Breaking #Gold Stock News; Pershing Gold (NASDAQ: $PGLC; TSX: $PGLC) Announces Positive Preliminary Feasibility Study for Relief Canyon

  

Breaking #Gold Stock News; Pershing Gold (NASDAQ: $PGLC; TSX: $PGLC) Announces Positive Preliminary Feasibility Study for
Relief Canyon

LAKEWOOD, Colo., June 5, 2017 — ( www.investorideas.com newswire) Pershing Gold Corporation (NASDAQ:PGLC) (TSX:PGLC) (FWB:7PG1) ("Pershing Gold" or the "Company"), the emerging Nevada gold producer, today announces the completion of a NI 43-101 compliant resource and  Preliminary Feasibility Study (“PFS”) on its Relief Canyon Mine in Pershing County, Nevada.

Mine Development Associates (“MDA”), Kappes Cassidy & Associates, of Reno, NV and Jorgensen Engineering and Technical Services, of Centennial, CO, completed the PFS for the Company’s Relief Canyon gold mine with an effective date of May 26, 2017. The positive PFS by MDA recommends that Pershing Gold advance the Relief Canyon Project to a production decision. Highlights from the PFS include a pre-tax net present value (“NPV”) of $144.6 million, an internal rate of return (“IRR”) of 89% and Net Cash Flow of $192.7 million. This NPV, IRR and Net Cash Flow assume pre-tax economics using $1,250 per ounce (“/oz”) of gold (“Au”), $16.75/oz of silver (“Ag”) and a 5% discount rate. Further highlights from the PFS are listed below in Table 1 (showing updates to the Preliminary Economic Assessment (“PEA”) the Company announced on June 24, 2016), and PFS gold price sensitivities are listed below in Table 2.

Read this release in full at http://www.investorideas.com/CO/PGLC/news/2017/06051FeasibilityStudy.asp

“The PFS is a major milestone for Pershing Gold. We announced an upgraded mineral resource that includes proven and probable reserves of approximately 635,000 ounces of gold and 1.6 million ounces of silver,” stated Stephen D. Alfers, Pershing Gold’s Chairman and CEO. “The PFS is based on a mine plan and financial model with an annual average production of over 90,000 ounces of gold per year over a mine life of approximately six years. The Relief Canyon deposit remains open in three directions, presenting the opportunity for continued expansion and extension of this mine,” Alfers explained.  

Table 1: Relief Canyon PFS vs. PEA Highlights
	PFS	PEA
Life of mine (“LOM”)	5.6 years	5.8 years
Average LOM production	93,900 oz Au/year	88,500 oz Au/year
Cash Cost	$770/oz Au	$772/oz Au
AISC	$802/oz Au	$804/oz Au
Initial CAPEX	$23.6 million	$12.2 million
Sustaining CAPEX	$22.8 million	$16.6 million
Working Capital	$11.0 million	$14.9 million
Pre-tax NPV, 5%	$145 million	$159 million
Pre-tax IRR	89%	125%
Pre-tax Net Cash Flow	$192.7 million	$206 million
After-tax NPV, 5%	$126 million	$121 million
After-tax IRR	85%	109%
After-tax Net Cash Flow	$167.7 million	$157.6 million

*The PEA evaluated the economics of two alternative mining scenarios: self-mining by the Company with its own manpower and equipment, and mining through mine contractors who supply the manpower and equipment to deliver material to the Company’s processing facilities. The results shown are based on the contractor mining estimates.

"The Company will be reviewing various options to cover future capital needs, including debt, royalty or stream financing, gold off-take agreements, investment from strategic investors, or combinations of those approaches," said Alfers.

“Pershing Gold thanks MDA, its staff, and its associated engineering and metallurgical groups assisting in the development of this PFS. The quality of the work and effort put into this study is apparent in the excellent report they have produced,” stated Alfers.

