Gold, Oil, and Energy
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Victory Resources Corp. Completes 2nd Tranche of Private Placement
Vancouver, BC – Victory Resources Corp (Symbol VR-TSXV) (the “Company”) is pleased to announce that it has received additional subscription agreements totaling 3,772,067 units, completing its 2nd tranche of the non-brokered private placement offered to qualified investors for additional gross proceeds to the company of $1,320,223.85. ….more
Pershing Gold Announces 2011 Drilling and Geophysical Survey Results at the Red Rock Mineral Prospect in Lander County, Nevada
LAKEWOOD, Colo., April 26, 2012 (GLOBE NEWSWIRE) – Pershing Gold Corporation (OTCBB:PGLC) is pleased to announce the results from its 2011 exploration activities at its Red Rock Mineral Prospect gold property in Lander County, Nevada, which Pershing holds under a long term lease. The exploration program consisted of CSAMT surveys, location of 67 lode claims, and drilling of 10,426 feet of combined core and reverse circulation drilling (15 drill holes). The Red Rock Mineral Prospect is located in the Mt. Springs Mining District at a triple intersection of the gold-producing Battle Mountain-Eureka and Rabbit Creek Trends, with the Caetano Break Trend. (See November 21, 2011 Press Release).
CSAMT Survey Completed at Red Rock
One of the focuses for the Red Rock Property 2011 exploration program was conducting several Controlled Source Audio Magneto-Telluric (CSAMT) surveys. The most recent survey was finished in December and defined a complex structural zone in the central target area. The 2011 CSAMT surveys delineate a previously unrecognized complex series of north-south trending, high-angle faults and the intersection of these north-south trending structures with the Caetano Graben fault zone.
Management believes that the presence of this north-trending series of faults is encouraging because north-trending structures typically control gold mineralization at deposits within the Battle Mountain- Eureka trend. The results of the CSAMT surveys should be helpful in developing new drill targets.
New Lode Claims Located
Pershing Gold located 67 new lode claims in 2011 to control the projected trend of a major north-south structural zone along the west side of the Red Rock claim block. The Company plans to conduct geologic mapping and sampling of the new claims focused on identifying new mineralized targets that merit drilling in the future.
Drill Program
Pershing Gold drilled 15 rotary and core holes totaling 10,426 feet at the Red Rock Mineral Prospect in 2011. All of the drill holes intersected intervals containing 0.050 grams per ton (gpt) gold (Au) or greater. In addition to the anomalous gold, each hole contained elevated trace element values of arsenic, mercury, thallium, and tellurium which correlate with the gold intervals. ALS Minerals of Reno, NV performed the drill assays.
Logging of the core and cuttings reveals that most of the drill holes contain sooty carbon alteration, strong quartz veining, and abundant pyrite. The trace element geochemistry and mineralization and alteration styles encountered in these holes are geologic characteristics typically associated with the upper zones of a Carlin-type gold deposit.
The best 2011 drill-hole intercept was 10 feet grading 1.23 gpt Au (including 5 feet of 2.18 gpt Au) in RRC-11-15. Pershing Gold interprets the rock alteration styles and assay data from RRC-11-15, and the high trace-element metal values in three nearby holes, to represent leakage of mineralizing fluids from a potentially large tonnage, Carlin-type gold system at depth. The target consists of soil and rock samples that contain elevated gold and Carlin-style trace elements that are located at the center of a gravity high that is thought to represent altered rocks at depth. In addition, data from one of the CSAMT geophysical surveys indicates the area is an uplifted block that should bring lower plate rocks, including the Silurian – Devonian-age Roberts Mountains Formation (a proven gold-bearing host rock at a number of Carlin-type deposits), closer to the surface. All of the drill results will be posted on the Pershing Gold website.
Two potentially productive structural trends with west-northwest (WNW) and north northeast (NNE) faults cut the Red Rock property. The east end of the Red Rock claim block is located on the north rim of the WNW-trending Caetano Caldera, some 2 kilometers (km) WNW of the Horse Mountain gold prospect, that is hosted within a window of lower-plate carbonate rocks of Ordovician to Devonian age. In addition, NNE-trending gravity structures are interpreted to cut the west side of the Red Rock property on the east edge of the Reese River Valley, approximately 18 km east-southeast of the historic Cove-McCoy gold mine.
“The 2011 year drill program was designed to help focus high-priority targets that can be drilled in 2012 to advance our search for a Carlin-type gold deposit at depth. The drilling results showed very favorable indications of Carlin-type mineralization. Additionally, the 2011 CSAMT geophysical surveys reveal many zones of structural preparation that will be the focus of additional exploration work,” said Director of Exploration, Art Leger.
