WINNEMUCCA, Nev., Sept. 05, 2017 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American:PZG) (“Paramount”) announced today that it has met a significant milestone by filing its mine Plan of Operation (“POO”) with the Federal Bureau of Land Management’s (“BLM”) district office in Vale, Oregon. The filing was submitted in August as scheduled.
The BLM is now in a position to begin its National Environmental Policy Act (“NEPA”) review process which will commence with the preparation of an Environmental Impact Statement (“EIS”) by its selected consulting firm, HDR Inc.
Paramount is in the process of completing a Preliminary Feasibility Study (“PFS”) for the proposed construction and operation of an underground mine to exploit the high-grade gold core at its Grassy Mountain Gold Project located on private ground in eastern Oregon.
The permitting process requires that Paramount obtain mine permits from both the federal government (BLM) and the State of Oregon’s Department of Geology and Mineral Industries (“DOGAMI”). Following the successful filing of the POO with the BLM, Paramount’s next step in the permitting process is to file a Consolidated Permit Application which is planned for the first quarter of 2018. According to Oregon state regulations, a decision should be expected approximately 300 days thereafter.
The permitting process for Grassy Mountain was codified in a precedent-setting Memorandum of Understanding (”MOU”) signed by Paramount, the BLM, DOGAMI, and HDR, Inc. as released on March 8, 2017 which established a set of harmonized requirements for approval of the project. The MOU:
- Designates the DOGAMI as a Cooperating Agency in the EIS process;
- Establishes a framework for the cooperation and coordination between the DOGAMI, Paramount, 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 the responsibility to complete 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, Paramount, and HDR.
Paramount CEO, Glen van Treek commented: “The bottom line is that our permitting program is progressing on time and on budget. Our team is keeping to the schedules we have established and we are confident that the regulators will also meet their milestones. Thanks to the MOU, we are confident that the EIS process will be conducted efficiently and in a timely manner.”
NI 43-101 Disclosure
Richard Delong of EM Strategies Inc., Paramount’s Environmental and Permitting Coordinator and an Environmental Qualified Person under National Instrument 43-101, has reviewed and approved this release.
Exploration activities at Grassy Mountain are being conducted by personnel of Paramount subsidiary Calico Resources USA Corp. under the supervision of Michael F. McGinnis, Project Manager. Mr. McGinnis is a Qualified Person under National Instrument 43-101.
An ongoing quality control/quality assurance protocol is being employed for the program including blank, duplicate and reference standards in every batch of assays.
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.
