Miners with Nevada ties moving forward | NevadaAppeal.com

Miners with Nevada ties moving forward

Nevada Appeal Staff Report

Two small mining companies with Northern Nevada ties have announced advances in their business development.

Pershing Gold Corp. of Lakewood, Colo., announced it has completed its private placement of Series E convertible preferred stock and warrants with a total amounting to $11.1 million in gross proceeds.

The company plans to use proceeds from the private-placement funding arrangement to advance its Relief Canyon project, which is a mine near the Humboldt Range about 130 miles northeast of Carson City and 15 miles from Lovelock in Nevada.

“This financing is a significant milestone for Pershing Gold,” said Stephen Alfers, the firm’s chairman and chief executive officer.

Pershing Gold’s Relief Canyon Mine includes three open-pit mines, plus a fully permitted and constructed heap leach processing facility. Land holdings cover more than 25,000 acres there.

Pershing trades over the counter under the symbol PGLC and closed Wednesday at 39 cents per share.

Using a Carson City dateline, Mexus Gold US and its subsidiary, Mexus Enterprises, S.A. de C.V., announced a new agreement covering the San Felix Mine in Sonora, Mexico. The firm also said it has entered a joint venture agreement with Aztek Mineral S.A. de C.V., a Mexican mining firm, to participate in mining operations.

Mexus, which also trades over the counter, closed Wednesday at 12.5 cents per share.