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"The acceptance of the ground water baseline data report represents an important incremental step towards achieving a positive completeness review of the consolidated permit application from the State of Oregon," Paramount's CEO Rachel Goldman said.
A 2020 feasibility study on Grassy Mountain envisaged proven and probable reserves of 390,000 ounces of gold at about 6.5g/t, total measured and indicated resources of about 1 million oz, and a 750 tonnes per day milling operation/ CIL recovery of roughly 93% gold and 78% silver.
The initial mine life was viewed as 8 years with production of 47,000oz Au and 55,000oz Ag.
The initial capital expenditure was set at US$98 million.
Along with Grassy Mountain, Paramount holds 100% interests in Frost, Sleep, and Bald Peak.
Paramount's share price on June 8 was US$0.52, up by 2% day on day, giving the company a market capitalization of US$24.17 million.
