|By Marketwired .||
|July 8, 2014 06:17 AM EDT||
WINNEMUCCA, NEVADA -- (Marketwired) -- 07/08/14 -- Paramount Gold and Silver Corp. (NYSE MKT:PZG)(TSX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) ("Paramount") today released the results of a new resource estimate prepared by Mine Development Associates of Reno Nevada ("MDA") (www.mda.com) for Paramount's 100%-owned San Miguel Project in northern Mexico. The new resource model on which the estimate is based "represents a major step forward in the evolution of San Miguel from a raw exploration prospect to what is now a mature, high quality economic opportunity," said Paramount CEO Christopher Crupi.
In the new model, estimated global measured and indicated (M&I) contained ounces of gold increased a robust 76%, from 638,000 to 1,123,000. Estimated M&I contained ounces of silver rose 44%, from 53.6 million to 77.1 million. Inferred resources of gold and silver fell slightly as a portion of the inferred was converted to higher categories but the size of the total resource increased substantially. At a silver-to-gold ratio of 60, estimated M&I gold equivalent ounces total 2,408,000 at an estimated average gold equivalent grade of 1.71 g/T. For a detailed breakdown of tonnes and grade by category, please see the tables below.
The new resource estimate has incorporated the following:
-- Data from new core drilling completed within the resource areas since the last update. -- Geological re-modeling and re-estimation of the San Francisco bulk tonnage gold-silver deposit reflecting the recent success of heap leach metallurgical testing on this material. (See news release of May 27, 2014). -- Review of resource classification parameters based on drill confirmation of the predictability of the resource model, which has enhanced confidence.
The new estimate will be incorporated into an updated Preliminary Economic Assessment (PEA) expected next month, to be prepared by Metal Mining Consultants ("MMC") (www.metalminingconsultants.com) of Denver, Colorado. The first PEA for San Miguel was also completed by MMC and released on February 28, 2013. A PEA is a complete, integrated project design which estimates mining and processing methods and rates of production, capital and operating costs, cash flows at specified metal prices, rates of return, mine life and net present values at a proposed discount rate.
Resources at the high grade Don Ese underground deposit have increased substantially in the new estimate. Don Ese is located several hundred meters east of the Guadalupe deposit, which it closely resembles, and they probably sit within the same structure. Guadalupe is Coeur d'Alene's key development project at its neighboring Palmarejo mine complex.
The large, bulk-mineable San Francisco gold-silver deposit was re-modeled following successful metallurgical testing of its heap leach potential; measured plus indicated contained metal now stands at 126,000 ounces of gold and 3.4 million ounces of silver, plus a further 566,000 ounces of gold and 14.7 million ounces of silver in the inferred category. For a detailed breakdown of tonnes and grade by category, please see the tables below. The updated PEA is expected to include a heap leach component for San Francisco.
Crupi commented that the new resource model "represents a substantial achievement. We believe the quality of the San Miguel resource is now sufficient for a feasibility study and supports a strong, reliable valuation by potential partners. The next step is to revise the PEA from 2013 to include the larger resource and the heap leach scenario for lower grade material. We expect the results of this work to be highly encouraging for the project."
