Pershing Gold Announces Symbol Change to: PGLC
Pershing Gold Corporation recently announced that it has changed its stock symbol to PGLC.OB from SAGE.OB. The symbol change reflects Pershing’s recent name change from Sagebrush Gold Ltd to Pershing Gold Corporation. The Company changed its name in line with its focus on gold exploration and development at its Relief Canyon Project and acquisition of promising gold opportunities in the highly prospective Pershing County area of Nevada.
The Company also announced that it has signed an agreement with Victoria Gold Corp. (TSX-V:VIT) to acquire mining claims owned by Victoria’s subsidiary, Victoria Resources (US) Inc., as well as its interests in claims and leaseholds owned by Newmont USA Ltd. (NYSE:NEM) that were under lease or sublease.
Upon completion of the transaction, claims and leasehold interests so acquired would consist of just over 13,400 acres of mining claims and private lands adjacent to Pershing Gold’s existing landholdings at the Relief Canyon Mine in Pershing County, Nevada. Acquisition of these interests further expands a land position that upon completion will control the entire Relief Canyon Mining District as well as the southern portion of the Pershing Gold and Silver Trend. See map below. In the last thirty days, Pershing Gold has significantly expanded its land position to over 24,000 acres from just over 1,100 acres at the original Relief Canyon mine site acquired in August of 2011 by Pershing Gold’s subsidiary Gold Acquisition Corporation (“GAC”). This expansion includes the 9,700 acre Pershing Pass acquisition announced earlier this month. Closing of the transaction is subject to various closing conditions.
About Victoria Gold:
Victoria Gold Corp., is a leading gold exploration and development company advancing the Eagle Gold Deposit to production. Additionally, Victoria continues to explore key projects in the Yukon and Nevada to build on Victoria’s current global mineral inventory of 7.7 million gold ounces.
Victoria’s flag-ship, Eagle Gold Deposit, is located on the Dublin Gulch property, Yukon, Canada. Victoria is focused on bringing the Eagle Gold Deposit into production, scheduled for Q1, 2014. The Dublin Gulch property also hosts the Potato Hills Trend, a 7 km x 3 km band of significant multi-element mineralization with an extensive exploration campaign underway. In Nevada, the company is focused on exploration of its core properties; Cove- Helen Zone, Santa Fe, and Mill Canyon.
For a map of the location please click here.
The stock closed up nearly 30% today on trading volume of 6.3 million shares. Pershing cancelled 32,080,953 outstanding warrants and issued 9,624,286 shares, resulting in a net reduction of 22,456,667 shares in the fully-diluted share count of the company. The warrants were originally issued in connection with the sale of units by Continental Resources Group, which were assumed by Pershing on July 22, 2011 when the Company acquired Continental’s business and assets. The holders of all 81 warrant agreements agreed to exchange their warrants for the newly issued common stock of the Company.