Continental Resources Group, Inc.(fka CRGC)

[Tommy]

Pershing Gold Announces Sale of Noncore, Nevada Properties to Valor Gold

http://ir.stockpr.com/pershinggold/company-news/detail/303

In the Valor transaction, Pershing Gold sold to Valor Gold Corporation two limited liability companies that hold leases on the Red Rock and North Battle Mountain gold exploration properties. The purchase price to Pershing Gold was a cash payment of $2 million; a $500,000 promissory note bearing interest at the rate of 5% and payable on the earlier of 18 months from the closing date or the date on which Valor raises $7.5 million; 25 million shares of Valor common stock, and a 1% net smelter return royalty from future production on the North Battle Mountain and Red Rock Prospects. Pershing Gold also received a 1% production royalty on the Red Rock and North Battle Mountain properties and following the transaction owns approximately 38% of Valor Gold's outstanding shares. The Company used a portion of the cash received in the transaction to repay a $500,000 note