst for the Company’s district-wide gold exploration efforts.”
With the sublease, Pershing Gold now controls 100% of the prospective ground in its Blackjack project area, according to the company.
Under the terms of the agreement, Pershing Gold has “the exclusive right to prospect, explore for, develop, and mine minerals in all areas [with] an initial term of ten years and may be extended by Pershing Gold until December 3, 2034.”
“Blackjack is important to the Company because it presents a very real opportunity to extend the life of the entire project through the discovery of satellite deposits,” CEO Alfers noted. “This Sublease is important to Pershing Gold because it unlocks the Blackjack Project. The Sublease is centrally located and, as private land, it strengthens Pershing Gold’s control over the entire project.”
Heiko Ihle of Rodman & Renshaw, in an April 5 report, noted, “Importantly, the …read more