Positive Pershing PFS renders Relief Canyon project shovel ready

Nevada-focused project developer Pershing Gold has reported the positive results of a preliminary feasibility study (PFS) on its Relief Canyon mine project, recommending that Pershing advance the project to a production decision. Based on a gold price of $1 250/oz of gold and $16.75/oz silver, the PFS calculated an after-tax net present value (NPV) of $126-million and an internal rate of return (IRR) of 85%, with the project expected to generate net cash flow of $167.7-million.