Paramount Gold Files Application for Conditional Use Permit for Its Proposed Grassy Mountain Gold Mine in Eastern Oregon
January 17 2019 - 7:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”, or
“the Company”) announced today that it has filed its application
for the Conditional Use Permit (“CUP”) with the Planning Department
of Malheur County for its proposed Grassy Mountain Gold Mine in
eastern Oregon.
The CUP is the permit providing County approval
for Paramount’s proposed land use for private (patented) land. The
entire Grassy Mountain deposit and portions of the associated
infrastructure for the proposed underground mine are located on
Paramount’s 100% owned patented mining claims (see map below).
Paramount CEO, Glen Van Treek, commented: “We
are thrilled with the progress of our permitting efforts to date
and the co-operation we are getting from County, State and Federal
regulators. The submission of the Conditional Use Permit is a major
milestone for the project as we advance our high-grade Grassy
Mountain gold mine towards production.”
The Conditional Use Permit has been submitted to
the County’s Planning Department and will be reviewed at an
upcoming monthly planning meeting. The planning department has 30
days to accept the permit application as complete. Given that
criteria, we expect that the permit review process to accept the
proposed land use will be heard at a public planning commission
meeting held in March. The process includes an internal review of
the proposed use for the land, a potential site visit and a public
meeting. Paramount expects to receive the approval within the first
half of 2019.
“Given the excellent support from community
leaders and local organizations, as evidenced in multiple public
community meetings and discussions during the DOGAMI process of
compiling the data for the permit application, we are looking
forward to a positive outcome from the County,” added Mr. Van
Treek.
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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 11,000 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 PFS have been
released and key permitting milestones accomplished (see press
release dated May 24, 2018). 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 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: production estimates and
assumptions, including production rate and grade per tonne;
revenue, cash flow and cost estimates and assumptions; statements
with respect to future events or future performance; anticipated
exploration, development, permitting and other activities on the
Grassy Mountain project; the economics of the Grassy Mountain
project, including the potential for improving project economics
and finding more ore to extend mine life; and mineral reserve and
mineral resource estimates. 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
PFS; the quantity and grade of resources included in resource
estimates; the accuracy and achievability of projections included
in the PFS; 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 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; 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. Glen Van
Treek, President, CEO and DirectorChristos
Theodossiou, Director of Corporate
Communications866-481-2233Twitter:
@ParamountNV
A photo accompanying this announcement is
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/29d6cd8e-3bb7-4cf4-81b0-31e1aab7792d
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