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Pershing Gold Corp.


Pershing Gold Corp. is an emerging Nevada gold producer uniquely positioned to create shareholder value by fast-tracking the reopening of the Relief Canyon mine, which includes three open-pit mines and a state-of-the-art, fully permitted and constructed heap-leach processing facility. The company's landholdings cover over 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 land.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Mining Report Interview with Rob Chang (12/9/14) "We are particularly excited about Pershing Gold Corp. It is currently listed on the OTC Bulletin Board, but it does have designs to uplist onto a larger exchange. We're very excited about Pershing because it has a property, Relief Canyon, located in Nevada near Coeur Mining's Rochester mine. Relief Canyon is a past-producing mine with an open pit. Most important, it has a mill that was barely used on site. It was shut down because the previous management team ran out of money. The upshot is that Pershing has a relatively new mill on the site of a past-producing pit in a well-known precious metals, primarily gold, jurisdiction with some silver. We assess that Pershing can get up and running at a very low cost. Money managers often ask us to suggest cheap investments that can produce in the short term. Pershing Gold fits the bill because it will only cost, say, $20 or 30 million of capex to ramp up into production. The asset is fully permitted. In addition, Pershing has had excellent exploration success that is encountering grades that are three to five times greater than what is listed on the official NI 43-101 resource for the project. . .we estimate the all-in cost at $850–900/ounce, which is very low. The reason is this is run-of-mine material. You basically take it out of the ground, stick it right on the leach pad and start leaching. It does not cost much to take it out of the ground because much of the overburden is already stripped. Plus, it does not need to be crushed, because it is run-of-mine material.

Another selling point for Pershing Gold is its excellent management. Executive Chairman and CEO Stephen Alfers is the gentleman responsible for discovering Long Canyon, which was sold to Fronteer Gold and later on to Newmont Mining. He later became the head of U.S. operations at Franco-Nevada. He saw the opportunity at Pershing and decided to leave Franco-Nevada to become Pershing's CEO. That is a very strong vote of confidence in the solid project. . .Pershing Gold has outperformed gold over the past month. Over the past three months, it's been in line with the gold price movement. As an under-the-radar, near-term gold producer, we think Pershing Gold is quite valuable." More >

H.C. Wainwright & Co. (11/20/14) "We are reiterating our Buy recommendation on Pershing Gold Corp. . .we continue to believe that Relief Canyon could provide a 'turnkey' scenario with relatively little capital expenditures required to bring the site into production."

The Gold Report Interview with Thomas Drolet (11/19/14) "I am impressed by Pershing Gold Corp.'s play at the south end of the Carlin Trend. Pershing just raised $10M in a private placement for its Relief Canyon play. The Carlin Trend is a consistently good place to invest. It has sustainable gold resources. The big guys, in this case Goldcorp and Barrick, are increasingly taking strong positions there. Nevada is a solid, stable mining territory." More >

Rob Chang, Cantor Fitzgerald (11/3/14) "Pershing Gold Corp.'s step-out drilling at Relief Canyon continues to intersect higher than resource estimate grades. . .all 2014 drilling data will be incorporated into an updated NI43-101 resource estimate expected to be released in early 2015. . .highlights from the drill results include drill hole RC14-203 which reported 4.07 g/t Au over 58.1 ft. . .state and federal regulatory authorities have approved the final permits needed to start mining at the Relief Canyon mine. . .we expect production to commence in 2016 and we forecast 85 Koz Au to be produced that year. . .we maintain our Buy recommendation."

Jeb Handwerger, Gold Stock Trades (10/27/14) "Pershing Gold Corp. announced a financing with some of the most active and smartest U.S. investors and now sits with over $20M cash, a fully permitted heap-leach facility and an expanding gold resource base in Nevada. . .I expect the stock to be uplisted to a major exchange such as the New York Stock Exchange or NASDAQ in the near term. . .the weak junior mining environment could play into the advantage of. . .Pershing to pick up quality mining assets at a bargain."

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Peter Epstein, Seeking Alpha (10/21/14) "On Oct. 20, Pershing Gold Corp. announced it had raised additional equity capital from a strategic investment of $10M in cash from Levon Resources Ltd. . .net proceeds totaled $9.9M. This leaves the company very close to fully funded through to initial production next year."

Samuel Rae, Seeking Alpha (7/28/14) "Pershing Gold Corp. is set to report an updated technical report during Q3/14. Every time the company updates its expectations, estimated resources and the quality of these resources improve."

