Historically, gold prices and mining stocks see a substantial boost in times of financial insecurity. Yet, despite uncertain global markets, gold stocks have seen no significant boost to speak of as late. Emerging Nevada Gold Producer Pershing Gold Corporation (PGLC) appears on track to reverse this trend, though, thanks to the significant optimism regarding their promising reopening of the Relief Canyon Mine.
Nevada has one of the largest gold reserves on the globe – second only to Witwasterstrand, South Africa. In fact, since 1835, over 152 million ounces of gold have been mined, at a value that exceeds $250 billion, at current pricing. While many formerly lucrative gold mines have begun to dry up, though, the legacy of value-producing gold mines in the region has continued. In 2011, they were even ranked as the 2nd most “Mining Friendly Jurisdiction in the World” by The Fraser Institute, and the Pershing Gold’s Relief Canyon Mine is uniquely positioned to stand out even in such a productive region.
A Fast-Track Plan for the Relief Canyon Mine
The Relief Canyon Mine property includes three open-pit mines and an industry-leading, fully permitted and constructed heap leach processing facility. Pershing Gold’s plan to reopen the Relief Canyon Mine includes a four-pronged strategy, which includes the following steps:
Confirm, expand and upgrade the gold resource at Relief Canyon
Re-commission existing heap-leach processing facility at Relief Canyon to fast-track the company to production
Explore strategically located 25,000-acre contiguous land package around Relief Canyon
Create value through strategic acquisitions
While the Relief Canyon Mine project represents a great growth opportunity for Pershing Gold, it’s far from their first significant success. Since the company’s inception, they’ve tallied up a number of impressive achievements, including:
Consolidating a property position to eliminate constraints to past mine development and expansion
Expanding landholdings to more than 25,000 acres
Completing aggressive drilling programs that yield a five-fold increase in mineralized material
Identifying NI 43-101 compliant gold resource of 552,000 Measured and Indicated and 165,000 Inferred ounces of gold
Their discovery that the Relief Canyon deposit is comprised of three stacked mineralized zones
Pershing Gold’s Experienced Leadership
Pershing Gold has become a distinguished name in the industry thanks in large part to the leadership of tea members like their Executive Chairman, President and CEO Stephen Alfers, who has built a long and impressive career in building value and maximizing growth. Like any highly skilled CEO, Alfers has garnered extensive experience in private and public corporate finance, mergers and acquisitions, complex international business transactions and governmental affairs. However, Alfers has proven himself to be an ideal leader at Pershing Gold in particular thanks to his expertise in natural resource development, privatization of state owned enterprises and foreign investment.
The Pershing Gold team also includes the likes of leaders like Senior Vice President Debra Struhsacker, who holds notable expertise handling various environmental, public land and political issues, and Chief Operating Officer Timothy Janke, a mining professional with nearly four decades of experience.
As any regular investor in the mining sector is well aware, the difference between a company with an ambiguous future and a company with a structured plan for success can be dramatic. Thanks to their seasoned leadership and the Relief Canyon Mine project, those who are looking for a gold mining stock that is set up for valuable growth can scarcely do better than Pershing Gold.
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