Pershing Resources Acquires a Mining Contractor Along With Two Precious Metals Projects
The Company Buys Simple Recovery Inc. in a Stock Transaction and Begins Work on Two New Projects
RENO, NV -- (Marketwired) -- 05/14/15 -- Pershing Resources Company (OTC PINK: PSGR) announced that it has acquired Simple Recovery Inc., a private company, in exchange for shares of the Company's stock. The transaction has been approved by the board and takes effect as of today. Assets of Simple Recovery being acquired by Pershing Resources include heavy equipment, mill equipment and, two precious metals mining properties located near Kingman, Arizona. Information about these properties as well the Marco Project will be published on the Company's website shortly.
Pershing Resources' CEO Steve Plumb said, "This is a significant tactical and strategic gain for us. The opportunity came along at the right time and, will be immediately accretive for the Company. We have acquired both equipment and man power sufficient to operate with independence and flexibility and avoid costs that had been holding us down. The two additional properties we now hold, are valuable, accessible, and documented to have a number of rich target areas already identified. We now have capability and capacity within the Company to accomplish our objectives for Stage 2 of our production initiative on the Marco Project as well."
Bill Earnshaw, President of Simple Recovery, stated, "We have been working with Pershing Resources since 2014 and have found their management style and priorities to be akin to our own. We saw an opportunity to combine and advance together with greater capitalization and operational capability. Given our progress over the last year, we are confident that the pace of development of all our projects can be accelerated."
Mr. Plumb added, "Shareholders should be very encouraged by this acquisition as it gives the Company a stronger balance sheet in the form of probable reserves and a possible revenue stream in the near term. As always, the Company appreciates the feedback we have received from shareholders and we welcome your comments and suggestions on all aspects of our operations."
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About Pershing Resources Company
Pershing Resources Company is a development stage exploration and mining company, focused on precious metal ores and mining projects located in Nevada and Arizona. Based in Reno, Nevada, the Company's overall strategy is built around two basic components. The first component involves the acquisition of US domestic properties near mines with historical precious metals production. The second component is the development of projects with high tonnage and commercially viable grades of precious metals with proximity to historical occurrences. This two tier strategy supports the company's short and long term goals of profitability and growing shareholder value through expansion.
Supplemental to our overall strategy and to achieve our goals, the Company is focused on five key attributes. Those being, quality growth, low cash costs, cost management, establishing and maintaining a strong balance sheet, and conducting business in a responsible manner.
The Company's current assets are comprised of 55 BLM mining claims on a site totaling 1100 acres near Lovelock, Nevada and 10 BLM mining claims on two sites near Kingman Arizona. These claims are documented and have been explored and assayed for precious metals and have been found to be commercially viable. The Company is presently in the planning and pre-production stage on all three of these properties. Pershing Resources is committed to responsible mining practices and, is well positioned to deliver sustained growth and performance for years to come.
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.
Source: Pershing Resources Company, Inc.
Released May 14, 2015