The Company Expands Its Portfolio with Joint Venture Agreements on Two Exploration Projects
RENO, Nev., July 10, 2018 (GLOBE NEWSWIRE) -- Pershing Resources Company (OTCPK:PSGR) announced today that it has agreed to acquire ownership interests in two Central Nevada gold-silver mineral properties located in Central Nevada’s active mining districts from Americas Gold Exploration, Inc. (“AGEI”). The West Bolo Project is located within the Hot Creek Range, about twelve miles north of the Tybo Mining District. The Tonopah SIN Project is located in the world class Tonopah Mining District. Both projects have strong potential for discovery of major gold deposits.
The Company has issued a total of 13,770,000 restricted common shares to AGEI and a private partner as the transaction consideration for exclusive earn in rights on the West Bolo and Tonopah SIN Projects. AGEI will be the operator and manager of both projects. Pershing Resources has purchased the rights to earn-in up to 70% ownership of both projects over a five-year investment and development plan in which the Company will invest up to five million dollars in each project. The investment schedule for each project calls for a first-year investment of $250,000 and will follow a development plan with a budget that steps up incrementally as exploration and development activity increases each year. Pershing Resources will have oversight and right of review of all expenditures on the projects. The development and investment programs will culminate with the completion of a “bankable feasibility study” for each project by the end of 2024. Surface sampling, mapping, geophysical studies and eventual drill testing are planned for 2018 and 2019 on both projects. In addition, Don McDowell, President of AGEI, has stepped into a senior advisory role with the Company on exploration and project management matters.
The West Bolo Project currently covers an unpatented claim group of approximately 3 square miles with several large, outcropping Carlin Style gold exploration targets as well as multiple structural gold-silver targets. The Project is immediately adjacent to similar projects currently owned by Allegiant Gold, Newmont and, a joint venture between Coeur-Rochester & Renaissance Gold. Historical data along with more recent exploration data compiled by AGEI including assay and drilling documentation indicates that the Project contains geologic, geophysical, and geo-chemical signatures like those in many large Carlin style gold deposits.
The Tonopah SIN Project currently covers two separate epithermal hot springs related gold exploration targets immediately southeast and adjacent to West Kirkland’s Hasbrouck & Gold Mountain Deposits. The Project includes outcroppings of possible gold bearing hot springs sinter’s and chalcedonic veins within the Siebert Tuff formation, which is the primary host rock at West Kirkland’s Hasbrouck & Three Hills Gold Deposits. The SIN-Divide portion of the Project is contiguous with the Gold Mountain Project Area recently acquired by West Kirkland and hosts gold bearing hot springs sinters and areas of pervasive silicification in the Siebert Tuff.
Pershing Resources CEO, Steve Plumb, stated, “We are excited about the prospects for the West Bolo and Tonopah SIN Projects. These assets are strategically located in active areas of exploration and development. Their addition will greatly enhance our project portfolio value complement our New Enterprise Project near Kingman Arizona. In addition, these acquisitions bring the technical expertise and successful track record of the principals of AGEI. We believe that these acquisitions and association with AGEI will increase value for shareholders, diversify our portfolio risk and, facilitate access to capital as we advance on all our projects. We expect that the acquisition of these property interests will significantly enhance our position as we continue to evaluate financing opportunities, including strategic partnerships and, our upcoming equity offering.”
For more information on the West Bolo and Tonopah SIN Projects please go to the Pershing Resources website at: https://www.pershingpm.com/joint-ventures-investments
About Pershing Resources Company Inc.
Pershing Resources is a precious and base metals exploration and mining company with several projects in North America. The Company is based in Reno, Nevada and owns an operations facility near Kingman, Arizona. It is currently focused on the development of its 100% owned New Enterprise and Mohave-Standard properties, collectively referred to as the New Enterprise project. The New Enterprise Project is located between the Mineral Park Porphyry Cu-Mo mine (approximately 20 miles to the northwest) and the Baghdad Cu-Mo mine (approximately 45 miles to the southeast). The Company's other assets are comprised of mining properties in various stages of development located in the Western United States.
As opportunities arise, the Company will seek to strengthen its balance sheet through acquisition of additional mineral rights and mining properties. Pershing Resources is committed to responsible mining practices and, we believe, is positioned to deliver sustained growth and performance for years to come.
About America’s Gold Exploration Inc.
America's Gold Exploration Inc., (AGEI), is a privately held mineral exploration company focused on gold, silver and, copper exploration and resource development. AGEI currently has projects and joint venture interests in various stages of exploration and development with major project assets in late stage development located in Nevada's world class Carlin and Battle Mountain Gold Districts that are currently estimated at more than two million ounces of drill inferred gold resources. AGEI has an industry experienced technical team of mining professionals and, has existing relationships with several major mining companies, as well as active relationships with significant junior mining companies in Nevada, Alaska and the Western United States.
The information contained in this press release as well as the information on the Company's website is provided solely for the reader's general knowledge. Such information is not intended to be a comprehensive review of all matters pertaining to the Company. Certain statements included herein and on the Company's website, constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, these forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to the Company's management. When used in this press release and on the Company's website, the words "estimate," "project," "believe," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and/or achievements of the Company or of the gold mining industry in general to be materially different from future results, performance and/or achievements expressed or implied by those forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties related to fluctuations in gold, silver and other commodity prices, uncertainties relating to interpretation of drill results and the geology of the Company's properties, uncertainty of estimates of capital and operating costs, the need for cooperation of government agencies in the development of the Company's mineral projects, the need to obtain additional financing to develop the Company's mineral projects, the possibility of delay in development programs or in construction projects, and uncertainty of meeting anticipated program milestones for the Company's mineral projects.
All forward-looking statements are expressly qualified in their entirety by this cautionary notice. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. The Company has no obligation, and expressly disclaims any obligation, to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise.