The development of mining and processing infrastructure was defined in a conceptual plan that was based on a central process facility with a tailings storage facility. Individual open pit mines would be developed as satellite production operations with mineralized material transported to the process site by haul truck. A main electrical power line and power center would be developed at the process facility, with individual power lines going to the underground mining operations at Don Ese, San Miguel and La Union. Each underground mining operation would have separate infrastructure including offices, warehouse, equipment shop, change house, shotcrete plant, cemented fill plant, explosive storage and fuel storage. Underground mines would have separate ventilation and dewatering systems because of their location remote from each other. Access/haul roads would be developed to each mining operation. It is assumed that personnel for the mining operation would live in the local communities or the Town of Temoris and that no camp facility would be constructed.
Please click here to see a map of the proposed milling site and zone locations.
National Instrument 43-101 Disclosure
The PEA for the San Miguel project was prepared by Metal Mining Consultants of Denver, Colorado and incorporates the work of its professional Geologists, Metallurgist and Mining Engineers who are Qualified Persons in their areas of expertise as defined under National Instrument 43-101. Resource estimates and block models were developed by Michael Gustin of MDA Reno who is also a Qualified Person. Patricia Aguayo from Hermosillo, Mexico has advised on environmental planning and regulations in Mexico. All persons involved are independent of Paramount. Each of these consultants has reviewed and approved this news release.
About Paramount Gold
Paramount Gold is a U.S. based exploration and development company with multi-million ounce advanced stage precious metals projects in Nevada (Sleeper) and northern Mexico (San Miguel). Fully funded exploration programs are now in progress at these two core projects which are expected to generate substantial additional value for our shareholders.
The 100% owned San Miguel Project consists of over 142,000 hectares (353,000 acres) in the Palmarejo District of northwest Mexico, making Paramount the largest claim holder in this rapidly growing precious metals mining camp. The current work program at San Miguel is part of Paramount's strategy of expanding and upgrading known, large-scale precious metal occurrences in established mining camps, defining their economic potential and then partnering them with nearby producers. The San Miguel Project is ideally situated near established, low cost production where the infrastructure already exists for early, cost-effective exploitation. Paramount also owns 100% of the Sleeper Gold Project which is emerging as one of Nevada's largest new undeveloped gold resources.
Cautionary Note to U.S. Investors Concerning Estimates of Indicated and Inferred Resources
All resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability. In particular, Paramount notes that the San Miguel Preliminary Economic Assessment referred to above incorporates inferred mineral resources which are considered to be too geologically speculative to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Therefore, Paramount advises that there can be no certainty that the estimates contained in the San Miguel PEA will be realized.
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