Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”) (the
“Company”) announced today that it has submitted a modified Plan of
Operation (“Plan”) to the Bureau of Land Management (“BLM”), for
its proposed mining operations in Eastern Oregon.
The modified Plan addresses comments received from the BLM’s
review of the initial Plan, requests from state agencies and
modifications that the Company has made to its proposed mining
operations based upon a robustly economic Feasibility Study
Paramount President and COO Glen Van Treek stated: “In our goal
to successfully move to the next phase in the permitting process,
we have timed the state and federal application submissions to
coincide with each other. With the submission of the Plan of
Operations our expectation is that we will see the initiation of
the EIS in the very short term”.
Once the application is deemed complete by the BLM, they will
register a Notice of Intent (“Notice”) in the Federal Register
notifying the public of the upcoming environmental analysis. The
registration of the Notice initiates the National Environmental
Policy Act (NEPA) which in turn triggers the Environmental Impact
Statement (“EIS”) in which the BLM and the public collaborate to
define the range of issues and potential alternatives to be
addressed in the EIS. HDR Inc., an independent contractor selected
by the BLM, will complete the final EIS, in a process expected to
take approximately 12 months The EIS process ends with the issuance
of the Record of Decision (“ROD”) that explains the BLM’s decision
regarding the proposed mining operations.
Paramount requires permits from Malheur County, the State of
Oregon and at the federal level from the BLM in order to construct
and operate its proposed high-grade, underground Grassy Mountain
gold mine. The Company has received and renewed all County permits,
expects to submit a modified CPA to the State prior to year-end,
and as such, the submission of the modified Plan to the BLM
represents the final application required for operation.
Paramount CEO and Director, Rachel Goldman, stated: “Following
many months of collaboration by our team and permitting consultants
with the regulators, we are thrilled to have attained this
milestone of submitting a modified Plan. We look forward to working
through the next required steps to move Grassy into
production.”
Paramount expects to submit a modified Consolidated Permit
Application (“CPA”) to the State of Oregon prior to the end of
2021. The CPA and the Plan must coincide to fulfill each other’s
requirements; accordingly, the modified Plan also includes changes
requested at the State level but not necessarily requested by the
BLM.
“We are extremely pleased with the high quality work and support
we’ve received from our consultants (SLR International, Ausenco,
Golder (Member of WSP), Mine Development Associates, SPF Water
Engineering and EM Strategies) in advancing Grassy to this next
phase of permitting,” Van Treek added.
About Paramount Gold Nevada
Corp.Paramount Gold Nevada Corp. 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 joint ventures with producers for construction and
operation; or constructing and operating mines for its own
account.
Paramount holds a 100% interest in four gold
projects: Grassy Mountain; Frost; Sleeper and Bald Peak.
The Grassy Mountain Gold Project consists of
approximately 8,200 acres located on private and BLM land in
Malheur County, Oregon. The Grassy Mountain Gold Project contains a
gold-silver deposit (100% located on private land) for which
results of a positive Feasibility Study have been released and key
permitting milestones accomplished.
Frost is comprised of 84 unpatented lode claims
covering approximately 1,730 acres located 12 miles southwest of
the Company’s proposed high-grade, underground Grassy Mountain gold
mine in Malheur County, Oregon (“Grassy”). An initial drill program
is ongoing.
The Sleeper Gold Project is located in Northern
Nevada, the world’s premier mining jurisdiction. The Sleeper Gold
Project is host to a large gold deposit (over 4 million ounces of
mineralized material) and the Company has completed and released a
positive Preliminary Economic Assessment. With higher gold prices,
Paramount has begun work to update and improve the economics of the
Sleeper project and search for additional high-grade deposits
similar to the former producer.
The newly acquired Bald Peak Project in Nevada, consists of
approximately 2,260 acres.
Safe Harbor for Forward-Looking
StatementsThis 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. 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 are
intended to identify forward-looking statements, although these
words may not be present in all forward-looking statements.
Forward-looking statements included in this news release include,
without limitation, statements with respect to the use of proceeds
from the Offerings. 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 conclusions made in the
feasibility study for the Grassy Mountain Gold Project (the “FS”);
the quantity and grade of resources included in resource estimates;
the accuracy and achievability of projections included in the FS;
Paramount’s ability to carry on exploration and development
activities, including construction; the timely receipt of required
approvals and permits; 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. 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; the ability to obtain required permitting;
equipment breakdown or disruptions; additional financing
requirements; the completion of a definitive feasibility study for
the Grassy Mountain Gold Project; discrepancies between actual and
estimated mineral reserves and mineral resources, between actual
and estimated development and operating costs and between estimated
and actual production; the global epidemics, pandemics, or other
public health crises, including the novel coronavirus (COVID-19)
global health pandemic, and the spread of other viruses or
pathogens and the other factors described in Paramount’s
disclosures as filed with the SEC and the Ontario, British Columbia
and Alberta Securities Commissions.
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. Rachel
Goldman, Chief Executive OfficerChristos
Theodossiou, Director of Corporate
Communications866-481-2233Twitter:
@ParamountNV
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