Stephen Alfers, Pershing Gold Executive Chairman, President, and CEO added, “We believe that the Red Rock property provides excellent potential for the discovery of new Carlin-type gold mineralization. This large property has an impressive geologic address – at the intersection of two of the most prolific Nevada gold belts, the Battle Mountain-Eureka Trend and the Rabbit Creek Trend. We think there are many promising gold exploration targets at Red Rock and we are seeking arrangements under which we can retain a significant interest in the Red Rock property while a third party advances the property.”
About Pershing Gold Corporation
Pershing Gold Exploration 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 in Pershing County is owned and operated 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 27A of the Securities Act of 1933 and 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 planned drilling and exploration programs, 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: investors@pershinggold.com
www.PershingGold.com
Source: Pershing Gold Corporation
Released April 26, 2012
Victory Resources Corp. Completes 2nd Tranche of Private Placement
Vancouver, BC – Victory Resources Corp (Symbol VR-TSXV) (the “Company”) is pleased to announce that it has received additional subscription agreements totaling 3,772,067 units, completing its 2nd tranche of the non-brokered private placement offered to qualified investors for additional gross proceeds to the company of $1,320,223.85.
The total of both tranches of the non-brokered private placement will result in the issuance of 7,607,369 units at a price of $0.35 cents a unit for total proceeds of $2,662,579.55. Each unit consists of one common share and one-half of one share purchase warrant. A full warrant entitles the holder to acquire one additional share at a price of $0.50 for 24 months from closing. All securities issued are subject to a hold period of four months from closing. Finders’ fees will be paid to qualified parties.
About Victory Resources Corporation
The company’s main focus is on the Reforma property located at the common boundary of Sinaloa and Chihuahua States in west central Mexico. The concessions cover a total area of 7,226 hectares. Victory Resources will earn a 70% undivided interest in the Reforma property as part of an option agreement. Formerly owned by Penoles in Mexico, documentation showed that between the years 1968 to 1980, the Reforma mine processed 1.8 million tonnes grading an average of 91.62 grams per tonne Ag, 1.90 per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.
The company has also begun exploration work on the Au-Wen property in British Columbia, Canada. The Au-Wen property is 100 % owned by Victory Resources and is located 30 kilometers southeast of Merritt and 8 kilometers east of the historic Aspen Grove mining camp in south-central British Columbia, Canada. The property is comprised of 91 mineral claims covering an area of 34,200 hectares. The area covered is up to 39 kilometres long and up to 21 kilometres wide.
On behalf of The Board of Directors of Victory Resources Corporation.
Paul Lee, Director
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Victory Resources Corp. which may cause actual results, performance or achievements of Victory Resources Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Victory Resources Announces Private Placement of Flow Through Units
VANCOUVER, BC – Victory Resources Corp. (Symbol VR-TSXV, OTCQX:VRCFF) (the “Company”) is pleased to announce that it has arranged a non-brokered private placement of flow-through units. The total flow-through unit proceeds arranged are up to $300,000.
Each flow-through unit will be priced at $0.45 cents, and will consist of one common share and one-half non-flow-through warrant. Each full warrant entitles the holder to purchase one common share at a price of $0.55 per share following 24 months from the closing date.
The flow-through proceeds of the private placement will be used for an initial exploration program on the Company’s 100% owned Toni property located in British Columbia, Canada. The first stage of the exploration program would be an airborne ZTEM survey that will cover the Toni property, the historically known mineral porphyry deposits, and the potential mineral prospects in the area. The company agreed to pay finders’ fees to arm’s-length qualified parties.
“We are very pleased to begin the exploration program at the Toni property and to have two ongoing mining exploration projects for our company,” stated Wally Boguski, President/CEO, “our Toni property in British Columbia, Canada and our La Reforma property in Mexico are both located in known geological areas that have attracted a lot of industry activity. We feel very fortunate to offer shareholders the potential development of these mining properties.”
About Victory Resources Corporation
The company’s main focus is on the Reforma property located at the common boundary of Sinaloa and Chihuahua States in west central Mexico. The concessions cover a total area of 7,226 hectares. Victory Resources will earn a 70% undivided interest in the Reforma property as part of an option agreement. Formerly owned by Penoles in Mexico, documentation showed that between the years 1968 to 1980, the Reforma mine processed 1.8 million tonnes grading an average of 91.62 grams per tonne Ag, 1.90 per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.