The Gold Report Interview with Byron King (7/21/14) "Pershing Gold Corp. is a nice, all-American company, right off the interstate highway, just a two-hour drive northeast of Reno. It's in a mining district that has been active since the California Gold Rush. Pershing is reactivating an old mine that shut down simply because the people who ran it, years ago, weren't very good. There's plenty of gold resource, if you can mine it efficiently. Pershing has a beautiful, state-of-the-art crushing and leaching facility. It has a team of sharp engineers and geologists who know what they're doing—just fabulous guys, every one of 'em. When it comes to rocks and geology, Pershing has beautiful mineralization, and even better, it's up the side of a hill. You can mine ore, put it in a truck and the truck rolls down the hill. That is great for energy consumption, because the heavy load goes downhill and the light load goes uphill. Cost, cost, cost. Get the costs out of your project.

The only frustration with Pershing is the time it takes to get permits. That's a function of mining in the United States. But the people at Pershing are persistent and they're working cooperatively with the state and federal bureaucrats. I anticipate that Pershing will be up and running, digging, processing and pouring gold bars, within the next 24 months. I am confident that Pershing will be a great play over time." More >

Peter Epstein, Seeking Alpha (7/14/14) "Pershing Gold Corp. remains on track for first production next year with some analysts calling for 80 Koz/year gold as soon as 2016. . .the company is unique in the small amount of remaining capital required to reach production and its 100%-owned, built and permitted heap-leach facilities. . .I expect to see further derisking, value-creating news developments in coming months."

The Gold Report Interview with Edward Karr (7/2/14) "My number one pick is Pershing Gold Corp. (PGLC:OTCBB). I have been a Pershing shareholder for a few years, and it has been exciting to watch the company develop. Pershing Gold is headed by CEO Steve Alfers. He is an experienced mining attorney with a great reputation in the U.S. He is a very seasoned deal guy and has put several mines into production. Alfers stepped down as COO of Franco-Nevada to become the CEO of Pershing Gold. That is a huge statement in and of its own—that he would leave a functioning major to run a junior. And Alfers has assembled a phenomenal team at Pershing Gold.

Pershing Gold's major asset is the Relief Canyon mine. Relief Canyon has three open-pit mines and a state-of-the-art, fully permitted and operational heap-leach facility. It is a shovel-ready project, fast tracked to go into production by the end of this year. And Pershing Gold has just announced a new discovery, which is two miles north of its three main pits. That property is very close to the border with Coeur Mining's Rochester mine. Coeur Mining is already a shareholder in Pershing Gold and knows the situation on the ground very well. This discovery is a brand new, high-grade mineralization system that could very easily extend up into the Rochester mine/Coeur Mining properties. Pershing Gold has already announced some drill results at very good grades. Pershing Gold has announced a recovery rate of 81.8%. Pershing is also forecasting about an 80 Koz per year production; Pershing's all-in costs should come in at $750/oz.

Pershing Gold's debt-free current market cap of approximately $108M. I fully expect Pershing's market cap to trade up in line with Midway's in the future. I really like Midway and the Pan project, but I love Pershing Gold and Relief Canyon. Pershing Gold is one of the most undervalued and exciting Nevada gold exploration and near-term production stories on the market today.

Pershing is moving into fast-track permitting right now on the Relief Canyon mine. It has the permits needed. The company is in constant contact with the BLM, and that process is moving forward at a very fast pace. The discussions with the BLM to reopen the mine under either the current or the amended plan of operations could be a major catalyst. Seeing more results from the target two miles north of the main three pits could be a big catalyst. Cantor Fitzgerald issued a research report on Pershing Gold at the end of May. It put a $0.55 price target on the stock. When gold moves back up to $1,400–1,500/oz, investors will get tremendous leverage on the Pershing stock." More >

Rob Chang, Cantor Fitzgerald (6/23/14) "With pedigreed management and an excellent jurisdiction, we remain very positive on Pershing Gold Corp. . .the company has announced its mid-year 2014 progress report, which was highlighted by significant progress towards re-opening the Relief Canyon Mine along with ongoing development drilling to expand the Relief Canyon resource and identify new exploration targets."

The Mining Report Interview with Michael Berry (6/17/14) "Pershing Gold Corp. is very close to Moonlight and Spring Valley. It will be producing gold soon. Apparently, its capital expense is very small and it can get into production on their property. Steve Alfers is the CEO. He is very experienced from his days with Franco Nevada Corp. Steve runs a tight ship. Pershing appears to have a solid group of investors. This is another company that I like a lot and we own shares in Pershing." More >

Rob Chang, Cantor Fitzgerald (5/28/14) "We are initiating coverage on Pershing Gold Corp. with a Buy recommendation. . .as a key asset, the company has a fully permitted processing plant with a capacity to treat 8 Mtpa, and the permitted leach pad has a 21Mt capacity. The facility itself is ideally positioned to process future discoveries from satellite deposits."

