BLM Issues Notice of Intent for Paramount Gold’s Proposed High-Grade Grassy Mountain Gold and Silver Mine
Paramount Gold Nevada Corp. (PZG) announces the Bureau of Land Management has initiated the Environmental Impact Statement process for the Grassy Mountain mine. The company aims to provide employment opportunities and economic growth to Malheur County through this project.
The initiation of the Environmental Impact Statement (EIS) for the Grassy Mountain mine project is a significant regulatory step, reflecting Paramount Gold Nevada Corp's progress towards environmental compliance. The EIS, mandated by the National Environmental Policy Act (NEPA), is a comprehensive document that assesses the potential environmental effects of proposed projects. Its completion is essential for securing the necessary permits to commence construction and operation.
From an environmental policy perspective, the EIS will detail how the project plans to mitigate adverse environmental impacts. This includes evaluating effects on local ecosystems, water quality and wildlife. The public comment period and subsequent meetings are critical in addressing community concerns, which can influence project modifications and stipulations in the final permits.
For investors, the successful navigation of the NEPA process can reduce regulatory risks and provide a clearer timeline for the project's advancement. However, potential delays or requirements for additional environmental safeguards can impact projected costs and timelines, influencing the company's financial projections and stock performance.
The progression to the final phase of permitting for the Grassy Mountain mine is indicative of Paramount's commitment to advancing the project. The mining industry often faces extensive regulatory hurdles and reaching this stage demonstrates due diligence in planning and regulatory compliance.
The mine's potential to provide employment and stimulate economic growth in Malheur County is noteworthy. However, it is important to consider the volatility of commodity prices and the impact they have on the feasibility and profitability of new mining ventures. The long-term success of the mine will depend on the company's ability to manage production costs and navigate the cyclical nature of the mining industry.
Investors should also consider the capital expenditure associated with developing a new mine. Paramount's ability to finance the construction, manage debt and achieve projected cash flow will be important in determining the project's economic viability and, by extension, its impact on the company's market valuation.
The announcement of the final phase of permitting for Grassy Mountain mine highlights the potential economic benefits for the region. Job creation and local economic development are often seen as positive externalities of such projects, potentially leading to a multiplier effect in the local economy.
However, it's important to assess the sustainability of these economic benefits. While the initial construction and development phase can bring a surge in employment, the long-term impact depends on the operational lifespan of the mine and the company's commitment to community development. Paramount's project could lead to an increase in local infrastructure investments and long-term community programs, which are factors that can enhance the social license to operate.
For stakeholders, including local businesses and residents, the development of the Grassy Mountain mine could mean a boost in economic activity. Yet, there is a balance to be struck between economic gains and potential environmental costs, which will be scrutinized during the EIS process.
03/19/2024 - 07:00 AM
GRASSY MOUNTAIN ENTERS FINAL PHASE OF PERMITTING
WINNEMUCCA, Nev., March 19, 2024 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or the “Company”) is pleased to announce that the Bureau of Land Management (“BLM”) has filed the Notice of Intent (the “Notice” or “NOI”) in the Federal Registry , thereby initiating the preparation of an Environmental Impact Statement (“EIS”) in compliance with the National Environmental Policy Act (“NEPA”) process for the proposed Grassy Mountain mine.
Paramount’s President & COO, Glen van Treek, stated, “The filing of the NOI in the federal registry marks a major milestone, providing a definitive path forward towards the construction and operation of the Grassy Mountain mine. The development of Grassy Mountain offers significant potential to provide much-needed employment opportunities and economic growth to Malheur County,” van Treek added.
The filing of the NOI follows the completeness determination by the BLM of the Plan of Operation (“PoO”) for Grassy Mountain as announced on November 29, 2022 . The comprehensive PoO was developed to align with the requirements of the EIS. A 30-day public comment period has commenced, and, in that timeframe, the BLM will host two public meetings, in Vale, Oregon and Jordan Valley, Oregon to explain the proposed action and the scope of the EIS.
The draft EIS is expected to be available for public review in February 2025, and following the NEPA process, would include a 45-day public comment period. The final EIS is anticipated to be released in August 2025, followed by the Record of Decision in November 2025 marking the conclusion of the NEPA process.
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.
The Sleeper Gold Project is 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
What is the latest announcement from Paramount Gold Nevada Corp. (PZG)?
Paramount Gold Nevada Corp. (PZG) has announced that the Bureau of Land Management has filed the Notice of Intent in the Federal Registry, starting the Environmental Impact Statement process for the proposed Grassy Mountain mine.
Who is the President & COO of Paramount Gold Nevada Corp. (PZG)?
Glen van Treek is the President & COO of Paramount Gold Nevada Corp. (PZG) and stated that the filing of the NOI marks a major milestone towards the construction and operation of the Grassy Mountain mine.
What is the purpose of the Plan of Operation (PoO) for Grassy Mountain?
The Plan of Operation (PoO) for Grassy Mountain was developed to align with the requirements of the Environmental Impact Statement (EIS) process.
When is the draft EIS expected to be available for public review?
The draft EIS is expected to be available for public review in February 2025 as part of the NEPA process.
When is the Record of Decision expected for the Grassy Mountain project?
The Record of Decision for the Grassy Mountain project is anticipated to be released in November 2025, marking the conclusion of the NEPA process.
