Paramount Gold Granted Conditional Use Permit Extension From Malheur County to Start Construction at Its Proposed Grassy Mountain Gold Mine

Rhea-AI Summary

Paramount Gold Nevada Corp. (NYSE American: PZG) announced that the Malheur County Planning Commission has approved a two-year extension for the Conditional Use Permit (CUP) for the Grassy Mountain underground mine in Oregon, now valid through May 2023. This permit is crucial for starting construction on the mine, alongside federal and state permits. The approval follows significant community support highlighting job creation and investment in the area. CEO Rachel Goldman expressed optimism regarding the ongoing support and the project's advancement towards production.

Positive

• Conditional Use Permit extended until May 2023, allowing for continued development of the Grassy Mountain mine.
• Strong community support received during the CUP hearing, emphasizing job creation and investment.
• CEO's optimism indicates a positive outlook for moving the project towards production.

Negative

• None.

WINNEMUCCA, Nev., July 20, 2021 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) ("Paramount” or “the Company”) announced today that the Malheur County Planning Commission has granted a two year extension through to May 2023 on the Conditional Use Permit (“CUP”) for the proposed Grassy Mountain underground mine (“Grassy Mountain”) located in eastern Oregon.

The Malheur County Planning Commission concluded that the request for an extension of the CUP satisfied all County requirements and was thereby approved.

The CUP from the county is required to start building the Grassy Mountain mine, and along with the Federal permit from the Bureau of Land Management (“BLM”) and the state level permit from the Oregon Department of Geology and Mineral Industries (“DOGAMI”), represent the three principal permits required to build the Grassy Mountain Mine.

During the initial CUP hearing, Paramount Officers and the County Commissioners received ample support for the project from the community given the numerous jobs that will be created and the significant capital that will be invested in a historically under-developed part of the state.

Paramount CEO, Rachel Goldman, commented: “We are encouraged by the ongoing support from Malheur County and the broader community as we continue in our efforts to advance Grassy Mountain into production, and we look forward to building a modern mine that will benefit all of our stakeholders.”

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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 owns 100% of the Grassy Mountain Gold Project which consists of approximately 8,200 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 Feasibility Study have been released and key permitting milestones accomplished.

Paramount owns a 100% interest in the Sleeper Gold Project located in Northern Nevada, the world’s premier mining jurisdiction. 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). The Sleeper gold project is host to a large 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 has begun work to update and improve the economics of the Sleeper project.

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
866-481-2233
Twitter: @ParamountNV

FAQ

What is the current status of the Grassy Mountain mine project by Paramount Gold Nevada Corp. as of July 2021?

The Malheur County Planning Commission granted a two-year extension of the Conditional Use Permit for the Grassy Mountain mine, now valid until May 2023.

How does the Conditional Use Permit impact the Grassy Mountain mine?

The Conditional Use Permit is essential for beginning construction on the Grassy Mountain mine, along with federal and state permits.

What significance does community support have for Paramount Gold Nevada Corp.'s projects?

Community support is crucial as it can influence permitting processes and underscores potential job creation and capital investment in the region.

Who is the CEO of Paramount Gold Nevada Corp.?

Rachel Goldman is the CEO of Paramount Gold Nevada Corp.

What are the next steps for the Grassy Mountain mine project?

With the Conditional Use Permit extended, the next steps involve securing federal and state permits and moving towards construction.