Pershing Gold has been going full speed ahead to advance the Relief Canyon mine in Nevada, leading some analysts to speculate that production could begin by the end of the year.
Pershing Gold Corp. (PGLC:NASDAQ; PGLC:TSX) has been working swiftly to advance the Relief Canyon project in Pershing County, Nevada. The company announced that its focus is on the Prefeasibility Study (PFS) and restart of the mine. Stephen D. Alfers, Pershing’s president, CEO and executive chairman, stated, “Early this year the Company plans to publish a third-party Pre-Feasibility Study on Relief Canyon. This study is expected to continue to bolster the confidence in the Relief Canyon project.”
According to the company, “the PFS is a key step to allow the Company to define reserves at Relief Canyon under Canadian NI 43-101 and is expected to provide a higher degree of confidence in the Relief Canyon project.”
Some of the key components of the PFS are economic analyses, including a “detailed capital and operating cost comparison of contract versus self-mining” and a “detailed capital and operating cost comparison of truck stacking versus conveyor stacking of crushed and agglomerated ore on the leach pad.” CEO Alfers said that the company’s main focus for 2017 “will be re-starting the Relief Canyon mine.”
Analyst Heiko Ihle of Rodman & Renshaw noted in a Jan. 10 research report that Pershing continues to “aggressively advance the Relief Canyon Project, which we feel should enter production during 4Q17. We continue to expect the firm to release a Pre-Feasibility Study (PFS) on the project during 1Q17, and think the economic analysis should pave the way towards a positive production decision shortly thereafter.”
Ihle added that “we do not foresee a prolonged construction period and continue to believe the project could enter production in later this year. . .the …read more