WINNEMUCCA, Nev., Sept. 05, 2017 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American:PZG) (“Paramount”) announced today that it has met a significant milestone by filing its mine Plan of Operation (“POO”) with the Federal Bureau of Land Management’s (“BLM”) district office in Vale, Oregon. The filing was submitted in August as scheduled.
The BLM is now in a position to begin its National Environmental Policy Act (“NEPA”) review process which will commence with the preparation of an Environmental Impact Statement (“EIS”) by its selected consulting firm, HDR Inc.
Paramount is in the process of completing a Preliminary Feasibility Study (“PFS”) for the proposed construction and operation of an underground mine to exploit the high-grade gold core at its Grassy Mountain Gold Project located on private ground in eastern Oregon.
The permitting process requires that Paramount obtain mine permits from both the federal government (BLM) and the State of Oregon’s Department of Geology and Mineral Industries (“DOGAMI”). Following the successful filing of the POO with the BLM, Paramount’s next step in the permitting process is to file a Consolidated Permit Application which is planned for the first quarter of 2018. According to Oregon state regulations, a decision should be expected approximately 300 days thereafter.
The permitting process for Grassy Mountain was codified in a precedent-setting Memorandum of Understanding (”MOU”) signed by Paramount, the BLM, DOGAMI, and HDR, Inc. as released on March 8, 2017 which established a set of harmonized requirements for approval of the project. The MOU:
Paramount CEO, Glen van Treek commented: “The bottom line is that our permitting program is progressing on time and on budget. Our team is keeping to the schedules we have established and we are confident that the regulators will also meet their milestones. Thanks to the MOU, we are confident that the EIS process will be conducted efficiently and in a timely manner.”
NI 43-101 Disclosure
Richard Delong of EM Strategies Inc., Paramount’s Environmental and Permitting Coordinator and an Environmental Qualified Person under National Instrument 43-101, has reviewed and approved this release.
Exploration activities at Grassy Mountain are being conducted by personnel of Paramount subsidiary Calico Resources USA Corp. under the supervision of Michael F. McGinnis, Project Manager. Mr. McGinnis is a Qualified Person under National Instrument 43-101.
An ongoing quality control/quality assurance protocol is being employed for the program including blank, duplicate and reference standards in every batch of assays.
About Paramount Gold Nevada Corp.
Paramount Gold Nevada is a U.S. based precious metals exploration company. Paramount has a high ratio of ounces of gold in mineral inventory to shares outstanding, providing its shareholders with exceptional leverage to the gold price. For our mineral inventory, click here.
Paramount holds a 100% working interest in the Grassy Mountain Gold Project which consists of approximately 9,300 acres located on private and BLM land in Malheur County, Oregon. The Grassy Mountain project contains a gold-silver deposit (100% located on private land) for which a Preliminary Economic Assessment (“PEA”) has been prepared and key permitting milestones accomplished. For the PEA, click here. Additionally, Paramount owns a 100% interest in the Sleeper Gold Project located in Northern Nevada. The Sleeper Gold Project, which includes the former producing Sleeper mine, totals 2,322 unpatented mining claims (approximately 60 square miles or 15,500 hectares).
Paramount’s strategy is to create shareholder value through exploring and developing its mineral properties and to realize this value for its shareholders in three ways: by selling its assets to established producers; entering into joint ventures with producers for construction and operation; or constructing and operating mines for its own account.
Cautionary Note to US Investors Concerning Estimates of Indicated and Inferred Resources
This news release refers to resource estimates that use the terms "measured and indicated resources" and "inferred resources". We advise U.S. investors that while these terms are defined in, and permitted by, Canadian regulations, these terms are not defined terms under SEC Industry Guide 7 and not normally permitted to be used in reports and registration statements filed with the SEC. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves", as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into reserves. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally minable.
Safe Harbor for Forward-Looking Statements
This release and related documents may include "forward-looking statements" and “forward-looking information” (collectively, “forward-looking statements”) pursuant to applicable United States and Canadian securities laws. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the completion of a PFS; the quantity and grade of resources included in resource estimates; the accuracy and achievability of projections included in PEAs; Paramount’s ability to carry on exploration and development activities, including construction; the timely receipt of required approvals; the price of silver, gold and other metals; prices for key mining supplies, including labor costs and consumables, remaining consistent with current expectations; work meeting expectations and being consistent with estimates and plant, equipment and processes operating as anticipated. Paramount’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Words such as "believes," "plans," "anticipates," "expects," "estimates" and similar expressions should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: uncertainties involving interpretation of drilling results, environmental matters, lack of ability to obtain required permitting, equipment breakdown or disruptions, and the other factors described in Paramount’s disclosures as filed with the SEC and the Ontario Securities Commission.
Except as required by applicable law, Paramount disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.
Paramount Gold Nevada Corp. Glen Van Treek, President, CEO and Director Christos Theodossiou, Director of Corporate Communications 866-481-2233