Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”) (the
“Company”) announced today that Rachel Goldman, CDI.D, has joined
the Company as Chief Executive Officer and a director. Paramount’s
Chairman of the Board, Rudi Fronk, said, “The appointment of Ms.
Goldman completes the formation of an Executive Leadership Team
with the combined skills the Company needs to play a larger role in
the US gold mining industry.” Mr. Fronk is also Chairman and Chief
Executive Officer of Seabridge Gold Inc., one of Paramount’s
largest shareholders.
Paramount has assembled a large base of US gold resources and
successfully advanced the highly prospective Grassy Mountain
(“Grassy”) gold project in eastern Oregon through Pre-Feasibility
and permitting. In mid-2019, the Company received its Conditional
Use Permit from Malheur County to operate the underground mine and
more recently the Water Appropriation Permit for the mine and
processing facility from the Oregon Water Resource Department.
“Our next step is to get bigger. We see the potential to grow
resources and reserves at our current projects, and when
opportunities present themselves, to selectively consolidate and
manage smaller gold projects in the US that do not have our
established technical, financial expertise and access to capital.
Ms. Goldman’s wealth of experience in capital markets and the
resource industry rounds out the team,” noted Fronk.
“In effect, we have created a three-person Executive Leadership
Team with the ability to build or acquire a larger presence in our
industry. The team includes our President and Chief Operating
Officer, Glen Van Treek who leads technical services and is
responsible for our permitting, exploration and development
programs, and our Chief Financial Officer, Carlo Buffone, who is
responsible for finance and compliance,” said Fronk. “This team has
the capacity to evaluate, finance and execute projects at a time
when gold is moving back into a more central role as a protector of
private wealth,” added Fronk.
Commenting on her appointment, Ms. Goldman stated: “I am
thrilled to be joining the team at Paramount which has done an
exceptional job of managing the permitting process for Oregon’s
first modern gold mine. I look forward to helping the company get
the recognition it deserves for what has been accomplished to date,
as well as for the tremendous resource potential we have in Nevada,
the world’s best mining jurisdiction.”
Ms. Goldman brings 20 years of experience in institutional
sales, most recently as Managing Director of Institutional Equity
Sales for a major Canadian brokerage firm. In this role, she has
raised hundreds of millions of dollars primarily for small-cap and
natural resource issuers. She has developed close working
relationships with more than 100 institutional investors, assisting
portfolio managers and analysts to invest in resource equities. “We
think Rachel’s understanding of how markets analyze and value
resource equities will make an important contribution to forming
and executing our corporate strategy,” said Fronk.
Current UpdateSince acquiring Grassy in 2016,
Paramount has focused a majority of its resources and efforts on
advancing the project, a wholly-owned world-class gold deposit in
Malheur County in eastern Oregon towards production. The Company
has officially submitted its Consolidated Permit Application
(“Application”) to the Oregon Department of Geology and Mineral
Industries (“DOGAMI”) to enable the Company to build and operate
its proposed, high-grade underground gold mine. The
Application is now being reviewed by the DOGAMI and
cooperating agencies for completeness. Under Oregon law, the State
has 90 days for the completeness review of the Application. When
the Application is deemed complete, the State will issue a notice
to proceed with the evaluation stage of the process. The State then
has 225 days to review the Application, complete environmental and
socio-economic assessments, and issue draft permits. Following
issuance of draft permits, the DOGAMI has a maximum of
140 days to complete the public process and issue the final
permits.
Paramount has received final approval from Malheur County for
all the required county permits including the key Conditional Use
Permit. At the State level, Paramount has already received the
Water Appropriation Permit and acceptance for 19 of the 23 critical
baseline data reports, which were included in the Application. “We
are very confident that our application reflects a proposed mining
operation that is environmentally responsible while offering the
rural community of Malheur County substantial socio-economic
benefits and much needed economic diversification. To date, our
mine proposal has received very broad public support within the
local community,” said Glen Van Treek, Paramount’s President.
As reported in June, Paramount has initiated a NI
43-101 Feasibility Study (“Feasibility Study”) for the Grassy
Mountain Project. The Feasibility Study is well underway and being
led by Ausenco Engineering Canada Inc. with expected completion in
mid-2020. The permits and the Feasibility Study will provide the
basis for Paramount to secure project financing for mine
construction and operation.
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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 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 Pre-Feasibility Study have been
released and key permitting milestones accomplished.
Paramount owns a 100% interest in the Sleeper Gold Project
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.
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: 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. Rudi Fronk, Chairman of the
BoardChristos Theodossiou, Director of Corporate
Communications866-481-2233Twitter:
@ParamountNV
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