Pershing envisions Relief Canyon as low cost gold mine

VANCOUVER — Following one year of infill drilling and number crunching, Pershing Gold (TSX: PGLC; NASDAQ: PGLC) has produced a prefeasibility study (PFS) for its Relief Canyon […]
VANCOUVER — Following one year of infill drilling and number crunching, Pershing Gold (TSX: PGLC; NASDAQ: PGLC) has produced a prefeasibility study (PFS) for its Relief Canyon open pit, heap leach gold project, 150 km northeast of Reno, Nevada. The study shows an after tax net present value of US$126 million, assuming a 5% discount rate, and an after tax internal rate of return of 85%. Pershing’s president and CEO Stephen Alfers describes Relief Canyon as a low cost, low capital expenditure project. With initial permits already in hand, he expects Pershing could reach a production decision later this year. “We’re extremely pleased with the results,” Alfers tells The Northern Miner during a phone interview. “When you flip through the PFS and study it, the only conclusion is the high degree of technical detail found in it. To get the most shareholder value out of a project like this, we tried to get the highest mine rates at optimal capital costs, and that’s what we ended up with.” Continue reading at The Northern Miner.

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