BLM and DOGAMI Agree to a Joint Reclamation Bond for the Proposed Grassy Mountain Gold and Silver Mine
Paramount Gold Nevada announced a joint reclamation bond for its Grassy Mountain gold mine with the Oregon Department of Geology and Mineral Industries (DOGAMI) and the Bureau of Land Management (BLM). This Memorandum of Understanding (MOU) eliminates the need for separate reclamation bonds, reducing capital requirements and administrative burdens. The single financial security amount will be determined after Paramount submits the reclamation cost estimate. This coordinated state and federal effort will streamline the process, prevent delays, and ensure protection and monitoring of mining disturbances on both federal and private lands.
Joint reclamation bond reduces capital requirements.
Administrative burdens lessened due to a single bond.
Streamlined process prevents delays in mine development.
State and federal coordination ensures better protection and monitoring.
Potential delays in submitting and approving the reclamation cost estimate.
Dependency on state and federal cooperation could pose future challenges.
WINNEMUCCA, Nev., May 21, 2024 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or the “Company”) is pleased to announce its proposed Grassy Mountain gold mine will have the benefit of a joint reclamation bond between the Oregon Department of Geology and Mineral Industries (the “DOGAMI”) and the Bureau of Land Management (“BLM”). The two agencies have executed a Memorandum of Understanding (“MOU”) which ensures that Paramount will not be required to post two reclamation bonds, thereby reducing capital requirements, and lessening the administrative burden.
The approach undertaken by the DOGAMI and BLM aligns with how environmental bonding has been established in the mining friendly jurisdiction of Nevada. Upon submission of the reclamation cost estimate by the Company, the DOGAMI and BLM will determine a single amount to be posted as financial security.
Paramount’s President, COO and Director, Mr. Glen Van Treek stated, “We are extremely pleased by the co-operation shown by the DOGAMI and the BLM in their MOU. This decision will be very beneficial to the development, construction and operation of our Grassy Mountain Gold and Silver mine.”
The MOU establishes joint responsibilities to develop and maintain common guidance, protection, and monitoring of disturbances due to mining operations on both federal and private lands. This coordinated effort between State and Federal agencies will help to prevent undue delays that may have otherwise occurred with duplication of administration and enforcement of reclamation obligations.
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 joint ventures with producers for construction and operation; or constructing and operating mines for its own account.
Paramount holds a
The Grassy Mountain Gold Project ("Grassy") consists of approximately 8,200 acres located on private and BLM land in Malheur County, Oregon. Grassy contains a gold-silver deposit (
The Sleeper Gold Project is in Northern Nevada, the world’s premier mining jurisdiction. The Sleeper Gold Project, which includes the former producing Sleeper mine, totals 2,474 unpatented mining claims (approximately 44,917 acres).
The drill ready, Bald Peak Project in Nevada, consists of approximately 2,260 acres.
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. 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 feasibility study for the Grassy Mountain Gold Project (the “FS”); the quantity and grade of resources included in resource estimates; the accuracy and achievability of projections included in the FS; 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 Officer
Christos Theodossiou, Director of Corporate Communications
844.488.2233
Twitter: @ParamountNV
FAQ
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