Operating Cost and CAPEX

The favorable economics of Relief Canyon are reinforced throughout the PFS. The PFS indicates the viability of contract-mining and conveyor stacking to bring the project into production. Under the PFS, 525,790 oz Au are expected to be produced with average life of mine (“LOM”) production of 93,900 oz Au/year over the 5.6 year LOM. The PFS highlights the low cost nature of this project with an average cash cost of $770/oz Au and All in Sustaining Cost (“AISC”) of $802/oz Au. The modest capital expense (“CAPEX”) nature of this project is reaffirmed with the PFS Initial CAPEX of $23.6 million. The full PFS will be posted within the next 45 days on the Company’s website at www.pershinggold.com/relief-canyon/technical-reports.

Table 2: PFS Gold Price Sensitivity Analysis, Before Tax
Gold Price / oz Au	PFS Plan NPV, 5%	PFS IRR
$1,450	$226 million	140%
$1,400	$206 million	127%
$1,350	$185 million	114%
$1,300	$165 million	102%
$1,250	$145 million	89%
$1,200	$124 million	77%
$1,150	$104 million	65%
$1,100	$84 million	53%

Mineral Reserve and Resource Estimate

The PFS also allows for the categorization of approximately 80% of the gold ounces and 73% of the tons within the NI 43-101 measured and indicated resource at Relief Canyon as proven and probable reserves (Table 3). This conversion percentage from resource to reserve highlights the quality and quantity of work in 2016 to upgrade the Relief Canyon deposit.  To date more than 1,100 holes and approximately 500,000 feet of drilling have been completed at Relief Canyon.  This includes 430 core holes and nearly 290,000 feet of drilling completed by Pershing Gold.

Table 3: 2017 Relief Canyon Oxide Reserve
Classification	Cutoff	Tons	Gold Grade		Total Gold
	(opt Au)	000's	(opt)	(gpt)	(Ounces)
Proven	0.005	13,095,400	0.024	0.822	308,500
Probable	0.005	17,434,300	0.019	0.651	326,500
Proven & Probable		30,529,700	0.021	0.719	634,900

This PFS has calculated Proven and Probable reserves for the deposit based on the estimated resources that have an effective date of November 1, 2016. A designed PFS three-phase pit contains the Measured and Indicated material shown in Table 3, which constitute the reserves for the property using a gold price of $1,250 per ounce, a cutoff grade of 0.005 ounces per ton (“opt”) Au, and the detailed mine economics outlined in the PFS. In addition, a silver reserve grade can be reported for a portion of the deposit shown in Table 4 below.

Table 4: 2017 Relief Canyon Reserve with Silver Grade
Classification	Tons	Silver Grade		Total Silver
	000's	(opt)	(gpt)	(Ounces)
Proven	4,123,900	0.095	3.253	391,300
Probable	10,268,600	0.121	4.144	1,241,300
Proven & Probable	14,392,500	0.113	3.87	1,632,600

The Mineral Reserves have an effective date of May 26, 2017. The Proven and Probable reserves are contained in the designed PFS final pit and include only oxide materials. The Measured and Indicated oxide resources are inclusive of the estimated PFS reserves.

Table 5: 2016 Relief Canyon Gold Resource
Classification	Cutoff	Tons	Gold Grade		Total Gold
	(opt Au)		(opt)	(gpt)	(Ounces)
Measured-Oxide	0.005	14,232,000	0.022	0.753	312,000
Measured-Mixed	0.010	259,000	0.058	1.990	15,000
Measured-Total	variable	14,491,000	0.023	0.788	327,000
Indicated-Oxide	0.005	26,854,000	0.016	0.548	439,000
Indicated-Mixed	0.010	162,000	0.033	1.130	5,000
Indicated-Sulfide	0.020	369,000	0.050	1.712	18,000
Indicated-Total	variable	27,385,000	0.017	0.582	462,000
Meas. + Ind Total	variable	41,876,000	0.019	0.651	789,000
Inferred-Oxide	0.005	5,238,000	0.009	0.308	45,000
Inferred-Mixed	0.010	4,000	0.018	0.616	100
Inferred-Sulfide	0.020	4,000	0.028	0.959	100
Inferred-Total	variable	5,246,000	0.009	0.308	45,200

* Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The mineral resources at Relief Canyon were modeled and estimated by evaluating the drill data statistically, utilizing the geologic interpretations provided by Pershing Gold to interpret mineral domains on cross sections spaced at 50-foot intervals, rectifying the mineral-domain interpretations on long sections spaced at 10-foot intervals, analyzing the modeled mineralization geostatistically to establish estimation parameters, and estimating grades into a three-dimensional block model.

The Relief Canyon gold mineral resource is listed in Table 5 using a cutoff grade of 0.005 opt Au for oxide material, 0.01 opt Au for mixed material, and 0.02 opt Au for sulfide material. The oxide and mixed cutoffs were chosen to capture mineralization potentially available to open-pit extraction and heap-leach processing, with the higher cutoff for mixed material reflecting the expected reduction in recovered gold. The sulfide cut-off was chosen to reflect the potentially higher costs associated with sulfide processing. The effective date of the mineral resources estimate is November 1, 2016, and these Measured and Indicated resources are inclusive of the estimated PFS reserves.

Table 6: 2016 Relief Canyon Silver Resource
Classification	Tons	Silver Grade		Total Silver
		(opt)	(gpt)	(Ounces)
Measured-Oxide	10,550,000	0.119	4.075	1,260,000
Measured-Mixed	259,000	0.251	8.600	65,000
Measured-Total	10,809,000	0.123	4.212	1,325,000
Indicated-Oxide	6,236,000	0.094	3.219	584,000
Indicated-Mixed	162,000	0.206	7.055	33,000
Indicated-Sulfide	369,000	0.313	10.720	115,000
Indicated-Total	6,767,000	0.108	3.700	732,000
Meas. + Ind Total	17,576,000	0.117	4.007	2,057,000
Inferred-Oxide	781,000	0.066	2.260	52,000
Inferred-Mixed	4,000	0.125	4.281	1,000
Inferred-Sulfide	4,000	0.164	5.616	1,000
Inferred-Total	789,000	0.068	2.323	54,000

Metallurgical Testing

Additional metallurgical testing incorporated into the PFS resulted in average gold recovery rates of approximately 83% on crushed and agglomerated material, an improvement from the recovery rate of 80% identified in the PEA. The Relief Canyon ore deposit contains an oxidized and partially oxidized gold mineral resources and reserves that metallurgical testing and historical mining experience indicate are amenable to cyanide heap-leach processing. In 2015 and 2016, Pershing Gold conducted metallurgical test work on drill core and bulk samples to confirm heap-leach processing on additional resources and reserves that have been identified within the existing pit. The metallurgical test work was based on identifying three distinct zones on cross-section identified as the Main, Lower, and Jasperoid zones.

Results from column leach testing demonstrate that the major Relief Canyon ore types (limestone breccia, clay matrix breccia, and jasperoid) contained in the Main Zone, as well as the Jasperoid and Lower Zones, generally would be amenable to heap-leach cyanidation treatment.

The column-leach and permeability tests indicate that agglomeration is required in order to achieve hydraulic conductivity and a corresponding gold recovery on a consistent basis. There is also evidence that blending of low and high fines content material will aid hydraulic conductivity.

The planned processing method is heap-leach cyanidation of primary crushed ore (80% passing three inch) that has been agglomerated using eight pounds per ton of cement as a binder.