The company has also begun exploration work on the Au-Wen property in British Columbia, Canada. The Au-Wen property is 100 % owned by Victory Resources and is located 30 kilometers southeast of Merritt and 8 kilometers east of the historic Aspen Grove mining camp in south-central British Columbia, Canada. The property is comprised of 91 mineral claims covering an area of 34,200 hectares. The area covered is up to 39 kilometres long and up to 21 kilometres wide.
On behalf of The Board of Directors of Victory Resources Corporation.
Paul Lee, Director
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Victory Resources Corp. which may cause actual results, performance or achievements of Victory Resources Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
HOW YOU CAN MAKE GOLD WITH SILVER
There’s a lot of uncertainty in the equity markets these days. We’re up 100 one day and down 200 the next. Who do you blame? Greece, Ireland, the entire European Union?
Maybe it’s the economic data.
Anyway you look at it we’re surrounded by uncertainty.
But that’s not necessarily true for all the markets. Just look at the precious metals markets.
Since the beginning of the year, Gold and Silver have outperformed almost everything.
We’ve seen gold hit $1,900, and silver has been trading well above $30.
There are alternatives to buying physical commodities, and one of the most popular is investing directly into precious metal producers.
As always there are positives and negatives with any investment. Investing in mining stocks instead of the mineral itself has added risk. Companies can mismanage their resources and make dumb decisions.
But they also offer a potential opportunity to make a much higher and faster return on your investment.
There is one thing I can guarantee: A gold or silver bar in a safe deposit box isn’t going to pay you a dividend. But the mining stock we’re talking about today is going to pay one this quarter.
A LONG HISTORY
Hecla Mining (HL) still maintains the name it was founded under over a century ago. The company’s perseverance has secured its position as the largest silver producer in the U.S.
Hecla currently has two operating mines and a number of exploration projects. Their Greens Creek, Alaska mine accounted for approximately 75% of Hecla’s 2010 revenue. The Lucky Friday mine in Idaho accounts for the rest of their cash flow.
The Greens Creek mine was discovered in 1975, with production beginning in 1989. Kennecott Greens Creek operated the mine until 2008 when Hecla purchased full control.
Hecla has owned and operated the deep underground Lucky Friday mine in northern Idaho since 1958. There are still considerable proven reserves in the Coeur d’Alene mining district where the project is located. In 2008 the company purchased an expansion to Lucky Friday known as the Gold Hunter deposit.
Lucky Friday is conveniently located a mile east of Mullan, Idaho and Interstate 90. It also has a mill capable of processing 1,000 tons of ore a day. The mill produces lead and zinc concentrates that are shipped for treatment to a smelter in BC, Canada.
Hecla then sells the lead or zinc concentrate to custom smelters. They sell their gold and silver in bullion form, both refined and unrefined, to precious metals dealers.
Who Says You Can’t Keep Costs Down In the US?
Hecla has managed to keep their cash costs low and their margins huge while operating in the U.S.
The mining industry has a convenient non-GAAP cash cost per ounce metric. It’s useful for comparing similar companies in the sector.
In 2010 Hecla was producing silver at a non-GAAP cash cost of negative $1.46 an ounce. With an average realized silver price of $22.70 an ounce, that’s a cash margin of $24.16.
It means they actually make money form all the other minerals they dig up, not counting the silver! Talk about a silver lining!
Coeur d’Alene Mines Corp (CDE), which operates in the same Idaho mining district, had non-GAAP cash cost of $4.10 per ounce of silver in 2010. Silver Wheaton (SLW), a similar company, had a similarly high 2010 non-GAAP cost of $3.97 an ounce.
Even better for Hecla are the considerably higher realized silver prices in 2011. In Q3 2011 the average realized silver price was $37.02 an ounce.
Thanks to higher prices of zinc, lead, and gold, Hecla’s silver revenue is just about all profit. It certainly makes for an attractive bottom line and a nice healthy operating margin of 40%.
WHICH LEADS US TO DIVIDENDS
On November 8 2011 management announced a new silver price-linked dividend in their quarterly conference call. Phil Baker, Hecla’s CEO, said he believes this plan will make HL more attractive than similar silver companies and ETFs.
Here’s how it works. The minimum realized price of silver to trigger the dividend is $30. At that price HL common stock will pay $0.01. At every five dollar increment the dividend goes up another cent.
The average realized silver price in Q3 2011 was $37.02, which means a $0.02 dividend.
Here’s The Numbers
Hecla has had solid revenue growth over the past few years. Revenue was $312.6 million in 2009, and reached $477.6 million in 2011.
