Business
Pershing Resources Invests in Gold-Silver Projects in Central Nevada
Pershing Resources Invests in Gold-Silver Projects in Central Nevada.
About this update from Pershing Resources Company, Inc.
[{"type":"text","content":"\nThe Company Expands Its Portfolio with Joint Venture Agreements on Two Exploration Projects\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n 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. His...