Paramount’s Grassy Mountain Receives Notice to Proceed From Oregon State Regulators

Rhea-AI Summary

Paramount Gold Nevada Corp. has received the Notice to Proceed from the Oregon Department of Geology and Mineral Industries (DOGAMI) to move Grassy Mountain into the next phase of permitting. The final consolidated permit package is expected to be issued within one year. The Environmental and Socioeconomic Evaluation (EE) by Stantec is currently underway and is expected to be released in early 2024. This milestone is a key condition precedent for a $15 million financing term sheet with Sprott Resource and Streaming Royalty Corp.

WINNEMUCCA, Nev., Nov. 06, 2023 (GLOBE NEWSWIRE) -- Post the receipt of the positive completeness determination announced on October 5^th, Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or the “Company”) is pleased to announce that the Oregon Department of Geology and Mineral Industries (“DOGAMI”) has issued the Notice to Proceed (the “Notice” or “NTP”) required to move Grassy Mountain into the next phase of permitting. Based on state regulations, it is expected that the DOGAMI will issue the final consolidated permit package within one year.

Paramount President, COO and Director, Glen Van Treek commented: “The Notice is a critical milestone in securing the permits to build and operate Grassy. Paramount will continue to work collaboratively with the agencies as they move through the next important steps to achieving that goal.”

The complete permit package will include the Environmental and Socioeconomic Evaluation (“EE”) currently underway by Stantec, a global leader in engineering, architecture and environmental consulting, contracted by DOGAMI, which is expected to be released in early 2024. The EE will serve as an additional resource to the agencies for their permit writing process.

CEO and Director, Rachel Goldman stated: “The receipt of the Notice represents a pivotal event for the company and is a key condition precedent included in the non-binding $15 million financing term sheet signed with Sprott Resource and Streaming Royalty Corp. as initially announced on March 1, 2023.”

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 100% interest in four gold projects: Grassy Mountain; Frost; Sleeper and Bald Peak.

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 (100% located on private land) for which results of a positive Feasibility Study have been released and key permitting milestones accomplished.

Frost is comprised of 84 unpatented lode claims covering approximately 1,730 acres located 12 miles southwest of the Company’s proposed high-grade, underground Grassy in Malheur County, Oregon.

The Sleeper Gold Project is located 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

What is the latest announcement from Paramount Gold Nevada Corp.?

Paramount Gold Nevada Corp. has received the Notice to Proceed from the Oregon Department of Geology and Mineral Industries (DOGAMI) to move Grassy Mountain into the next phase of permitting.

When is the final consolidated permit package expected to be issued?

The final consolidated permit package is expected to be issued within one year.

Who is conducting the Environmental and Socioeconomic Evaluation (EE)?

The Environmental and Socioeconomic Evaluation (EE) is being conducted by Stantec, a global leader in engineering, architecture, and environmental consulting.

When is the EE expected to be released?

The EE is expected to be released in early 2024.

What is the significance of receiving the Notice to Proceed?

Receiving the Notice to Proceed is a pivotal event for the company and is a key condition precedent for a $15 million financing term sheet with Sprott Resource and Streaming Royalty Corp.