This company takes a lot of pride in having a low cost of revenue. Their 2011 cost of sales was only $212.6 million. Down from last year, and nearly as low as 2009’s cost of sales of $211.5 million.
Hecla’s net income in 2011 was up 208.6%. Net income in 2010 was $48.9 million. The company reported net income of $151.2 million for 2011.
Hecla had $266.5 million cash on hand at the end of 2011, and debt of $10.3 million.
HECLA’S FUTURE ENDEAVORS
Hecla, like any good mining company, is constantly exploring. They are always looking for expansions on and near their two producing mines, Lucky Friday and Greens Creek.
Near Lucky Friday is the Silver Valley district. Hecla and its subsidiaries are using 3D modeling technology and drilling to identify reserves and potential mineralized zones in Silver Valley.
The company also entered into a 2008 joint venture with Emerald Mining and Golden 8 to explore a 21-square-mile land package in Colorado.
The package is in the Creede Mining District in the southwest corner of the state. They’ve identified approximate reserves of 48 million ounces of silver.
Interested in More? Visit www.ZenMoneyNews.com
Pershing Gold Closes Strategic Deal to Secure Exclusive Control of Lands Surrounding the Relief Canyon Mine
LAKEWOOD, Colo., April 13, 2012 (GLOBE NEWSWIRE) – Pershing Gold Corporation (OTCBB:PGLC), is pleased to announce it has closed the transaction announced last month with Victoria Gold Corp. (TSX:VIT-V). Completing this transaction has given Pershing Gold exclusive control of approximately 13,300 acres of unpatented mining claims and private lands surrounding Pershing Gold’s landholdings at the Relief Canyon Mine in Pershing County, Nevada.
Pershing Gold paid Victoria US$2 million, 10 million shares of Pershing Gold common stock, and 5 million two-year warrants exercisable for one share of Pershing Gold common stock at an exercise price of $0.60 per share.
The acquisition includes the interests of Victoria Resources (US), a subsidiary of Victoria Gold Corp, under Victoria’s 2006 mineral lease and sublease with Newmont USA Ltd. (the “2006 Lease”) (NYSE:NEM). The 2006 Lease covers approximately 8,900 acres of Newmont mining claims and private mineral rights and 62 mining claims staked by Victoria that are inside an Area of Interest (“AOI”) defined in the 2006 Lease. With respect to lands inside the AOI, Newmont has the option at any time until Pershing Gold delivers a positive feasibility study, and for a period of 90 days thereafter, to become 51% manager of a joint venture limited to the AOI lands, with Pershing Gold, upon payment to Pershing Gold of 250% of the expenditures on those lands since March 2006. If Newmont elects not to enter in a joint venture, Newmont conveys the leased properties to Pershing Gold, reserving a sliding scale 3-5% net smelter returns royalty (offset by underlying royalties) and the right to a $1.5 million production bonus payment.
This acquisition also includes approximately 4,420 acres of unpatented mining claims wholly-owned by Victoria outside the AOI. Victoria reserved a 2% NSR from the production from the mining claims located outside of the AOI. Other lands outside the AOI include approximately 11,450 acres of mining claims and millsites previously acquired by Pershing Gold in the Pershing Pass project and by Pershing Gold’s subsidiary, Gold Acquisition Corporation (GAC), at the Relief Canyon Mine.
A map featuring Pershing Gold’s land holdings and the 2006 Lease AOI is available at:http://media.globenewswire.com/cache/19459/file/13283.jpg
Since early March, Pershing Gold has completed two strategic land acquisitions that have significantly expanded its land position from just over 1,100 acres at the Relief Canyon Mine to over 24,000 acres of mining claims and private lands. As a result of this acquisition, Pershing Gold now controls, in addition to the approximately 8,900 acres inside the Newmont AOI, approximately 15,870 acres at Relief Canyon that lie outside the AOI.
“Most immediately, this landmark transaction consolidates the Relief Canyon Mine with the adjacent lands under lease and sublease from Newmont. For the first time in its development history, the Relief Canyon gold deposit is now controlled by one operator, Pershing Gold,” said Stephen D. Alfers, Pershing Gold’s Executive Chairman, President, and CEO. “We intend to capitalize on this unprecedented opportunity to explore and develop the entire Relief Canyon deposit. We are optimistic that we can upgrade and expand the known resource at this under-explored gold deposit.”