Permitting

Currently, Pershing Gold has all of the state and federal permits necessary to start the Phase I mining and heap-leach processing operations. Pershing Gold is planning a two-phase permitting and development scenario for the project. Phase I, which has been approved, is the re-purposing of previously approved disturbance for expanded mining to a pit bottom elevation of 5,080 feet, partial backfilling of the Phase I pit to approximately 20 feet above the historical groundwater elevation to eliminate a pit lake, expanded exploration operations, full build-out of the heap leach pad to accommodate leaching of the Phase I ore, and construction of a new waste rock storage facility. Phase II will include additional mine expansion activities and allow mining further below the water table. Pershing Gold will use the mine plan in the PFS as the basis for the Phase II permit application, and anticipates it will submit the Phase II permit applications in the second half of 2017.

Opportunities

Resource growth opportunities remain available through additional exploration and/or development drilling. The deposit is open to the west, and offers opportunity for growth. Additional opportunities could include:

·        Converting inferred resource tons to measured and indicated resource or proven and probable reserves

·        Utilizing historic low-grade stockpile

·        Expanding and/or demonstrating continuity of the high-grade gold grade shells

·        Expanding on the 2016 Phase 2 drilling that identified new zones of mineralization southeast of the Lightbulb Pit, with potential to elevate these zones of mineralization to a mineral resource status

·        Increasing silver credit

Greenfields exploration activity has taken place over approximately 20% of the 40 square miles of Pershing Gold’s land package. It has already identified growth opportunities including the Blackjack Project, which is a potential satellite deposit southeast of the Relief Canyon Mine. Drilling is currently in progress at Blackjack.

About Pershing Gold Corporation

Pershing Gold is an emerging gold producer whose primary asset is the Relief Canyon Mine in Pershing County, Nevada. Relief Canyon includes three historic open-pit mines and a state-of-the-art, fully permitted and constructed heap-leach processing facility. Pershing Gold is currently permitted to resume mining at Relief Canyon under the existing Plan of Operations.

Pershing Gold's landholdings cover approximately 25,000 acres that include the Relief Canyon Mine asset and lands surrounding the mine in all directions. This land package provides Pershing Gold with the opportunity to expand the Relief Canyon Mine deposit and to explore and make new discoveries on nearby lands.

Pershing Gold is listed on the NASDAQ Global Market and the Toronto Stock Exchange under the symbol PGLC and on the Frankfurt Stock Exchange under the symbol 7PG1.

Cautionary Note to United States Investors Regarding Estimates of Measured, Indicated, and Inferred Resources

This press release uses the terms "Measured," "Indicated" and "Inferred” mineral resources, which are defined in Canadian Institute of Metallurgy guidelines, the guidelines widely followed to comply with Canadian National Instrument 43-101-- Standards of Disclosure for Mineral Projects (“NI 43-101”). We advise U.S. investors that these terms are not recognized by the United States Securities and Exchange Commission (the "SEC"). The estimation of measured and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. Mineral resources are not mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. U.S. investors are cautioned not to assume that measured or indicated mineral resources will be converted into reserves. Inferred mineral resources have a high degree of uncertainty as to their existence and their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, or is economically or legally viable. Under Canadian rules, estimates of "inferred mineral resources" may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment under certain circumstances.

Pershing is a reporting issuer in the United States and is required to discuss mineralization estimates in accordance with US reporting standards. The estimates of proven and probable mineral reserves used in this press release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards, which definitions have been adopted by NI 43-101.  The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in the United States Securities and Exchange Commission's Industry Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit, which could be economically and legally extracted or produced at the time the reserve determination is made. Accordingly, information contained in this press release containing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies under the United States federal securities laws and the rules and regulations thereunder.  Moreover, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" as in-place tonnage and grade without reference to unit measures. US investors are urged to consider closely the disclosure in our Form 10-K for the year ended December 31, 2016 and other SEC filings. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.

