WINNEMUCCA, Nev., March 13, 2018 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American:PZG) ("Paramount”) reported today that the Oregon Department of Geology and Mineral Industries (“DOGAMI”) and the Department of Environmental Quality (“DEQ”) have approved and accepted the first two baseline environmental reports required for the permitting of Paramount’s proposed Grassy Mountain gold mine in Oregon.
The baseline air quality report and the baseline visual resources report were submitted to the state of Oregon on January 18, 2018 and December 22, 2017 respectively. Final approval for both reports was received on February 28, 2018.
Paramount CEO Glen van Treek commented: “We are very encouraged by the quick turnaround time and the fact that these reports have been approved and accepted without change. This excellent response from Oregon State regulators supports our permitting timeline which has us submitting our consolidated permit application to the DOGAMI in mid-2018.” Once this application has been accepted as complete and a notice to proceed has been issued by state regulators, a permit decision should be expected within days.
Last year, Paramount established a methodology and work plans for the preparation of updated baseline studies in consultation with the DOGAMI. The updated studies were required to cover a larger area for the proposed Grassy Mountain mine and its facilities as well as revisions to access roads. Paramount and its consultants have subsequently been acquiring baseline data and filing reports to meet DOGAMI’s data requirements in accordance with these work plans. To date, a total of 11 baseline reports have been filed with DOGAMI for review by their staff and the specific state agency responsible for the subject matter of the report. “The permitting process is proceeding as planned, thanks in large part to the co-operation of state officials,” said Van Treek.
Paramount expects to complete a Preliminary Feasibility Study (“PFS”) for the proposed underground mine at its Grassy Mountain Gold Project in late March or early April. The PFS is a key component of the consolidated permit application. The PFS is expected to report the project’s first proven and probable reserves.
The proposed Grassy Mountain project is located on 100%-owned private land which was recently acquired by Paramount and announced on February 20, 2018.
About Paramount Gold Nevada Corp.
Paramount Gold Nevada is a U.S. based precious metals exploration and development company. 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.
Paramount owns 100% of 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).
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