The market cap of Pershing Resources Company Inc (OTCPK: PSGR) was $14.61M at the close of trading last session after increasing by 25.69% to $0.0504. There are 364.24 million shares outstanding of the pink sheets Pershing stock, vs. 79.44 million shares float. As the PSGR stock has increased when no current news is available, there may be some reason to believe that recent developments will reveal more about the PSGR.
How has PSGR been recently?
Exploration company Pershing offers exploration projects in both Arizona and Nevada. The company’s portfolio includes precious and base metal projects. Headquartered in Reno, Nevada PSGR focuses its efforts on exploring and developing New Enterprise and Mohave-Standard properties, which together constitute the New Enterprise project. Mineral Park Porphyry Cu-Mo Mine (about 20 miles to the northwest) and Baghdad Cu-Mo Mine (about 45 miles to the southeast) surround PSGR’s New Enterprise Project.
Last month, Pershing announced it had amended the terms of the 100% mineral rights interest it holds in its Klondyke and Divide properties as well as the Hot Creek parcel of PSGR’s West Bolo Gold and Silver properties in Nevada.
Under the amendments, lease/purchase options are provided that have net smelter royalty (NSR) percentage obligations of less than 2% after takeaways for each of these properties, comparable to those provided by PSGR. Compared with the previously amended terms PSGR negotiated with Americas Gold Exploration, Inc., for the company’s West Bolo property, these new terms are comparable.)
How did PSGR handle these agreements?
The amended lease agreements will provide Pershing (PSGR) with the right to extend the 20-year term lease/purchase option agreements for the Klondyke and Divide properties as well as the Hot Creek parcel on the West Bolo property. In a recent agreement, PSGR negotiated a reduction of $2,000,000 in the NSR percentage price/cost. Mountain Gold Claims, LLC (MGC), is the exclusive partner of PSGR in the amended agreements for Klondyke and Hot Creek, while PSGR is also the exclusive partner of Blackrock Exploration, LLC. (BRE).