Scientific and Technical Data

All scientific and technical information related to drill and surface samples, resource estimate, mineral processing, metallurgy and recovery methods, and mining for the Relief Canyon project has been reviewed and approved by either Paul Tietz, Certified Professional Geologist #11720, Neil Prenn, P.E. #7844, Carl Defilippi, registered member SME#775870RM, or Mark Jorgensen, MMSA#01202QP who are each Qualified Persons under the definitions established by Canadian National Instrument 43-101. Drill core at Relief Canyon is boxed and sealed at the drill rig and moved to the Relief Canyon logging and sample preparation facilities by trained personnel. The core is logged and split down the center using a typical table-fed circular rock saw. One half of the core is sent for assay while the other half is returned to the core box and stored at Relief Canyon in a secure, fenced-off, area. Pershing Gold quality assurance/quality control (QA/QC) procedures include the regular use of blanks, standards, and duplicate samples.

Non-GAAP Measures

Cash costs is a non-GAAP financial measure calculated by the Company as set forth below, and may not be comparable to similar measures reported by other companies. Cash costs include all direct and indirect costs that would generate gold ounces for sale to customers, including mining of mineralized materials and waste, leaching, processing, refining and transportation costs, on-site administrative costs and royalties, net of by-product credits for silver ounces sold. Cash costs do not include depreciation, depletion, amortization, exploration expenditures, reclamation and remediation costs, sustaining capital, financing costs, income taxes, or corporate general and administrative costs not directly or indirectly related to the Relief Canyon project. Cash costs are divided by the number of gold ounces produced for the period to arrive at cash costs per gold ounce produced.

Cost of sales is the most comparable financial measure, calculated in accordance with GAAP, to cash costs. As compared to cash costs, cost of sales includes adjustments for changes in inventory and excludes net revenue from by-product, refining and transportation costs, which are reported as part of revenue in accordance with GAAP.

AISC is a non-GAAP financial measure calculated by the Company as set forth below, and may not be comparable to similar measures reported by other companies. AISC includes cash costs, as defined above, plus exploration costs at the Relief Canyon project and sustaining capital expenditures (including additional leach pads, permitting and customary improvements to the operations over the life of the project). AISC are divided by the number of gold ounces produced for the period to arrive at all-in sustaining costs per gold ounce produced.

Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including the timing of the release of the full PFS and those statements with respect to the expected project economics for Relief Canyon, such as estimates of life of mine, average production, cash costs, AISC, initial CAPEX, sustaining CAPEX, working capital, pre-tax IRR, pre-tax NPV, net cash flows and recovery rates, the viability of contract mining and conveyor stacking, gold price sensitivity analysis, the timing to obtain necessary permits, the submission of the project for final investment approval and the timing of initial gold production after investment approval and full financing, metallurgy and processing expectations, the gold and silver mineral reserve  (including proven and probable reserves) and resource estimates, assumptions regarding available processing methods, plans regarding additional permitting and phased development of the mine, expectations regarding the ability to expand the mineral resource through future exploration or drilling and the anticipated results of further drilling, and development potential of satellite areas , are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2016. The Company assumes no obligation to update any of the information contained or referenced in this press release.

Contact Information

For more information, please contact:

Stephen Alfers, Executive Chairman, President and CEO

Jack Perkins, Vice President, Investor Relations

720.974.7254

investors@pershinggold.com

www.PershingGold.com

Pershing Gold Corporation (NASDAQ:PGLC) (TSX:PGLC) is a featured mining company on Investorideas.com : Visit company profile  

Get News Alerts on Pershing Gold Corporation

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp

Disclosure: Pershing Gold Corporation (NASDAQ: PGLC) (TSX:PGLC) is a paid PR, media and news client effective June 2 107 for 2 months , ten thousand per month

Gold-MiningStocks.com - investing ideas in gold and mining stocks

Like Gold Stocks? View our Gold / Mining Stocks Directory  Get News on Mining Stocks 

