Paramount secures plan of operations approval for Grassy Mountain gold project
NYSE-listed Paramount Gold Nevada Corporation has confirmed the conclusion of a review by the US Bureau of Land Management on the Grassy Mountain gold project, in Oregon, approving Paramount's plan of operations.
The bureau also concurred that Paramount's reclamation cost estimate, as detailed in a Grassy Mountain reclamation plan dated February, is sufficient to meet all anticipated reclamation requirements based on the current mine plan for the project.
Pursuant to a memorandum of understanding, the bureau and Oregon's Department of Geology and Mineral Industries will hold the financial guarantee for the project, which allows Paramount to streamline the implementation and cost of funding for Grassy Mountain by reducing duplicative efforts.
Prior to construction of Grassy Mountain, Paramount will post the financial guarantee which will trigger an official decision letter and the issuance of the final notice to proceed with the approved plan of operations for the construction of the mine.
"With the approval of the plan of operations and concurrence on the financial bonding requirement for reclamation, our federal permitting work is functionally complete. We now have the visibility and the flexibility to continue to sequence further development work at Grassy Mountain and post the bond ahead of groundbreaking on the project. This final step will occur once a construction decision has been made," says Paramount CEO Rachel Goldman.
She expects the final State permits for the project to be issued this year, incorporating any required modifications post the issuance of the draft permit package in December 2025 and the completion of a public review period in February this year.
Paramount plans to have Grassy Mountain produce about 41000 oz of gold and 52000 oz of silver every year over a 9.3-year mine life.