The Mining Report Interview with Jeff Wright (5/27/14) "We like Pershing Gold Corp. in northern Nevada. Pershing Gold has Relief Canyon, a former producing mine. The company's plan is to proceed with full permitting of the site to mine both above and below the water table of this open pit. It's currently permitted to mine above the water table, but not below. Pershing successfully added ounces to the resource base last month. It shows a heap-leachable oxide resource above 500 Koz gold. Once permits are in hand to restart operations, the project comes with a carbon mill onsite that can produce a carbon concentrate, so the heap-leach operation is a fairly low technical risk. It's a low hanging fruit project that will produce over a number of years. The mine plan is still being developed, however. But given the location and potential, as well as the resource expansion in the offing, it's certainly very advantageous. . .I was in Lovelock, Nevada, in March, looking at the project. It was a good site visit. It confirmed what we had seen in the technical reports. The technical aspects of the mine itself, an open pit that's already somewhat assessable, look good. The heap-leach pads were in place. The grasshoppers and the conveyors were all in place, so we're not looking at a full build-out. It's essentially the restart of a brownfield mine, but Pershing wants to make sure that it has sufficient resources and all the permits in place for a number of years." More >

The Gold Report Interview with Michael Berry (4/14/14) "I like Pershing Gold Corp., especially its management. Steve Alfers is CEO and running Pershing. It is a derisked near-term production story. It has about 700,000 oz gold Measured, Indicated and Inferred, and is building a very nice gold resource." More >

Jeff Wright, H.C. Wainwright & Co. (3/25/14) "Pershing Gold Corp.'s Relief Canyon is tailor-made for a restart. We recently completed a site visit to Relief Canyon. . .overall, we left with a favorable impression and can see a path to restarting production and expanding the size of the resource base supporting the mine. . .the infrastructure in place for a restart."

Jeff Wright, H.C. Wainwright & Co. (2/6/14) "We are initiating coverage of Pershing Gold Corp. with a Buy rating and 12-month price target of $0.70/share. We believe the pieces are in place for the company to establish itself as a viable gold producer in Nevada within the next two years."

The Gold Report Interview with Heiko Ihle (1/15/14) "I recently visited Pershing Gold Corp. in Nevada. Its mill is more or less ready to flip the switch. I spent a whole day with the management team. Although we do not have coverage, a price target or any valuation numbers on Pershing Gold, I would not be surprised to see it moving forward over the next couple of years, or quarters, for that matter." More >

Chris Berry, House Mountain Partners LLC. (10/16/13) "Right now, we're waiting for a resource estimate update from Pershing Gold Corp. and also I believe early next year we should get an idea of the economics associated with the deposit at Relief Canyon. If gold can find a bottom and we get some good news from the company, it could really set the stage for a positive 2014."

Chris Berry, Morning Notes (9/20/13) "The success of Pershing Gold Corp. in drilling thus far should not be glossed over. In Relief Canyon, the company has a past-producing mine in a stable geopolitical jurisdiction run by a strong and experienced management team. . .and management has gone further by clearly laying out its objectives and achieving them. . .we can see clear catalysts on the horizon (a larger NI 43-101 resource, additional discovery surprises from drilling) and with a firm gold price at our backs, it would appear that Pershing is poised for future appreciation."

Peter Epstein, Seeking Alpha (8/16/13) "Pershing Gold Corp. is one of just a select few that have demonstrated ongoing access to capital; the timing of this raise, in conjunction with an exciting, highly prospective drill campaign, is noteworthy. Pershing appears to be comfortably funded for the next six to nine months."

The Gold Report Interview with Chris Berry (7/31/13) "Pershing Gold Corp. is substantially derisked relative to a number of other gold exploration and development plays. The company is consolidating a land package with a past-producing mine called Relief Canyon. It's run by Steve Alfers, who has a background as chief of U.S. operations at Franco-Nevada. He has a wealth of experience across the entire mining value chain. Relief Canyon was an open-pit mine with low operating costs. The processing facilities at Relief Canyon are fully permitted and refurbished, which lowers the capex to get to production. Relief Canyon has an NI 43-101 in-pit resource of approximately 463 Koz gold in the M&I categories and approximately 101 Koz Inferred, with additional growth potential. For those investors who take solace in a 'major' investing in a junior, one should not overlook the strategic partnership Pershing has initiated with Coeur Mining, which owns over 10M shares in the company." More >

Morning Notes (7/25/13) "Pershing Gold Corp. just announced the start of its phase 1, 2013 drilling plan at the past-producing Relief Canyon mine in Nevada. . .a successful first phase of drilling can open the door to an updated NI 43-101 resource estimate and enhance the economics of the deposit. While many mining companies have pared back their exploration plans in favor of 'keeping the lights on,' those companies that undertake exploration programs in this environment offer the greatest potential for share price upside in an otherwise moribund market. Pershing is a prime example."