 Follow Mining Stock Ideas on Twitter https://twitter.com/MiningStockIdea  

Join our Gold and Mining Stocks Group on Linkedin

Zinc Mining Stock News Alert; #ZincOne @zinconeinc (TSX: $Z.V; OTC: $ZZZOF) Completes Forrester (TSX-V: $VEM.H) Acquisition

Zinc Mining Stock News Alert; #ZincOne @zinconeinc (TSX: $Z.V; OTC: $ZZZOF) Completes Forrester (TSX-V: $VEM.H) Acquisition

Zinc One is now fully funded to move forward with the exploration and development of the high-grade, zinc-oxide Bongara Mine Project

Vancouver, Canada - June 5, 2017 (Investorideas.com Newswire)  Mining stock news Zinc One Resources Inc. (TSXV: Z) (OTC Pink: ZZZOF) and Forrester Metals Inc. (TSX-V: VEM.H) report that further to their news releases on February 1, 2017, March 7, 2017, and May 18, 2017, that Zinc One has received all necessary documents and approvals and completed its acquisition of all the issued and outstanding common shares of Forrester (the "Transaction"). Together with the acquisition, Zinc One recently closed its private placement financing of $10,000,000 (the "Private Placement Financing"). Zinc One is now fully funded to move forward with the exploration and development of the high-grade, zinc-oxide Bongara Mine Project.

Further, Zinc One is pleased to welcome Dr. William “Bill” Williams as its new Chief Operating Officer.  Dr. Williams is the former CEO of Forrester and has been a director of Zinc One since May 24th, 2017.

Read the full release athttp://www.investorideas.com/CO/ZincOne/news/2017/06051Acquisition.asp

Zinc One Resources Inc. (TSXV: Z) (OTC Pink: ZZZOF) is a Featured mining company on Investorideas.com

Visit Profile page: http://www.investorideas.com/CO/ZincOne/

Get News Alerts on Zinc One Resources Inc.

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info:http://www.investorideas.com/About/Disclaimer.asp. Disclosure - Zinc One (TSXV:Z)(OTC:ZZZOF) is a featured mining PR, news and social media client for June 2017 - one month : five thousand per month via ad agency

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.

Zinc One (TSX: $Z.V) (OTC: $ZZZOF) Completes Forrester (TSX-V: $VEM.H) Acquisition and Appoints Chief Operating Officer; @zinconeinc

Zinc One (TSX:  $Z.V) (OTC: $ZZZOF) Completes Forrester (TSX-V:  $VEM.H) Acquisition and Appoints Chief Operating Officer; @zinconeinc 

Vancouver, Canada – June 2, 2017 - Zinc One Resources Inc. (TSXV: Z) (OTC Pink: ZZZOF)  and Forrester Metals Inc. (TSX-V: VEM.H) (“Forrester”) are pleased to announce, further to their news releases on February 1, 2017, March 7, 2017, and May 18, 2017, that Zinc One has received all necessary documents and approvals and completed its acquisition of all the issued and outstanding common shares of Forrester (the “Transaction”).  Together with the acquisition, Zinc One recently closed its private placement financing of $10,000,000 (the “Private Placement Financing”). Zinc One is now fully funded to move forward with the exploration and development of the high-grade, zinc-oxide Bongara Mine Project. 

Further, Zinc One is pleased to welcome Dr. William “Bill” Williams as its new Chief Operating Officer.  Dr. Williams is the former CEO of Forrester and has been a director of Zinc One since May 24th, 2017.

Dr. Williams is an economic geologist with extensive experience in South America.  He is the former Chief Executive Officer and President of Orvana Minerals Corp. and since leaving that company in 2013, has been a consultant to the mining industry.  Prior to joining Orvana Minerals, he was a Vice President for Phelps Dodge Exploration.  He holds a PhD, Economic Geology from the University of Arizona.

