Home > Boards > US OTC > Mining/Resources > Pershing Gold Corp (PGLC)

The stock has been relatively quiet, while gold

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investora2z   Sunday, 12/01/13 10:00:42 AM
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The stock has been relatively quiet, while gold has corrected from $1450 to $1250 in quick time. Gold is around critical levels and it is important for it to rebound soon. $1200-$1450 can be the range for the medium term. The companies have reduced cost to adjust to the low price scenario, so if gold can consolidate in the range, then the financials for many companies will improve. Low cost producers will obviously be at an advantage. Most of the gold stocks are again at 52 week lows, and the valuations are good if one believes that $1200 will hold when tested. For Pershing, the results of the 2013 drilling program at its Relief Canyon Mine property were promising as all seven of the holes reported had intercepts with gold grades that are significantly higher than January 2013 resource estimate. Further, 6 out the seven holes were found to contain gold intercepts that exceed the average grade of the ore mined in the late 1980s. The CEO Stephen Alfers was confident that Relief Canyon is getting better, and bigger, and the overall grade of the Relief Canyon deposit can be higher than the deposit mined in the 1980s. Results for more holes will be announced in due course. The low-angle geometry of the Lower Zone and the underlying gold-mineralized jasperoids was found amenable to open-pit mining. That can help in achieving lower cost of production. The company is planning to drill at about 20 new sites after obtaining approvals. This will cost approximately $500,000, and the company has the funds for it. Meanwhile, Barry Honig continued to acquire shares of the company. He now owns more than 15.58 million shares. The last purchase was made on November 25, and he has purchased nearly 800K shares in November.

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