Paramount Gold Nevada Reports Continuing Timely Progress on Grassy Mountain Permitting: Two Additional Baseline Reports Appro...
October 31 2018 - 7:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) ("Paramount”)
announced today that the Oregon Department of Geology and Mineral
Industries (“DOGAMI”) has approved and accepted two additional
baseline data reports. These baseline environmental reports are
required as part of Paramount’s Consolidated Permit Application for
the Company’s 100%-owned Grassy Mountain Gold Project in eastern
Oregon.
Paramount CEO Glen van Treek commented: “The approval of these
studies endorses the fact that we have an ideal location for
mining. Our progress through the permitting process reflects the
supportive bill passed by the Oregon legislature in 2015, which
states that mining operations should be encouraged and supported in
Eastern Oregon.”
The approval and acceptance of the Terrestrial Vegetation report
confirms that no threatened, endangered or sensitive species listed
by the Federal and State governments including the Bureau of Land
Management were observed during the baseline field surveys.
The Oregon Natural Heritage Plans Area report evaluated the
project and surrounding areas to determine if there were any high
quality native ecosystems and rare plant and animal species. The
approval and acceptance of this report confirms that there will be
no disruption of natural heritage areas by the proposed
mine.
“The timely approvals of these baseline reports reinforce both
the collaborative nature of the process and the relationship that
we have established with the DOGAMI,” Van Treek added.
A summary of all baseline data reports to date for the Grassy
Mountain gold project are as follows:
- 14 of the 23 baseline reports have been approved and
accepted;
- 4 additional reports have been submitted to the DOGAMI with
approval and acceptance pending;
- 4 reports are currently being completed by Paramount, with
submission to follow; and
- The mined land reclamation baseline report, the final report,
will be filed as part of the Consolidated Permit Application.
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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 9,300 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).
Cautionary Note to U.S. Investors
Concerning Estimates of Indicated, Inferred Resources and
ReservesThis news release uses the terms "measured and
indicated resources", "inferred resources" and “proven and probable
reserves”. We advise U.S. investors that while these terms are
defined in, and permitted by, Canadian regulations, these terms are
not defined terms under SEC Industry Guide 7 and not normally
permitted to be used in reports and registration statements filed
with the SEC. "Inferred resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all
or any part of an inferred mineral resource will ever be upgraded
to a higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. The SEC
normally only permits issuers to report mineralization that does
not constitute SEC Industry Guide 7 compliant "reserves", as
in-place tonnage and grade without reference to unit measures. U.S.
investors are cautioned not to assume that any part or all of
mineral deposits in this category will ever be converted into
reserves. U.S. investors are cautioned not to assume that any part
or all of an inferred resource exists or is economically or legally
minable. Under SEC Industry Guide 7 standards, a “final” or
“bankable” feasibility study is required to report reserves, the
three-year historical average price is used in any reserve or cash
flow analysis to designate reserves and the primary environmental
analysis or report must be filed with the appropriate governmental
authority.
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 Communications866-481-2233
Twitter: @ParamountNV
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