Chris Berry, Morning Notes (5/30/13) "Pershing Gold Corp. issued an encouraging news release that shows the company has potential to build upon the size of its NI-43-101-compliant resource estimate at the past-producing Relief Canyon mine. The optimism stems from a previously unrecognized gold deposit discovery in the North Target zone. This new discovery area has never been drilled and is the type of potential upside investors look for. In addition, the company announced that they have confirmed gold-mineralized intercepts of significance in at least two historic drill holes that are located outside the current NI 43-101 resource. . .this demonstrates the strong potential to improve upon the already promising economics at Relief Canyon. . .in an environment of sideways to down gold prices, companies that can lower costs or increase the size of their mineable resource will tend to stand out—Perishing continues to offer this type of an opportunity."

Bob Moriarty, 321 Gold (5/28/13) "Pershing Gold Corp. CEO Steve Alfers has made a major leap forward with Relief Canyon in his land consolidation program. The company owns a mill and leach pads at Relief Canyon and has plans in place for getting back into production in 2014. Alfers has completed a drill program that increased the resources by 500%. Pershing can either go into production or sell the asset. Alfers is quite used to selling assets at a nice profit."

Markus Aarnio, Seeking Alpha (4/3/13) "Gold production in Pershing Gold Corp.'s Relief Canyon Mine will begin in 2014. . .the initial target gold production will be 50 Koz/year. . .the Relief Canyon mine is a past producing mine that already has a ready-to-operate heap leach facility along with most of the permits to begin production again in place. . .there have been recent insider buy transactions in March and throughout the past 12 months. . .insider buying in a closely held company can be a positive signal for investors."

The Gold Report Interview with Michael Berry (2/27/13) "From Vancouver, we went to visit Pershing Gold Corp. There are a lot of discoveries in the goldfields of Nevada and many more junior gold explorers are setting up operations. . . I think the company found that, aside from this being a very difficult market, you cannot be on both sides. That is why I appreciate what Steve Alfers has done over at Pershing Gold. Steve Alfers knows more of the history of Nevada gold and has done more deals in Nevada gold than anyone I know. When I first saw Relief Canyon years ago, it was a mess, checkerboarded by Newmont and others. Steve pulled it together. Pershing now has 538 Koz Measured and Indicated and close to 700 Koz Inferred. That Relief Canyon resource will only get bigger. Pershing has three pits on its property and has deals with Newmont to explore its properties.

"Pershing also owns 24% of Valor Gold Corp., which has the Red Rock property in the Battle Mountain Trend. Money is coming into that project as well—another example of optionality. Art Leger is heading up the discovery drilling on Red Rock. There is a lot of excitement there as well. There is not a lot of downside to what Steve Alfers has done with Pershing. The stock moved from $0.30/share to $0.51/share. I think it will move again. . .Steve has some great geologists and a fully permitted heap-leach plant. He also has one of the world's wealthiest investors backing him. Dr. Phil Frost, a life sciences guru, owns a significant percentage of Pershing Gold. . .right now, it trades on the OTC Pink, but I expect to see Pershing listed on the NASDAQ or the NYSE Market." More >

Peter Epstein, Seeking Alpha (2/25/13) "Pershing Gold Corp. has dramatically outperformed peers over the past three and six-month periods. . .clearly, interest is growing about what Executive Chairman and CEO Stephen Alfers and his team have accomplished. . .the company owns a fully permitted and built processing facility. This allows it to avoid four years of permitting and associated risks as well as the need to source funding of several tens of millions in capex. . .Pershing's 564 Koz of Measured, Indicated and Inferred gold are found on just 3% of the consolidated property; the existing resource is open on all sides."

Peter Epstein, Seeking Alpha (1/25/13) "I'm as excited as ever about Pershing Gold Corp. I stand by my $3 NAV estimate and I now believe that the company's stock could break through the $1 barrier within three to six months."

Michael Berry, Disruptive Discoveries Journal (1/24/13) "In the first year operation, I would rate Pershing Gold Corp.'s wealth creation program a great success. . .the company expanded the known gold reserve by a factor of five. . .it also announced a Measured, Indicated and Inferred resource of 5.64 Koz Au. . .there is sure to be a silver resource here as well that is not yet determined. . .we believe this year's drill program will increase and improve the gold resource."

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