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Pershing Gold extends footprint in Nevada with sublease
Pershing Gold Corporation (NASDAQ:PGLC, TSE: PGLC) has further increased its footprint in Nevada as it aims to further the life of the project.
The firm’s primary asset is the Relief Canyon Mine in Pershing County and it has now struck a sublease with Newmont USA Ltd, which further consolidates the Antelope Springs mining district in the area south of the Relief Canyon Mine, it said.
Pershing chairman and chief executive Stephen Alfers said: “This sublease is the last of seven parcels that we needed to consolidate the highly prospective Blackjack Project Area.”
“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.”
Relief Canyon remains open in three directions and the firm plans to continue expanding it.
“However, 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,” Alfers said.
Pershing Gold will now pursue an aggressive mapping and sampling program and core drilling is expected to begin within a month.
The Sublease has an initial term of ten years and may be extended by Pershing Gold until December 3, 2034 and so long thereafter as any mining, development, or processing operations are being conducted continuously.
The Sublease calls for Pershing Gold to make minimum work expenditures for the first four years, followed by annual royalty payments to Newmont
It may be terminated any time after the required minimum work commitment of US$500,000 has been satisfied within the first two years.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175957/pershing-gold-extends-footprint-in-nevada-with-sublease-175957.html
