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Pershing Gold Corporation Message Board

  • investora2z investora2z Dec 1, 2013 9:44 AM Flag

    Gold is at critical levels

    Pershing has remained quiet, and gold has corrected quite a bit. It is again around critical levels, and needs to bounce strongly to improve the sentiments. Maybe, $1200-$1450 will be the range for a long time. For this $1200 has to hold when tested. Most of the gold stocks are again around their yearly lows, and investors are hoping that gold starts the expected rebound from the lower end of the range. Meanwhile, Barry Honig continues to invest in the company. He now owns more than 15.5 million shares. He has acquired nearly 800,000 shares in November itself. Increased insider purchases provides some indication about what the management thinks about the future prospects. What is required is for the company to provide the tentative timeline for start of production. That will give the investors an idea about the future plans. The results of its 2013 drilling program at its Relief Canyon Mine property were encouraging. All seven of the holes reported had intercepts with gold grades that are significantly higher than January 2013 resource estimate. Most of the holes contain gold intercepts that exceed the average grade of the ore mined in the late 1980s. The CEO Stephen Alfers stated that Relief Canyon is getting better, and bigger, and the company has an opportunity to substantially increase the overall grade of the Relief Canyon deposit compared to the deposit mined in the 1980s. The Company plans to announce results for the remaining holes when the data becomes available. The low-angle geometry of the Lower Zone, and the underlying gold-mineralized jasperoids was found favorable because a significant portion will be amenable to open-pit mining. This can help in achieving lower cost of production. After obtaining the relevant approval, the company is planning to drill at about 20 new sites. The drilling at these additional holes will cost approximately $500,000, and the company has funds for the drilling.

 
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