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

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.