Results are reported in feet ("ft") and meters ("m"), and in grams per tonne ("gpt") and ounces per ton ("oz/ton") of gold ("Au").

Highlighted intercepts include:

Southwest Target Area:

RC15-429, 18.8 ft (5.7 m), 5.921 gpt, 0.172 oz/ton Au

North Target Area:

RC15-405, 2.3 ft (0.7 m), 9.337 gpt, 0.274 oz/ton Au

RC15-419, 20.8 ft (6.3 m), 2.098 gpt, 0.061 oz/ton Au

RC15-421, 33.7 ft (10.3 m), 3.716 gpt, 0.108 oz/ton Au

"We are pleased to report the completion of the 2015 Drilling Program at Relief Canyon. As of November 15, all five drill rigs have ceased operating on site. Preliminary results of this final phase of drilling are listed in the table below," stated Stephen D. Alfers, Pershing Gold’s Chairman and CEO.

Southwest Target Area

The Company has discovered a new block of mineralization in the Southwest Target Area, bringing mineralization 100 to 250 feet closer to the surface than was previously projected. RC15-429 with 18.8 ft (5.7 m), 5.921 gpt, 0.172 oz/ton Au (Figure 1) is the highest-grade intercept yet encountered in this area. This new discovery is associated with a repeated section of the stratigraphy along a generally northwest trending zone. RC15-429 tested the extreme northwest extension of an area of mineralization discovered earlier this year.

North Target Area

Recent drilling in the North Target Area primarily focused on step outs to the east designed to test the L and J mineralized zones (Figure 2). Noteworthy intercepts include RC15-405 with 2.3 ft (0.7 m) of 9.337 gpt, 0.274 oz/ton Au, RC15-419 with 20.8 ft (6.3 m), 2.098 gpt, 0.061 oz/ton Au and RC15-421 with 33.7 ft (10.3 m), 3.716 gpt, 0.108 oz/ton Au. These intercepts expand the deposit at Relief Canyon eastward and toward the surface in the Jasperoid Target Area.

The 2015 Drilling Program concluded with a total of approximately 105,000 feet of drilling. In total, 177 holes, which include some re-drill holes, were completed. This includes approximately 160 development core-holes, 7 metallurgical holes, and 10 exploration holes. The 10 exploration holes account for approximately 10,000 feet of drilling to test green field targets. The average cost of contracted drilling for the 2015 program was slightly less than $38 per foot. In total, the Company spent approximately $5 million for the development drilling in this program.

Approximately 75% of the assay results have been received by the Company and have cleared Quality Assurance/Quality Control ("QA/QC") review. The Company plans to validate all assays, logging, and geotechnical data and incorporate the results into the Company’s database by the end of this month.

The Company will complete its review of the 2015 Drilling Program in the first quarter of 2016 and will then announce its 2016 Drilling Program to follow up on the success of the 2015 program.

The Company expects to publish an updated NI 43-101 resource update incorporating these results as well as a Preliminary Economic Analysis on Relief Canyon in the second quarter of 2016.

The geology encountered in the drilling at Relief Canyon includes three stacked mineralized zones, identified as the M Zone, the L Zone and the J Zone (Figure 2).

The 2015 Drilling Program includes four target areas; The North Pit, the North Target Area, the Jasperoid Target Area and the Southwest Target Area (Figure 1). Recent drilling results discussed above highlight the North Target Area and Southwest Target Area. Additional results are pending for the central and eastern sections of the Jasperoid Target Area, as are results from recent drilling in the North Pit.