Dr. Williams commented, “I am very pleased to join Zinc One and continue the work Forrester has initiated to advance the Bongara Zinc-Oxide Mine Project. It is a great opportunity to be part of the team developing the Bongara Zinc-Oxide Mine Project as I believe its many positive attributes, including the exceptional high-grade zinc at or near the surface, the favorable metallurgy as demonstrated by the previous operation, and a mining-friendly jurisdiction, give this project an edge over many other lower-grade zinc deposits.  Over many years, Forrester has developed a solid network in Peru that will continue being instrumental in getting the Bongara Zinc-Oxide Mine Project back in production in the fastest possible manner.  Zinc One is now well funded and managed by a group with a wealth of experience in mine design, permitting, construction and operations. In addition, the Company is backed by a succesfull and well-connected group of financial market participants.”

James Walchuck, CEO of Zinc One added, “We consider ourselves fortunate to welcome Bill Williams to our team. Over the last few months we have worked closely with Bill and developed a great appreciation for his skill and professionalism. It is a rare occurrence to be able to acquire what I believe is an exceptional project along with a seasoned team already well versed in the project. I look forward to continuing what has been a seamless transition and furthering  the high quality work underway in Peru.”

Also joining the Zinc One team in Peru are Silvia Dedios, General Manager, and Roger Riquelme, Vice President Exploration.  Ms. Dedios served in various management positions for Forrester and its predecessors over the last ten years and for nearly 20 years prior to that was a general, finance, and sales manager for various manufacturing companies in Peru.  In addition, she served as a director for SEDAPAL from 2013-2016 and ElectroPeru from 2012-2016.  She holds a B.S. in Administrative Science from the University of Lima and an M.B.A. from ESAN.

Mr. Riquelme is a geologist with over 30 years experience working in Peru, Colombia, and Mexico for various companies including Votarantim Metals at their Florida Canyon zinc project and Anglo Gold Ashanti, Phelps Dodge, Minera del Madrigal, and Minera Katanga on exploration and development projects as well as mine operations.  His extensive experience in Peru included not only the management of project evaluations and development, including drilling programs, but management of permitting protocols and community relations.  Mr. Riquelme holds a B.S. in Geology from the National University of Arequipa.

Details of the Transaction

The Transaction was effected by way of a court approved plan of arrangement under the Business Corporations Act (Ontario).  Under the terms of the Agreement, each shareholder of Forrester received one common share of Zinc One (“Zinc One Share”) for every 5.5 common shares of Forrester (“Forrester Shares”).  As a result, Zinc One issued a total of 24,259,812 Zinc One Shares to the shareholders of Forrester.

All outstanding options and warrants of Forrester will remain outstanding and be adjusted to give effect to the Transaction in accordance with their respective terms or pursuant to the Agreement.  Further, certain directors and officers of Forrester settled all severance payments by the issuance of 4,101,888 Forrester Shares, which were subsequently converted into 745,797 Zinc One Shares.

As a result of closing  the Transaction and the Private Placement Financing, Zinc One now has 98,701,718 issued and outstanding shares.

About Bongará Zinc Mine and Charlotte Bongará Zinc Project

The Bongará Zinc-Oxide Project consists of the Bongará Zinc-Oxide Mine and the Charlotte Bongará Zinc-Oxide Project.  At the former, zinc-oxide mineralization was discovered in 1974 and since then various companies have completed exploration programs across the area; mining of the zinc oxides with grades exceeding 20%, occurred for 17 months in 2007-08 until declining zinc prices led to a shutdown.  The previous operator estimated the following historical resources after mining ceased:

Historical Resource Category	Mineral Type	Tonnes	Zn (%)
Measured	Oxides	329,236	22.45
Indicated	Oxides	678,560	21.20
Total M + I	Oxides	1,007,796	21.61
Inferred	Oxides	209,018	21.18

(Note: Historical resource estimate was previously prepared on the Bongará Zinc-Oxide Mine by the previous operator, Corianta S.A. in 2011.  Please see cautionary statement on historical resource estimate below.)

