Cantor Fitzgerald Initiates Coverage of Pershing Gold Corp


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OTC:BB:PGLC
05/29/2014 [ACCESSWIRE]

New York, NY / May 29, 2014 / Market Exclusive announces that Cantor Fitzgerald has initiated a buy recommendation on Pershing Gold Corp. (OTCBB:PGLC) with an initial buy target of $0.55.

According to the Cantor Fitzgerarld report "Pershing Gold Corp is a Nevada-based gold development company with pedigreed management that will soon re-start production at the Relief Canyon Mine. We are initiating coverage on Pershing Gold with a BUY recommendation and a $0.55/share target price. Our target price reflects a 1.0× multiple to our $0.54 per share NAV valuation."

Pershing Gold is an emerging Nevada gold producer on a fast-track to re-open the Relief Canyon Mine, which includes three open-pit mines and a state-of-the-art, fully permitted and constructed heap leach processing facility. Pershing Gold's landholdings cover over 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.

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SOURCE: Market Exclusive

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