“GAC has been drilling on its mining claims at the Relief Canyon Mine since acquiring the property in August 2011,” Alfers said. “The 2011 drilling results announced March 29, 2012 are very encouraging, with several holes encountering ore-grade mineralization. The 2012 Phase I drilling program is complete with results pending. Plans are underway to execute a step-out drilling program continuing exploration of these new gold intercepts as well as to test the lands acquired in the Victoria transaction. Additionally, Pershing Gold is developing an exploration program for the lands recently acquired in the Pershing Pass area south of the Relief Canyon Mine with the intent of advancing two targets in this frontier area to the drill ready-stage by year end.”
About Pershing Gold Corporation
Pershing Gold Exploration 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 in Pershing County is owned and operated 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 27A of the Securities Act of 1933 and 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 planned drilling and exploration programs, Newmont’s rights with respect to the “area of interest” properties” pursuant to the lease acquired from Victoria Gold, and opportunities to explore, develop and upgrade resources on the entire Relief Canyon mine deposit; 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; 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, 2010 and Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2011, June 30, 2011 and September 30, 2011, and each subsequently filed Current Report on Form 8-K, including the Company’s current Report on Form 8-K filed March 26, 2012. 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
Source: Pershing Gold Corporation
Released April 13, 2012
Pershing Gold Corporation Converts All Debt From Relief Canyon Mine Acquisition
NEW YORK, April 5, 2012 (GLOBE NEWSWIRE) – Pershing Gold Corporation (OTCBB:PGLC) (“Pershing” or the “Company”) announced that over $9 million of indebtedness and warrants issued in connection with the Relief Canyon Mine acquisition has been converted into shares of the Company’s Common Stock and Series D Preferred Stock.
Among the debt holders who converted into equity were Frost Gamma Investments, Platinum Long Term Growth LLC, and Lakewood Group LLC. In addition, Pershing raised $1,505,000 by selling shares of its Common Stock to accredited investors pursuant to subscription agreements at a purchase price of $0.35 per share.
Pershing director Barry Honig provided the following comment regarding the Company’s announcement, “Converting the debt resulting from the Relief Canyon Mine acquisition has been a priority for Pershing as we desired to strengthen the balance sheet and move forward with autonomy. It has been a pleasure working with Mark Nordlicht and Mark Mueller from Platinum Long Term Growth LLC as they have proven to be great long term value added partners with Pershing since the very beginning. Pershing would like to thank them for their assistance in working with us to help us carry out our vision.”
About Pershing Gold Corporation
Pershing Gold Exploration 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 in Pershing County is owned and operated 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 27A of the Securities Act of 1933 and 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 planned acquisition of certain properties from Victoria Gold and planned acquisition activities, 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 complete the planned acquisition of properties from Victoria Gold, inability to obtain external financing to fund planned exploration, 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; 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, 2010 and Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2011and June 30, 2011 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2011, as amended by Amendment No.1 on Form 10-Q/A filed March 29, 2012, as further amended by Amendment No.2 on Form 10-Q/A filed March 30, 2012 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
Source: Pershing Gold Corporation
Released April 5, 2012
Drill Program on Reforma Tailings has Commenced
Vancouver, BC – Victory Resources Corp (Symbol VR-TSXV) (the “Company”) is pleased to announce that it has begun a systematic drilling program to determine the potential size and grade values of the Matanza and Altamira historic Reforma tailings deposit located beside the Reforma historic mine site.
The drill program has a surveyed grid of 20 by 20 meters, with a total of 93 holes planned with a depth of 15 meters on average. This 1400 meter drill program is expected to take about 30 days to complete.
Upon completion of the drilling, a representation bulk sample will be sent to a laboratory to determine the mineralogical and metallurgical studies for recovery values followed by a feasibility study of re-processing the material. “Based on the initial results from the tailings pond that we previously announced, we are pleased to commence the confirmatory drill program on the tailings pond,” stated Wally Boguski, President and CEO. “The potential of an economically viable resource in the tailings pond will be an important milestone in our development of the Reforma mine site.
Mr. John Thornton, S.A.I.M.M., a Qualified Person (QP) as defined by NI 43-101 has approved the geological content of this Press Release.
About Victory Resources Corporation
The company’s main focus is on the Reforma property located at the common boundary of Sinaloa and Chihuahua States in west central Mexico. The concessions cover a total area of 7,226 hectares. Victory Resources will earn a 70% undivided interest in the Reforma property as part of an option agreement. Formerly owned by Penoles in Mexico, documentation showed that between the years 1968 to 1980, the Reforma mine processed 1.8 million tonnes grading an average of 91.62 grams per tonne Ag, 1.90 per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.
