Paramount Reports on Permitting Progress With Oregon State Regulators for the Proposed High-Grade Grassy Mountain Gold Mine
June 08 2022 - 7:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or
the “Company”) announced today that the permitting process for its
proposed Grassy Mountain high-grade underground gold mine took a
major step forward at a recent public meeting of the Oregon State
Technical Review Team’s (TRT) water resource sub-committee. The
sub-committee confirmed that the ground water Baseline Data Report
(“BDR”) submitted by Paramount was accurate and complete according
to the previously approved procedures and protocols. The
sub-committee will recommend it for approval by the full TRT, which
is comprised of all state agencies involved in the permitting
process.
This public meeting was held virtually following
a 14-day public comment period during which time comments can be
filed to be considered during the meeting. While several local
stakeholders were present at the meeting, the Oregon Department of
Geology and Mineral Industries (the “DOGAMI”) confirmed they
received no public comment.
Paramount CEO, Rachel Goldman stated: “The
acceptance of the ground water baseline data report represents an
important incremental step towards achieving a positive
completeness review of the Consolidated Permit Application from the
State of Oregon.”
Including the Ground Water BDR, to date, 22 BDR’s have been
accepted by state regulators. The remaining Geochemistry BDR has
been filed with the DOGAMI and is expected to be approved later in
the month.
“Protecting the integrity of ground water is of the highest
priority for Paramount and all parties engaged in the permitting of
Grassy Mountain. We are very pleased with the acknowledgment of the
work that has been done to complete the BDR. The ground water BDR
describes the ground water system within and surrounding the
proposed mine and is supported by years of data collection from
well pumping tests, piezometer readings dating back to 2017, and
3-D modeling of the geological and structural units that play a
role in the ground water system.” added Glen Van Treek, Paramount
President and COO.
Currently, the DOGAMI is reviewing the Consolidated Permit
Application (“CPA”), filed by the Company in December 2021
including all document revisions and Company responses to comments
by the agencies from the first CPA filed by Paramount in November
2019. More information about the permitting of Grassy Mountain is
available on the DOGAMI website.
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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, which includes the former producing Sleeper mine, totals
2,322 unpatented mining claims (approximately 60 square miles or
15,500 hectares). 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.
The newly acquired Bald Peak Project in Nevada, consists of
approximately 2,260 acres.
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. 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
Communications844-488-2233Twitter:
@ParamountNV
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