LAKEWOOD, Colo., June 20, 2012 (GLOBE NEWSWIRE) -- Pershing Gold Corporation (OTCBB:PGLC) is pleased to announce that Coeur d'Alene Mines Corporation (NYSE:CDE), (TSX:CDM) ("Coeur") has purchased 10,937,500 shares of Pershing Gold Corporation Common Stock in a private placement priced at $0.32 per share. Dr. Phillip Frost, an existing shareholder of Pershing Gold, joined Coeur in this private placement through Frost Gamma Investment Trust ("FGIT"), purchasing 1,562,500 shares of Pershing Common Stock under substantially the same terms and conditions as Coeur. Coeur and FGIT will have the right to participate in future financings to maintain their respective ownership interests. Gross proceeds of the private placement totaled $4.0 million.
Stephen Alfers, Pershing Gold's Executive Chairman and CEO, noted that Pershing Gold's Relief Canyon properties include the Pershing Packard exploration project near Coeur's Nevada Packard Mine, and said, "As the largest U.S.-based primary silver producer and a growing gold producer, we are very pleased that Coeur has chosen to make this significant investment in Pershing Gold. We plan to use the proceeds to continue our exploration and development efforts at our Relief Canyon properties, including the Pershing Packard exploration project, and for general corporate purposes."
Pershing Gold's Pershing Packard exploration project is located along the northern edge of its Relief Canyon land holdings and about one mile south of Coeur's Nevada Packard Mine. Pershing Gold has developed exploration targets on the Pershing Packard property based on geophysical surveys across the broad pediment area in the vicinity of Relief Canyon.
A map showing the location of Pershing Gold's Pershing Packard exploration project is available at http://media.globenewswire.com/cache/19459/file/14272.pdf.
Pershing Gold's entire land package covers over 24,000 acres of private lands and unpatented mining claims. The Company controls the Relief Canyon Mine property as well as the lands surrounding the mine. It also owns mining claims with untested mineral targets in the Pershing Pass area to the south of the Relief Canyon Mine.
About Pershing Gold Corporation
Pershing Gold Corporation is a new gold exploration and development company focusing on acquiring, exploring, and developing gold deposits in Pershing County and elsewhere in Nevada. The Relief Canyon Mine property in Pershing County is owned by Gold Acquisition Corp., the Company's wholly owned subsidiary.
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein including the anticipated exploration on the Pershing Packard project, interpretations of geophysical surveys, exploration results and other geologic information and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, inability to obtain external financing to fund planned exploration or maintain property rights, reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for its planned exploration and other activities, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; risks of junior exploration and pre-production activities; and maintenance of important business relationships. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the SEC including the Annual Report on Form 10-K for the year ended December 31, 2011 and each subsequently filed Current Report on Form 8-K. The Company assumes no obligation to update any of the information contained or referenced in this press release.
CONTACT: Stephen D. Alfers, Executive Chairman, President and CEO Phone Number: 720.974.7248 Email: Info@pershinggold.com www.PershingGold.com