The company has also begun exploration work on the Au-Wen property in British Columbia, Canada. The Au-Wen property is 100 % owned by Victory Resources and is located 30 kilometers southeast of Merritt and 8 kilometers east of the historic Aspen Grove mining camp in south-central British Columbia, Canada. The property is comprised of 91 mineral claims covering an area of 34,200 hectares. The area covered is up to 39 kilometres long and up to 21 kilometres wide.
On behalf of The Board of Directors of Victory Resources Corporation.
Paul Lee, Director
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Victory Resources Corp. which may cause actual results, performance or achievements of Victory Resources Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Pershing Gold Corporation Announces 2011 Drilling Results and 2012 Drilling Program
LAKEWOOD, Colo., March 29, 2012 (GLOBE NEWSWIRE) – Pershing Gold Corporation (OTCBB:PGLC) today announced the results of its 2011 drilling program at its 100 percent owned Relief Canyon gold-silver project in the Humboldt Range, Pershing County, Nevada. The program consisted of 8 core holes and 5 reverse circulation drill holes (approximately 12,386 feet) testing the targets developed in mid-2011 (See press release dated October 5, 2011). The 2011 program was completed in December 2011, and final assay results were received in late February 2012. Results were particularly encouraging in the Southwest Target area, with 1.44 g/t Au over 100 feet (0.042 oz Au/ton) returned from hole SBG11-RC04, beginning at a depth of 280 feet.
“Our 2011 Drill Program set out to test the potential to expand and upgrade the resource at Relief Canyon,” said Stephen D. Alfers, Pershing Gold’s President and CEO. “We discovered gold on trend to the southwest. These results indicate continuity of favorable mineralization farther to the southwest than was previously known. We also achieved encouraging results from drilling two other targets. The results announced today lay the foundation for our 2012 drilling program where we’ll follow up on these results and step out to drill the lands to be acquired when we close our deal announced yesterday with Newmont USA Ltd. (NYSE:NEM) and Victoria Gold Corp. (TSX-V:VIT) closes.”
Collar locations of these drill holes are shown on the attached map along with the target areas outlined in red. The areas include the Southwest, North, and Range Front targets. The Range Front area included 5 holes for a total of approximately 4,911 feet, the North area had 6 holes totaling approximately 5,650 feet and 2 holes (approximately 1,825 feet) were completed in the Southwest target.
Significant intercepts from the 2011 drilling program are shown below in Table 1. Results from all intercepts for which we have received and verified results will be posted on our website at www.PershingGold.com. “RC” Indicates reverse circulation drill holes and “D” indicates diamond core drill holes.
Table 1. Summary of Gold Intercepts from the 2011 Drilling Program at Relief Canyon, Pershing County, Nevada. 1
| Drill Hole | From | To | Width | Au gpt | Au opt | Comments |
| feet | ||||||
| SBG11-RC04 | 280 | 380 | 100 | 1.44 | 0.042 | Southwest Target |
| SBG11-RC05 | 270 | 300 | 30 | 0.61 | 0.018 | Southwest Target |
| 720 | 755 | 35 | 0.87 | 0.025 | Southwest Target | |
| SBG11-D01 | 296 | 340 | 44 | 1.21 | 0.035 | North Target |
| SBG11-D02 | 191 | 195 | 4 | 2.56 | 0.075 | Feeders |
| 284 | 289 | 5 | 1.55 | 0.045 | Feeders | |
| SBG11-D03 | 244 | 274 | 30 | 0.88 | 0.026 | clay matrix breccia |
| 455 | 505 | 50 | 0.63 | 0.018 | North Target | |
| including | 500 | 505 | 5 | 6.19 | 0.181 | Feeders |
| SBG11-D05 | 247 | 300 | 53 | 2.29 | 0.067 | clay matrix breccia |
| including | 270 | 275 | 5 | 11.80 | 0.345 | Feeders |
| SBG11-D07 | 232.5 | 235 | 2.5 | 2.89 | 0.084 | Feeders |
| 300 | 380 | 80 | 1.52 | 0.045 | North Target | |
| including | 340 | 365 | 25 | 4.13 | 0.121 | Feeders |
1 Reported width is not true width of interval. Estimated grade is indicated in grams/ounces per ton contained in samples. Intercept widths are reported in approximate footage.
A map featuring Pershing Gold’s 2011 drilling program locations is available athttps://media.globenewswire.com/cache/19459/file/13104.jpg
Southwest Target
Two reverse circulation drill holes were completed in this area, totaling approximately 1,825 feet. These drill holes were designed to test for breccia mineralization typical of the ore that was mined in the past from the open pits to the north, as well as feeder zones beneath stratigraphically and structurally controlled targets. The holes were drilled to the east-southeast at angles of -55 to -70 degrees in order to intersect north-trending, west-dipping, feeder zones such as the Black Ridge fault.
