Pershing Resources Exercises Option to Purchase Its Development Faciltiy
The Company Continues Pilot Mill Development and Looks to Add to Its Mining Portfolio
RENO, NV -- (Marketwired) -- 03/21/16 -- Pershing Resources Company (OTC PINK: PSGR) announced today that the Company has agreed to exercise its option to purchase a property that it has been leasing as its development facility. A purchase agreement has been executed and the transaction is expected to close in the next thirty days.
The 22 acre property is located near Pershing Resources' New Enterprise Project outside of Kingman, Arizona. The property presently has several buildings and includes living quarters for up to six staff. Enhancements to the existing water and electrical systems are currently being added to accommodate pilot mill development needs. The property is suitable for mill development work and extraction testing. Small scale production is also permissible.
Steve Plumb, CEO of Pershing Resources, stated, "Purchasing this property is key to our strategic and tactical goals and marks a major investment in the Company's capabilities and future. We now own a secure facility, with close proximity to our Arizona projects. The property is large enough to support our process development work, lab work and, future small scale production. We are very pleased to have had the opportunity come along at such a critical juncture in our progress.
Mr. Plumb added, "We continue looking to add to our portfolio of mining properties as well. As opportunities arise we will seek to strengthen our balance sheet through acquisition. We continue to review and consider new mining projects in the western United States. Having greater technical capabilities now in house will make us more nimble and thus able to act decisively when analyzing potential opportunities."
The Company appreciates feedback from shareholders and welcomes comment and suggestions on all aspects of its operations. Pershing Resources shareholders and interested parties are encouraged to refer to the Company website for updates and more detailed information on current projects at: http://www.pershingpm.com/
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Safe Harbor Statement
The information contained in this press release as well as the information on the discussed website is provided solely for the reader's general knowledge. The information contained herein is not intended to be a comprehensive review of all matters pertaining to Pershing Resources Company. Potential investors should be aware that certain statements included herein constitute "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results , performance and/or achievements of Pershing Resources Company or of the gold mining industry to be materially different from future results, performance and/or achievements expressed or implied by those forward looking statements. These risks, uncertainties and other factors include, but are not limited to, changes in the worldwide price of gold or certain other commodities and currencies and the risks involved in the exploration, development and the mining business in general.
About Pershing Resources
Pershing Resources Company is a development stage precious metals producer, focused on precious metal ores and mining projects located primarily in Nevada and Arizona. The Company is based in Reno, Nevada and, has established a pilot mill and development facility near Kingman, Arizona.
Our strategy is built on three basic components. First, is the acquisition of U.S. domestic properties near mines with historical precious metals production. Second, is the development of high tonnage projects on commercially viable grades of precious metals with proximity to historical occurrences. Third is a focus on the application of leading edge technologies to develop highly efficient and environmentally favorable extraction processes. This three-tier strategy supports our short and long term goals of profitability and growing shareholder value through expansion. Supplemental to our overall strategy and to achieve our goals, we are focused on five key attributes. Those being; the pursuit of quality growth, maintaining low cash costs, prudent financing and fiduciary practices, establishing and building a strong balance sheet and conducting business in a responsible manner.
The Company's current assets are comprised of three properties with projects currently in development. The largest being an 1,100 acre site near Lovelock, Nevada known as the Marco Project. The Marco Claims were acquired in 2004. Two additional projects were acquired in 2015. The New Enterprise Project totals 160 acres near Kingman, Arizona. The Gold Lake Project is currently a forty acre site, also near Kingman, Arizona.
All of the properties mentioned have been previously mined and more recently re-assayed and explored for new target areas. The Company is presently in various stages of exploration, planning and pre-production on each these properties. Pershing Resources is committed to responsible mining practices and, is well positioned to deliver sustained growth and performance for years to come.
Pershing Resources Company
200 South Virginia Street, 8th Floor
Reno, NV 89501
Source: Pershing Resources Company, Inc.
Released March 21, 2016