The mineralization is concentrated along and proximal to a NW-trending anticlinal axis over approximately three kilometres.  From the southeast edge of the project, the Mina Grande, Mina Chica and Bongarita mine areas were subject to sampling from pits and trenches as well as shallow drilling over a distance of approximately 1.2 kilometres.  This zinc-oxide mineralization appears to continue for approximately one kilometre to the northwest into an area known as Campo Cielo, where additional high-grade, zinc-oxide mineralization in historical pits and trenches was encountered.

The adjacent Charlotte Bongará Zinc-Oxide Project, located approximately seven kilometres northwest of the Bongará Zinc-Oxide Mine, was initially explored by Solitario Resources in 1994.  Cominco Ltd. later completed five drill holes for 592 metres within the property, two of which encountered near-surface, high-grade, zinc-oxide mineralization.  Between 2007 and 2011, Rio Cristal Zinc optioned the project and eventually drilled 95 drill holes for a total of 7,722 metres on the Cristal and Charlita prospects.  Some of the Rio Cristal drill results included 29.5% Zn across 15.5 metres, 26.1% Zinc across 12.5 metres, and 29.7% Zinc across 11.5 metres (the cited intervals are drill-intercept widths and true widths are unknown). 

The historical mining activity and the results from historical drilling, trenching, and pitting along this four-kilometre trend of zinc-oxide mineralization certainly merit a re-evaluation of the Bongará Zinc Mine as well as further exploration of both the Campo Cielo area and the Charlotte Bongará zone.

Read this release in full at http://www.investorideas.com/CO/ZincOne/news/2017/06021Forrester.asp

About Zinc One Resources Inc.  zincone.com @zinconeinc 

Zinc One is focused on the acquisition, exploration and development of prospective and advanced zinc projects in mining friendly jurisdictions.  Zinc One’s key assets are the past producing Bongará Zinc-Oxide Mine Project and Charlotte Bongará Zinc-Oxide Project in Peru.. The Company is managed by a proven team of exploration geologists, and engineers having previously constructed and operated successful mining operations.

For more information, please visit the website at WWW.ZINCONE.COM or contact James Walchuck, CEO and President at (604) 683-0911 or email at info@zincone.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF

ZINC ONE RESOURCES INC.

“signed”

_______________________

James Walchuck

CEO and President

Qualified Person

The technical content of this news release has been reviewed and approved by Bill Williams, COO and Director of Zinc One and a qualified person as defined by National Instrument 43-101.

Cautionary Statement on Historical Resource Estimate

The historical resource estimate was prepared by the previous operator, Corianta S.A. in an internal report dated June 13, 2011 on the Bongará Zinc Mine.  The historical resource estimate used “measure resources”, “indicated resources” and “inferred resources”, which are categories set out in National Instrument (“NI”) 43-101.  These categories are considered reliable as well as relevant as it represents the main target for future exploration and development work on the Bongará Zinc-Oxide Mine.   The Qualified Person has not completed sufficient work to verify this historical estimate as a current resource estimate and is not treating the historical estimate as a current resource estimate. Additional surface samples, trench samples, and drill hole samples will be required to comply with NI 43-101 guidelines in order to provide a current resource estimate.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zinc One cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Zinc One’s limited operating history, ability to complete the proposed transaction with Forrester (including obtaining all necessary shareholder and regulatory approvals), ability to close the private placement financing and the need to comply with environmental and governmental regulations.  Accordingly,  actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Zinc One does not undertake to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release

Zinc One Resources Inc. (TSXV: Z) (OTC Pink: ZZZOF) is a Featured mining company on Investorideas.com

Visit Profile page: http://www.investorideas.com/CO/ZincOne/

Get News Alerts on Zinc One Resources Inc.

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp. Disclosure - Zinc One (TSXV:Z)(OTC:ZZZOF) is a featured mining PR, news and social media client for June 2017 - one month : five thousand per month via ad agency

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.