PARAMOUNT GOLD NEVADA RECEIVES FURTHER APPROVALS FROM OREGON STATE REGULATORS FOR BASELINE DATA REPORTS ON GRASSY MOUNTAIN PROJECT
Winnemucca, Nevada – March 27, 2018 – Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount”) reported today that two more baseline environmental reports have been approved and accepted by the Oregon Department of Geology and Mineral Industries (“DOGAMI”) and the Department of Environmental Quality (“DEQ”).
Paramount CEO, Glen Van Treek commented: “Thanks to the ongoing co-operation of Oregon state agencies, we are pleased to report that we remain on track to submit our Consolidated Permit Application in mid-2018.”
The next major milestone for Paramount is the completion of a Preliminary Feasibility Study (“PFS”) for the proposed underground mine at its Grassy Mountain Gold Project. “We expect to release the PFS early next month. The PFS is a key component of the consolidated permit application. It will also give markets a much better idea of the economics of Grassy Mountain as well as reporting the project’s first ever estimate of reserves,” Van Treek said.
The latest baseline reports approved and accepted by the DOGAMI were on grazing and recreation. The grazing report was submitted to the state of Oregon on January 18, 2018 and approved on March 9, 2018. The purpose of the grazing management baseline report is to describe existing Bureau of Land Management (“BLM”) grazing allotments, active grazing preferences, current grazing practices, and management strategies within the Grassy Mountain Mine Project grazing management study area.
The baseline recreational report was submitted to the state of Oregon on January 12, 2018 with receipt of final approval on March 15, 2018. The purpose of the recreation baseline study is to characterize existing recreation opportunities, amenities, and usage in the Grassy Mountain Mine Project recreation study area in Malheur County, Oregon. The primary local recreation area is located on BLM administered land.
To date, four of 11 baseline reports that have been filed with the DOGAMI have been approved without change by the specific state agency responsible for the subject matter of the report. Seven remain under review. The baseline reports will be included in the Consolidated Permit Application for the proposed Grassy Mountain Gold Mine which Paramount expects to submit to the DOGAMI in mid-2018. Once the DOGAMI accepts the application as complete, a permit decision should be expected in 300 days or less.
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 project contains a gold-silver deposit (100% located on private land) for which a Preliminary Economic Assessment (“PEA”) has been prepared and key permitting milestones accomplished. For the PEA, click here. 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).
Safe Harbor for Forward-Looking Statements
This 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. 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 completion of a PFS; the quantity and grade of resources included in resource estimates; the accuracy and achievability of projections included in PEAs; Paramount’s ability to carry on exploration and development activities, including construction; the timely receipt of required approvals; 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. 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 should also be considered to be forward-looking statements. 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, lack of ability to obtain required permitting, equipment breakdown or disruptions, and the other factors described in Paramount’s disclosures as filed with the SEC and the Ontario Securities Commission.
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 Director
Christos Theodossiou, Director of Corporate Communications