Paramount Gold Granted Water Permit to Operate Grassy Mountain Gold Mine in Eastern Oregon
January 14 2020 - 7:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”)
announced today that it has received the Permit to appropriate
water from the Oregon Water Resources Department for its proposed
Grassy Mountain Gold Mine and processing facilities in eastern
Oregon. This is the first Oregon State Agency permit issued
as part of the consolidated permitting process initiated by
Paramount in 2019.
This Permit describes the appropriation and use of
2 cubic feet per second (57 liters per second) of water within the
Permit Area described in the Consolidated Permit Application. This
Permit provides sufficient water for the proposed mining and
processing operations throughout the mine life.
Paramount President and CEO Glen Van Treek stated:
“This Permit, along with the previously received Conditional Use
Permit, represents substantial, incremental success in the
permitting process. The next milestone is the notice that our
Application is complete, which triggers the evaluation of our
permit application by State agencies. Once again, we are pleased to
note the diligence and co-operation we have received from the State
of Oregon.”
Highlights
In November 2019, Paramount submitted the
Consolidated Permit Application (State Permit) to the Oregon
Department of Geology and Mineral Industries. Paramount previously
received final approval for the Conditional Use Permit from Malheur
County.
The Company is currently finalizing the Amended
Plan of Operation that it will submit to the US Bureau of Land
Management (“BLM”) thereby initiating the federal Permitting
Process.
The NI 43-101 Feasibility Study (“Feasibility
Study”) for the Grassy Mountain Project is well underway and being
led by Ausenco Engineering Canada Inc. with expected completion in
mid-2020.
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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
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