WINNEMUCCA, NEVADA--(Marketwired - March 8, 2017) - Paramount Gold Nevada Corp. (NYSE MKT:PZG) ("Paramount") announced today that it has entered into a Memorandum of Understanding ("MOU") governing the preparation of a National Environmental Policy Act ("NEPA") Analysis for its wholly-owned Grassy Mountain Gold Project in Oregon.
The MOU is a signed agreement among the Bureau of Land Management ("BLM"), the Oregon Department of Geology and Mineral Industries ("DOGAMI") and Calico Resources USA Corp. ("Calico"), a 100% owned subsidiary of Paramount.
Paramount intends to construct an underground mine and process facilities on both private and public land for its Grassy Mountain Gold Project. The BLM has determined that an Environmental Impact Statement ("EIS") is required for the project. The BLM has chosen HDR Inc. ("HDR"), an international engineering and environmental consulting firm based in Omaha, Nebraska with an office in Boise, Idaho, to conduct and complete the EIS under its direction.
The MOU:
- Designates DOGAMI as a Cooperating Agency in the EIS process;
- Establishes a framework for cooperation and coordination between DOGAMI, Calico, the BLM, and HDR regarding their respective responsibilities, jurisdictional authorities, conditions, and procedures to be followed during the preparation of the EIS, thereby ensuring successful completion of the EIS in a timely, efficient, and thorough manner;
- Recognizes that the BLM is the lead agency with responsibility for the completion of the EIS and the Record of Decision;
- Identifies and where possible coordinates similar or overlapping state and federal requirements including baseline investigation, analysis of environmental impacts related to the project, and financial responsibility requirements; and
- Identifies the scope and limitations of information sharing between and among the BLM, DOGAMI, Calico, and HDR.
With an executed MOU, Paramount may now submit its proposed Plan of Operation to the BLM, which will trigger the initiation of the Environmental Impact Statement by the BLM. Paramount expects the BLM will direct HDR to commence the EIS by mid-2017 using the environmental data compiled over the past three years which has been reviewed and accepted by the DOGAMI.
Paramount is advancing the mine facility layout under its ongoing Pre-feasibility Study work. Following completion of all required activities, Paramount expects to file with the DOGAMI, the Consolidated Application Plan in early 2018.
Glen van Treek Paramount CEO commented: "This agreement is a major step forward for Paramount and the State of Oregon. It speaks to the level of co-operation which has developed between our Company and the regulators. The integration of federal and state approval processes and the harmonizing of regulatory requirements are critical achievements. This MOU is the first of its kind for a mining project in Oregon and it represents Paramount's commitment to advance the Grassy Mountain Project in a professional and environmentally safe manner".
NI 43-101 Disclosure
Richard Delong of EM Strategies Inc., Paramount's lead Environmental and Permitting consultant is an Environmental Qualified Person under National Instrument 43-101. Mr. DeLong has reviewed and approved this release.
About Paramount Gold Nevada Corp.
Paramount Gold Nevada is a U.S. based precious metals exploration company. Paramount has a high ratio of ounces of gold in mineral inventory to shares outstanding, providing its shareholders with exceptional leverage to the gold price. For our mineral inventory, click here.
Paramount holds a 100% working interest in 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).
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.
