BLM and DOGAMI Agree to a Joint Reclamation Bond for the Proposed Grassy Mountain Gold and Silver Mine

WINNEMUCCA, Nev., May 21, 2024 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or the “Company”) is pleased to announce its proposed Grassy Mountain gold mine will have the benefit of a joint reclamation bond between the Oregon Department of Geology and Mineral Industries (the “DOGAMI”) and the Bureau of Land Management (“BLM”). The two agencies have executed a Memorandum of Understanding (“MOU”) which ensures that Paramount will not be required to post two reclamation bonds, thereby reducing capital requirements, and lessening the administrative burden.

The approach undertaken by the DOGAMI and BLM aligns with how environmental bonding has been established in the mining friendly jurisdiction of Nevada. Upon submission of the reclamation cost estimate by the Company, the DOGAMI and BLM will determine a single amount to be posted as financial security.

Paramount’s President, COO and Director, Mr. Glen Van Treek stated, “We are extremely pleased by the co-operation shown by the DOGAMI and the BLM in their MOU. This decision will be very beneficial to the development, construction and operation of our Grassy Mountain Gold and Silver mine.”

The MOU establishes joint responsibilities to develop and maintain common guidance, protection, and monitoring of disturbances due to mining operations on both federal and private lands. This coordinated effort between State and Federal agencies will help to prevent undue delays that may have otherwise occurred with duplication of administration and enforcement of reclamation obligations.

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 three projects: Grassy Mountain; 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.