BLM And DOGAMI Agree To Joint Reclamation Bond For Proposed Grassy Mountain Gold and Silver Mine

WINNEMUCCA, NV - Paramount Gold Nevada Corp. reported that Grassy Mountain gold mine will have the benefit of a joint reclamation bond between the Oregon Department of Geology and Mineral Industries (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.

President, COO and Director, Glen Van Treek said, “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.