Both drill holes identified significant intercepts of gold. SBG11-RC04 from 280 to 380 feet (100 feet) encountered 1.44 gpt Au or 0.042 oz Au/ton. Drill hole SBG11-RC05 was collared 900 feet south of SBG11-RC04 and intercepted 30 feet of 0.61 gpt Au or 0.018 opt Au from 270 to 300 feet and also 35 feet of 0.87 gpt Au or 0.025 opt Au from 720 to 755 feet. True thickness is estimated at 90 percent in both SBG11-RC04 and RC05.
North Target
Six core holes were collared in the North Target, although one hole was lost at shallow depth (SBG11-D04) and is not shown on the attached figure. The program tested historical intercepts from reverse circulation drill holes in the lower part of the Cane Springs Formation, a thin-bedded, silty carbonaceous limestone.
All drill holes reported here encountered significant gold intercepts including SBG11-D01 with 44 feet of 1.21 gpt Au (0.035 opt Au) from 296 to 340 feet. SBG11-D02 was drilled at -60 degrees to the east. The hole was beyond the halo of stratigraphically controlled gold mineralization, with structurally controlled intercepts including 4 feet of 2.56 gpt Au (0.0748 opt Au) from 191 to 195 feet and 5 feet of 1.545 gpt Au (0.0451 opt Au) from 284 to 289 feet.
SBG11-D03 was drilled to the southwest of D01 and D02 at an azimuth of 090 and a dip of -45 degrees. Two significant low grade zones were encountered in D03, the upper from 244 to 274 feet contained Au concentrations up to 0.88gpt Au, but with very poor recovery in a clay matrix breccia. The lower zone averaged 0.63 gpt Au from 455 to 500 feet and included 5 feet of 6.19 gpt Au from 500 to 505 feet.
SBG11-D05 was drilled from the same site as SBG11-D03, but at a dip of -75 and an azimuth of 090. Near the base of a clay matrix breccia from 247 to 300 feet (53 feet) gold averaged 2.29 gpt (0.067 opt Au). Included in this zone is a five foot sample of 11.8 gpt Au from 270 to 275 feet. True thickness is likely more than 90 percent. Additional results from SBG11-D05 are pending.
SBG11-D07 was drill 370 feet east of SBG1- D03,-D05 and 200 feet south of SBG11-D01, encountered several mineralized zones. An upper structural zone from 232.5 to 235 feet (2.5 feet) Au averaged 2.89 gpt (0.084 opt Au). In addition, the main body of the North target was encountered from 300 to 380 feet (80 feet) with an average grade of 1.52gpt Au (0.044 opt Au). This 80-foot interval includes 25 feet with an average grade of 4.13 gpt Au (0.12 opt Au) from 340 to 365 feet. True thickness is at least 90 percent of the intercepted length.
Diamond drilling in the North Target has confirmed stratigraphically and structurally controlled gold mineralization within the lower part of the Cane Springs Formation. The above reported results are encouraging and, in addition, drilling in this area and west of the North Target has intercepted a gold bearing clay-matrix breccia of unknown origin and size. Additional exploration is planned for both of these targets in the second half of 2012, assuming that funding is available on acceptable terms.
Range Front Target
The Range Front target includes potential extension of the North target as well as high grade mineralization associated with north-trending faults such as the Black Ridge fault. Several deposits in the southern Humboldt Range including Midway Gold’s Spring Valley gold deposit, Coeur Rochester and Nevada Packard silver mines, as well as Relief Canyon, are all aligned along the Black Ridge Fault. Structural targets and stratigraphically controlled targets are both present on our property, and were tested by five drill holes and 4,911 feet of drilling.
The pediment cover in this area varies from less than 50 to 150 feet. Thick intervals of multi-lithic breccias were encountered in several of the holes. The breccias are strongly anomalous in arsenic, a typical gold pathfinder element, and weakly anomalous in gold and mercury. In addition, several fault zones contain arsenic concentrations exceeding 10,000 ppm, typical of feeder structures. Although economic grades of gold were not encountered in 2011 drill holes, Pershing Gold geologists are encouraged by the geochemical anomalies and intensity of the alteration in the Range Front area.
2012 Drilling Program
Results for seven additional drill holes completed early in 2012 as part of Phase I drilling are pending. The 2012 drill holes (approximately 6,842 feet) are shown on Figure 2. Complete results are expected by early April. In addition, relogging of some of the 2011 holes is in progress.
