Paramount Gold Submits Permit Application to Oregon State Agencies for Its Proposed Grassy Mountain Gold Project
November 18 2019 - 6:00AM
Paramount Gold Nevada Corp. (NYSE American: PZG) ("Paramount”)
announced today that Calico Resources USA Inc., Paramount’s wholly
owned subsidiary, has officially submitted its Consolidated Permit
Application (“Application”) to the Oregon Department of Geology and
Mineral Industries (“DOGAMI”) to enable the Company to build and
operate its proposed, high grade underground gold mine located in
Malheur County of eastern Oregon.
Paramount President and CEO Glen Van Treek stated: “Since 2016,
Paramount has focused its efforts on advancing Grassy Mountain, a
world class gold deposit, towards this historic moment of
submitting an application for Oregon’s first modern-day gold mine.
We are excited for all stakeholders including the community of
Malheur County at the prospect of receiving a mining permit in
2020.”
The Application will be reviewed by the DOGAMI and cooperating
agencies for completeness. Under Oregon law, the State has 90 days
for the completeness review of the Application. When the
Application is deemed complete, the State will issue a notice to
proceed with the evaluation stage of the process. The State then
has 225 days to review the Application, complete environmental and
socioeconomic assessments, and issue draft permits. Following
issuance of draft permits, DOGAMI has a maximum of 140 days to
complete the public process and issue the final permits.
Paramount has received final approval from the County of Malheur
for all the required county permits including the key Conditional
Use Permit. At the State level, Paramount has received acceptance
for all 19 of the baseline data reports that it submitted. “We are
very confident that our application reflects a proposed mining
operation that is environmentally responsible while offering the
rural community of Malheur County substantial socio-economic
benefits and much needed economic diversification. To date our mine
proposal has received very broad public support within the local
community,” Van Treek said.
As reported in June, Paramount has initiated a NI 43-101
Feasibility Study (“Feasibility Study”) for the Grassy Mountain
Project. The Feasibility Study is being led by Ausenco Engineering
Canada Inc. with expected completion in mid-2020. The permits and
the Feasibility Study will provide the basis for Paramount to
secure project financing for mine construction and operation.
To stay informed of future press releases, subscribe to our
E-Alerts Program and to learn more about our projects visit the
projects section of our website.
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 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 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).
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
Communications866-481-2233Twitter:
@ParamountNV
Paramount Gold and Silver (AMEX:PZG)
Historical Stock Chart
From Apr 2024 to May 2024
Paramount Gold and Silver (AMEX:PZG)
Historical Stock Chart
From May 2023 to May 2024