Pershing Gold Corporation (OTCBB: PGLC) today and tomorrow
The recent announcement of Pershing Gold Corporation (OTCBB: PGLC) regarding exploration at their Relief Canyon properties in Pershing county in northwestern Nevada has came with as light at the end of tunnel or simply assertion. According to press release on January 24,2012, “Pershing Gold Corporation (OTCBB:PGLC) is pleased to announce that it has completed an in-house calculation of mineralized material in the Company's model for the Relief Canyon Mine in Pershing County, Nevada which estimates 32,541,000 tons of gold mineralized material at an average grade of 0.017 ounces per ton gold ("opt Au"). The Company's in-house technical staff calculated the estimate under SEC Guide 7, and the in-house estimate does not include identified material that is currently in the inferred category.
According to Stephen Alfers, Executive Chairman of PGLC, "These outstanding results underscore Pershing Gold's unique opportunity. We have a permitted and operational heap leach facility designed specifically to process the deposit at Relief Canyon. Our continued progress in expanding and upgrading the deposit keeps us moving forward on our critical path to resume mining at Relief Canyon. I am very pleased with the exceptional progress we have made," stated Stephen Alfers.
However, this is just beginning of the company, which needs to qualify a lot of complex steps. The actual outputs of gold, market demand as well as market price all are the most considerable factors. It is vital to consider that the company has a negative equity, which needs to recover first before giving any return to its share holders. Amid the upcoming likely revenue generation possibility of the company, I do not foresee an extraordinary operating result as well as success within a couple of month. Is there any possibility to create value for its shareholders in long term? I strongly believe so; if its current project is successfully completed and its expansionary plan is successful.