Steve Alfers: We've announced a major milestone for Pershing: the completion of a prefeasibility study and upgraded resource and reserve prepared by Mine Development Associates, a well-established engineering firm in Reno, Nev., a specialist in projects like ours. The prefeasibility study has been a catalyst that we've been working toward for some months now and is as a major development for the company.

First off, Mine Development Associates is recommending that the company advance the project to production. The company is now considering preconstruction programs leading up to construction and a restart of the mine in 2018.

Some of the highlights include an upgraded resource that includes Proven and Probable (2P) reserves of 634,000 ounces (634 Koz) of gold and 1.6 million ounces (1.6 Moz) of silver. We also announced a mine plan and financial model that contemplates annual production from this project of over 90 Koz/year and over the mine life of six years, at cash costs of $770 per ounce ($770/oz) and all-in sustaining costs of $802/oz. So the Relief Canyon project is a robust project. This prefeasibility study estimates a net present value (NPV) of $144 million ($144M) and an internal rate of return of 89%. $PGLC / T.PGLC Will Relief Canyon Be the Next Mine in Nevada? http://www.theaureport.com/pub/na/will-relief...-in-nevada