The Company Signs Three Agreements to Broaden its Arizona Porphyry Copper Exploration Opportunities

RENO, NV / ACCESSWIRE / January 29, 2021 / Pershing Resources Company, Inc., (OTC PINK:PSGR), a precious and base metals exploration company, today announced the acquisition of three new properties in northwestern Arizona, south of its 100% owned New Enterprise Project. Each of the three new properties provide expansion room for Pershing's exploration efforts based on knowledge acquired from the New Enterprise property over the past few years. These new properties increase Pershing's potential for the exploration of additional porphyry copper and associated mineralization.

Pershing has been working with, and negotiating, each of the agreements with an arm's length party that has over thirty years porphyry copper related mineral exploration and mining experience, including within Mohave County where the new properties are located. Each of the three agreements have a term of 20 years and include a lease purchase option for a one-time payment of 500,000 restricted shares of the Company's common stock and, a four percent (4%) net smelter return (NSR) royalty on any production achieved during the life of the project. Pershing has the right, but not the obligation, to buy back one percent (1%) of the NSR within the first five years of the agreement at a purchase price of one million dollars ($1,000,000) and additional one percent (1%) of the NSR at a purchase price of two million dollars ($2,000,000) within the first 10 years of the agreement thereby potentially reducing the four percent (4%) NSR to two percent (2%). Each agreement also includes an area of interest surrounding the initial agreed upon property outline to limit potential conflicts with Pershing's other ongoing nearby exploration work.

The Company is currently compiling exploration work previously completed by others on these new acquisitions and is contemplating exploration over the next few exploration seasons. Such exploration activities may include a high-resolution hyperspectral image of the area, a mineral mapping survey as well as a heliborne magnetic survey once funds are available to complete this type of early exploration work. Initial exploration work will include geological and structural mapping and sampling to further characterize the mineralization potential of the new projects, very similar to what was completed on the nearby New Enterprise project. Further details regarding each of the properties will be released once they are available for public disclosure.

The technical content of this press release has been reviewed and/or prepared by Edward C. Walker, Ph.D., P.Geo., an independent consultant as defined by National Instrument 43-101.

Forward-Looking Statements

The information contained in this press release, as well as the information on the Company's website, is provided solely for the reader's general knowledge. Such information is not intended to be a comprehensive etc. etc..
SOURCE: Pershing Resources Company, Inc.