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Pershing Resources secures US$1M funding for New Enterprise, Marco projects

Pershing ResourcesCo. Inc. said April 27 that Blackbridge Capital LLC agreed to investup US$1.0 million in the company in exchange for 9.9% of Pershing's outstandingcommon stock.

The company intends to use the proceeds of the funding to acceleratework on its New Enterpriseproject in Kingman, Ariz., and Marcogold project in Lovelock, Nev., and to expand its development facility near Kingman.

A significant portion of the funds will be used for constructionand equipment to develop a small production mill on the Kingman development sitewith a proposed processing capacity of up to 20 tonnes per day.

In March, Pershing agreed to exercise its to acquire the development facilityit has been leasing for its New Enterprise project.