Pershing Resources Reports Quarterly Results and Provides a Market Update
The Company Continues Pilot Mill Development and Project Activities
RENO, NV -- (Marketwired) -- 10/27/15 -- Pershing Resources Company (OTC PINK: PSGR) files third quarter financial results with OTC. The Company financial statement is available for review on its OTC listing site http://www.otcmarkets.com/stock/PSGR/filings, as well as on the company's website at, http://ir.pershingpm.com/otc-filings. The statement primarily reflects increased investment by the board of directors and insiders in the Company and its activities. The Company continues to make progress in all areas and expects to report modest revenue in the near term.
Steve Plumb, CEO of Pershing Resources, said, "The last quarter marked a significant uptick in investment and advancement for us. We are continuing to make progress in critical areas. The most important being the testing and scaling up of our pilot mill. The ultrasonic technology we are applying is a green innovation in the extraction and recovery of precious metals. Its success will be a key component of the Company's strength and viability in the competitive business environment present in mining at this time. The sonication leach (sono-leach) process is highly efficient and, has tested well in the lab. We are continuing to test ore from all three of our properties as we scale up the pilot mill. We are also working with and developing other technologies to complement the sono-leach process in our pilot circuit. These technologies will also help increase efficiency by shortening processing time and lowering costs. Our aim is to begin circuit production with margins significant enough to make the operation profitable even in the most adverse commodity market conditions. That said, testing the full pilot process is critical and will take some time. We will provide updates as warranted."
Mr. Plumb continued, "We have renewed all of our claims in Nevada and Arizona and we have engaged a consulting firm to extensively map and geologically assess the Marco Property. We are taking this step in order to better define the property as an asset and further strengthen our balance sheet. We are also taking a preliminary look into permitting for ore removal and milling on or near the site.
"We encourage shareholders to refer to our website for updates and more detailed information on our projects and, as always, the Company appreciates feedback from shareholders and welcomes your comments and suggestions on all aspects of our operations."
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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 projects with high tonnage and 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 progress. The largest being a 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 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 target areas for new mining. 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 October 27, 2015