Paramount Files Updated Mineralized Material Estimate

WINNEMUCCA, NV - Paramount Gold Nevada Corp. reported that an updated NI-43-101 compliant resource estimate has been filed on SEDAR for its 100%-owned Sleeper Gold Project in Nevada. The new estimate was completed by SRK Consulting, an internationally recognized firm in the field of resource estimation, and is effective as of April 17, 2015.
The new estimate incorporates all drilling completed by Paramount and its predecessor company since October, 2011, including 32 core holes totaling 12,448 meters and 67 reverse circulation drill holes totaling 3,047 meters. Samples from 40 core holes representing 2,722 meters drilled by a previous operator but never assayed were also included in the model.
The comprehensive Sleeper data base now includes data from 162 core and 4,119 reverse circulation holes drilled by various operators. This information was used by SRK to construct a new 3D geological and structural model based on complete cross sectional interpretations every 50 meters for the main resource area and every 10 meters at the north and south edges of the deposit where further resource additions are anticipated. These cross sectional interpretations were created by re-logging 162 core holes and all the available chips from 499 reverse circulation holes drilled historically on the Sleeper Gold Project.
Paramount President, Glen Van Treek noted that the new model "gives us an unprecedented understanding of the geological setting that produced the original high-grade Sleeper deposit. We are confident that there are more of these deposits to be found on our large land position and this model will greatly assist us in our exploration."
SRK has estimated total measured and indicated mineralized material at 294 million tonnes grading 0.36 Au g/t and 3.25 Ag g/t containing 3.42 million ounces of gold and 30.8 million ounces of silver. Additional inferred mineralized material was estimated at 241.8 million tonnes grading 0.32 Au g/t and 1.93 Ag g/T containing 2.47 million ounces of gold and 15.0 million ounces of silver. All resources were estimated at a gold cut-off grade of 0.15 Au g/t which SRK considers reasonable for large, near surface, bulk-minable deposits in Nevada at current metal prices. SRK also provided estimates at higher cut-off grades.
Paramount is currently conducting a comprehensive column test program for the different Sleeper resource areas and ore types at various crush sizes to determine the optimum processing scenarios, with a focus on heap leach alternatives. This data will be used to update the Preliminary Economic Assessment (PEA) prepared by Metal Mining Consultants of Denver, Colorado.