The results reported above used standard industry techniques for drilling, sampling, assaying, and quality assurance and quality control (QAQC) as described below. All assays were completed by ALS Chemex in Reno Nevada.
A map featuring Pershing Gold’s 2012 Drilling Program locations is available athttps://media.globenewswire.com/cache/19459/file/13105.jpg
All scientific and technical information for the Relief Canyon project has been reviewed and approved by Quentin J. Browne, P.Geo, who is a qualified person under the definitions established by Canadian National Instrument 43-101. Drill core at Relief Canyon is boxed and sealed at the drill rig and moved to the Relief Canyon logging and sample preparation facilities by trained personnel. The core is logged and split down the center, using a typical table-fed circular rock saw. One half of the core is sent for assay to ALS Chemex, Reno, Nevada while the other half is returned to the core box and stored at Relief Canyon in a secure, fenced off, area. Pershing Gold Corp QA/QC procedures include the regular use of blanks, standards, and duplicate samples.
About Pershing Gold Corporation
Pershing Gold Exploration 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 in Pershing County is owned and operated 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 27A of the Securities Act of 1933 and 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 planned acquisition of certain properties from Victoria Gold and Newmont, planned exploration activities and the interpretation of exploration results and other geological 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 complete the planned acquisition of properties from Victoria Gold and and Newmont, inability to obtain external financing to fund planned exploration, changes in the interpretation of exploration results and other geological 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; 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, 2010 and Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2011, June 30, 2011 and September 30, 2011, and each subsequently filed Current Report on Form 8-K, including the Company’s current Report on Form 8-K filed March 26, 2012. 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: Investors@pershinggold.com
www.PershingGold.com
Source: Pershing Gold Corporation
Released March 29, 2012
Exploration Program on the Toni Property to Commence
Vancouver, BC – Victory Resources Corp (Symbol VR-TSXV) (the “Company”) is pleased to announce an initial exploration program on the Company’s 100% owned Toni property located in British Columbia, Canada. The first stage of the exploration program would be an airborne ZTEM survey that will cover the Toni property, the historically known mineral porphyry deposits, and the potential mineral prospects in the area.
The resulting ZTEM data is closely related to resistivity/conductivity mapping of the subsurface and will provide excellent resistivity discrimination and detection of weak anomalies to an exploration depth of over 2,000 meters. The ZTEM survey could also provide geological information as to the depth and extension of the WEN mineral prospect located within the western portion of the Toni property and which was initially explored in the early 1990’s by three adits driven on a high grade copper zone extending over 150 meters in length and over a 75 meters in elevation.
The Toni property is located 30 kilometers southeast of Merritt and 8 kilometers east of the historic Aspen Grove mining camp in south-central British Columbia, Canada. The Property is comprised of 91 mineral claims covering an area of 34,200 hectares. The area covered is up to 39 kilometres long and up to 21 kilometres wide. The region has had considerable exploration, development, and production since the early 1900’s and has again become a focus of exploration; most recently with the option by Xstrata (formerly Falconbridge Limited) of the Big Kidd property which is located three kilometers west of the Toni property.
“We are very pleased to begin the exploration program at the Toni property and to have two ongoing mining exploration projects for our company,” stated Wally Boguski, President/CEO, “our Toni property in British Columbia, Canada and our La Reforma property in Mexico are both located in known geological areas that have attracted a lot of industry activity. We feel very fortunate to offer shareholders the potential development of these mining properties.”
Stock Options
The company has granted 300,000 stock options to directors, officers and consultants under the company’s stock option plan. The options may be exercised at a price of $0.45 cents for up to five years, subject to vesting restrictions and percentage limits imposed by regulatory requirements or the plan, as applicable.
About Victory Resources Corporation
The company’s main focus is on the Reforma property located at the common boundary of Sinaloa and Chihuahua States in west central Mexico. The concessions cover a total area of 7,226 hectares. Victory Resources will earn a 70% undivided interest in the Reforma property as part of an option agreement. Formally owned by Penoles in Mexico, documentation showed that between the years 1968 to 1980, the Reforma mine processed 1.8 million tonnes grading an average of 91.62 grams per tonne Ag, 1.90 per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.
Mr. Laurence Sookochoff, P. Eng., a Qualified Person (QP) as defined by NI 43-101 has approved the geological content of this Press Release.
On behalf of The Board of Directors of Victory Resources Corporation.
Paul Lee, Director
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Victory Resources Corp. which may cause actual results, performance or achievements of Victory Resources Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
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