Paramount Gold submits an operation plan for the project
WINNEMUCCA, Nevada, December 16, 2021 (GLOBE NEWSWIRE) – Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”) (the “Company”) today announced that it has submitted an amended plan of operations (“Plan”) to the Bureau of Land Management (“BLM”), for its mining operations proposed in eastern Oregon.
The amended plan responds to comments received from the BLM’s review of the original plan, requests from state agencies, and changes the company has made to its proposed mining operations based on a solid economic feasibility study.
Paramount President and Chief Operating Officer Glen Van Treek said, “In our goal of successfully moving to the next phase of the licensing process, we have scheduled both state and federal application submissions to ensure that ‘they coincide with each other. With the submission of the plan of operations, we expect to see the launch of the EIA in the very near future ”.
Once the application is deemed complete by the BLM, it will register a Notice of Intent (“Notice”) in the Federal Registry informing the public of the upcoming environmental scan. The registration of the notice initiates the National Environmental Policy Act (NEPA) which in turn triggers the Environmental Impact Assessment (“EIA”) in which the BLM and the public work together to define the range of issues and concerns. potential alternatives to be addressed in the EIA. . HDR Inc., an independent contractor selected by the BLM, will complete the final EIA, in a process expected to take approximately 12 months. proposed mining operations.
Paramount requires permits from the County of Malheur, the State of Oregon and the federal level of the BLM in order to construct and operate its proposed high-grade Grassy Mountain underground gold mine. The company has received and renewed all county permits, plans to submit an amended CPA to the state before year-end, and as such, submitting the amended plan to the BLM represents the final application required for the operation.
Paramount CEO and Director Rachel Goldman said, “After many months of working with our team and authorizing consultants with regulators, we are delighted to have reached this milestone of submitting an amended plan. . We look forward to working on the next steps required to bring Grassy into production. “
Paramount plans to submit an amended Consolidated License Application (“CPA”) to the State of Oregon before the end of 2021. The CPA and plan must coincide to meet each other’s requirements; as a result, the Amended Plan also includes changes requested at the state level but not necessarily requested by the BLM.
“We are extremely pleased with the high quality work and support we have received from our consultants (SLR International, Ausenco, Golder (WSP member), Mine Development Associates, SPF Water Engineering and EM Strategies) to move Grassy forward on this next phase to enable, ”added Van Treek.
About Paramount Gold Nevada Corp.
Paramount Gold Nevada Corp. is a United States-based precious metals exploration and development company. Paramount’s strategy is to create shareholder value by exploring and developing its mineral properties and to achieve that value for its shareholders in three ways: by selling its assets to established producers; create joint ventures with producers for construction and operation; or construct and operate mines on their own account.
Paramount owns a 100% interest in four gold projects: Grassy Mountain; Gel; Sleeper and Bald Peak.
The Grassy Mountain Gold Project consists of approximately 8,200 acres located on private and BLM land in Malheur County, Oregon. The Grassy Mountain Gold Project contains a gold and silver deposit (located 100% on private land) for which the results of a positive feasibility study have been published and major permit milestones have been met.
Frost consists of 84 unpatented lode claims covering approximately 1,730 acres located 12 miles southwest of the company’s proposed high-grade Grassy Mountain underground gold mine in Malheur County, Oregon (“Grassy”). An initial drilling program is underway.
The Sleeper Gold project is located in northern Nevada, the world’s largest mining jurisdiction. The Sleeper Gold Project hosts a significant gold deposit (over 4 million ounces of mineralized material) and the company has completed and released a positive preliminary economic assessment. With higher gold prices, Paramount began work to update and improve the economics of the Sleeper Project and search for other high-grade deposits similar to the former producer.
The newly acquired Bald Peak project in Nevada consists of approximately 2,260 acres.
Safe Harbor for forward-looking statements
This press release and related documents may include “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) in accordance with applicable US 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. The forward-looking statements included in this press release include, without limitation, statements regarding the use of the proceeds of the offerings. Forward-looking statements are based on management’s reasonable assumptions, estimates, analyzes and opinions made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management considers relevant and reasonable in the circumstances on the date these statements are made, but which may prove to be inaccurate. Management believes that the assumptions and expectations reflected in these forward-looking statements are reasonable. Assumptions were made regarding, among other things: conclusions drawn from the Feasibility Study for the Grassy Mountain Gold Project (the “FR”); the quantity and quality of resources included in the resource estimates; the accuracy and feasibility of the projections included in the FS; Paramount’s ability to conduct exploration and development activities, including construction; timely receipt of required approvals and permits; the price of silver, gold and other metals; the prices of major mining supplies, including labor costs and consumables, remaining in line with current expectations; work meets expectations and is in accordance with estimates and with facilities, equipment and processes operating as intended. 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 regarding the interpretation of drilling results; environmental issues; the ability to obtain the required permits; equipment failure or interruption; additional financing needs; the completion of a definitive feasibility study for the Grassy Mountain gold project; differences between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs, and between estimated and actual production; epidemics, pandemics or other global public health crises, including the global novel coronavirus pandemic (COVID-19), and the spread of other viruses or pathogens and other factors described in Paramount’s disclosures filed with the SEC and 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, Executive Director
Christos Theodossiou, Director of Corporate Communications