Grassy Mountain Tailings Dam Design Receives Key Approval From Oregon Water Resource Department
July 14 2020 - 7:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) ("Paramount” or
“the Company”) announced today that the Oregon Water Resource
Department (“OWRD”) has reviewed and approved the plans and
specifications for the tailings dam proposed for the Grassy
Mountain mine and stated that from a safety perspective, the plans
are construction-ready.
The OWRD reviewed the data within the Consolidated Permit
Application which Paramount submitted in November 2019 and which
included all tailings design drawings, safety analysis, field data
collected and laboratory testing. The OWRD and its engineering team
are required to review and evaluate the data and design, classify
the hazard level (high, significant, or low hazard rating) and
evaluate readiness for construction from a dam safety
perspective.
Considering the project’s remote geographic location, low
population density, arid nature with no rivers or permanent streams
in close proximity, seismic analysis and all other data compiled,
OWRD has rated the dam as low hazard, its lowest risk level. The
approval for construction is valid for 5 years with extensions
possible on request.
Paramount President and COO, Glen Van Treek commented, “This is
an important achievement which shows confidence by the OWRD in the
quality of the work completed by Golder Associates, Inc,
Paramount’s consultants on the Tailings Storage Facility design.
Approval of the design of the dam is a critical component of the
overall permitting process.”
Paramount continues to work with the Oregon
Department of Geology and Mineral Industries (“DOGAMI”) and all of
the coordinating and permitting State agencies to advance the
Consolidated Permit Application process for the proposed Grassy
Mountain Gold Mine.
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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 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 preliminary feasibility study
for the Grassy Mountain Gold Project (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 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
Communications866-481-2233Twitter:
@ParamountNV
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