Paramount Gold Nevada Submits Mine Plan of Operation to Federal Bureau of Land Management and Provides Update on State Permit...
February 26 2020 - 7:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”) (the
“Company”) announced today it has submitted its Plan of Operation
(the ”Plan”) to the Federal Bureau of Land Management (“BLM”)
outlining the Company’s plans to build and operate the proposed
Grassy Mountain underground gold mine located in Malheur County,
eastern Oregon. The project’s processing facilities and tailing
storage would be located on Federal Land.
The BLM will review the Plan for completeness, which is expected
to take 30 days, and will subsequently provide the Company with
comments, if any. The BLM has previously reviewed 19 of the
baseline data reports (“BDRs”) and their requests for
clarifications have all been addressed. The BLM will register a
Notice of Intent (the ”Notice”) in the Federal Register once the
application is deemed complete. The Notice initiates the
Environmental Impact Statement (“EIS”) process under the National
Environmental Policy Act. The BLM has selected HDR Inc. to prepare
and complete the EIS, a process which is expected to take 12
months.
Paramount President and COO Glen Van Treek stated: “Submitting
the Plan of Operation kicks off the final phase in the permitting
process, bringing us another step closer to having all the
regulatory approvals to operate Grassy Mountain.”
The permitting of Grassy Mountain requires County, State and
Federal permits. To date, the Company has received all County
permits. The State permitting process was initiated with
Paramount’s submission of the Consolidated Permit Application (the
“CPA”) on November 18, 2019. Under Oregon law, the State has 90
days to determine if the Application is complete. When the CPA is
deemed complete, the State will issue a notice to proceed and will
have 225 days to review the CPA and issue draft permits. The State
then has a maximum of 140 days to complete its public consultation
process and issue final permits. The submission of the Plan of
Operation begins the federal permitting process as noted above.
State Permitting Update
The Oregon Department of Geology and Mineral Industries
(“DOGAMI”) and cooperating agencies have completed their initial
review of the CPA submitted last November. As part of this process,
the permitting agencies have provided Paramount with a list of
supplemental information and recommendations required to submit a
modified CPA. Paramount, the DOGAMI and the permitting agencies
will continue to work together to discuss the additional
information requested, ensuring the submission of a complete
modified CPA which will trigger the 225 day maximum permit
evaluation process, upon which draft permits are issued. Paramount
is pleased with the support and transparency afforded by the
permitting agencies and expects to submit a completed modified CPA
in the second quarter of 2020.
Paramount’s CEO, Rachel Goldman stated: “Everything is
proceeding on time and within the process as defined by the
regulations. We are confident that the ongoing collaboration of the
regulators will enable us to address the additional State
requirements in a timely fashion and maintain our momentum in
permitting Grassy Mountain”.
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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. Rachel Goldman, CEO and
DirectorChristos Theodossiou, Director of
Corporate
Communications866-481-2233Twitter:
@ParamountNV
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