Detailed resource tables effective as at May 1, 2014 are as follows:
---------------------------------------------------------------------------- Cut off Area Ageq g/t Measured ================================================== Tonnes Au g/T Ag g/T Au Oz Ag Oz ============================================================================ Don Ese 90 599,000 2.88 254 55,000 4,898,000 La Union 25 1,175,000 2.08 18 78,000 691,000 San Miguel 25 3,271,000 1.11 66 117,000 6,933,000 San Antonio 25 1,209,000 0.04 60 1,000 2,319,000 San Francisco 9 - - - - - La Veronica 25 - - - - - MT/SC 25 - - - - - ============================================================================ Total 6,254,000 1.25 74 251,000 14,841,000 ============================================================================ ---------------------------------------------------------------------------- Cut off Area Ageq g/t Indicated ================================================== Tonnes Au g/T Ag g/T Au Oz Ag Oz ============================================================================ Don Ese 90 2,807,000 2.81 206 253,000 18,546,000 La Union 25 6,903,000 1.06 42 236,000 9,204,000 San Miguel 25 9,943,000 0.79 50 252,000 15,962,000 San Antonio 25 6,180,000 0.02 72 4,000 14,215,000 San Francisco 9 10,551,000 0.37 10 126,000 3,429,000 La Veronica 25 476,000 0.08 61 1,000 930,000 MT/SC 25 - - - - - ============================================================================ Total 36,860,000 0.74 53 872,000 62,286,000 ============================================================================ ---------------------------------------------------------------------------- Cut off Area Ageq g/t Measured plus Indicated ================================================== Tonnes Au g/T Ag g/T Au Oz Ag Oz ============================================================================ Don Ese 90 3,406,000 2.82 214 308,000 23,444,000 La Union 25 8,078,000 1.21 38 314,000 9,895,000 San Miguel 25 13,214,000 0.87 54 369,000 22,895,000 San Antonio 25 7,389,000 0.02 70 5,000 16,534,000 San Francisco 9 10,551,000 0.37 10 126,000 3,429,000 La Veronica 25 476,000 0.08 61 1,000 930,000 MT/SC 25 - - - - - ============================================================================ Total 43,114,000 0.81 56 1,123,000 77,127,000 ============================================================================ ---------------------------------------------------------------------------- Cut off Area Ageq g/t Inferred ================================================== Tonnes Au g/T Ag g/T Au Oz Ag Oz ============================================================================ Don Ese 90 2,020,000 2.07 131 135,000 8,514,000 La Union 25 1,476,000 0.90 38 43,000 1,785,000 San Miguel 25 3,350,000 0.54 21 58,000 2,282,000 San Antonio 25 2,109,000 0.08 73 5,000 4,977,000 San Francisco 9 43,229,000 0.32 8 440,000 11,269,000 La Veronica 25 3,104,000 0.09 47 9,000 4,658,000 MT/SC 25 3,520,000 0.13 40 14,000 4,503,000 ============================================================================ Total 58,808,000 0.38 20 704,000 37,988,000 ============================================================================
Key Parameters for Resource Estimation
The gold and silver resources at the San Miguel project were modeled and estimated by:
-- Determining statistical and geological criteria to establish gold and silver mineral domains; -- Interpreting gold and silver mineral-domain polygons on sets of vertical cross sections orientated perpendicular to the strike of the mineralization for each deposit area; -- Rectifying the mineral-domain interpretations for each deposit on a set of level plans; -- Analyzing the modeled mineralization geostatistically in order to aid in the selection of estimation and classification parameters; -- Interpolating grades into three-dimensional block models, using the gold and silver mineral- domains to control the estimations; and -- Undertaking various checks and interpolation iterations until optimal results were generated.
Additionally, MDA estimated resources at higher cut-off grades, resulting in a substantial increase in the San Miguel resource grade without a significant reduction in total contained metal. The estimates based on higher cut-off grades are contained in the tables below. Potentially mineable grades will be established in the updated PEA.
---------------------------------------------------------------------------- Cutoff Measured & Indicated (Ag Eq g/T) Tonnes g Ag/t oz Ag g Au/t oz Au ============================================================================ 25 38,574,000 63 78,014,000 0.90 1,109,000 50 21,119,000 97 66,355,000 1.43 974,100 75 14,445,000 127 58,900,000 1.90 881,500 90 12,167,000 142 55,420,000 2.15 839,300 120 9,239,000 167 49,693,000 2.60 772,800 150 7,443,000 189 45,216,000 3.00 717,300 ============================================================================ ---------------------------------------------------------------------------- Cutoff Inferred (g Ag-equiv/t) Tonnes g Ag/t oz Ag g Au/t oz Au ============================================================================ 25 32,833,000 34 35,986,000 0.57 597,000 50 13,628,000 58 25,317,000 0.95 419,000 75 7,381,000 83 19,674,000 1.30 308,800 90 5,224,000 102 17,162,000 1.52 256,200 120 3,258,000 133 13,934,000 1.93 202,500 150 2,342,000 156 11,761,000 2.28 171,800 ============================================================================
NI 43-101 Disclosure
The resource estimation disclosure in this news release has been reviewed and approved by Michael Gustin of MDA, a Qualified Person under the auspices of NI 43-101. Exploration activities at San Miguel were conducted by Paramount Gold de Mexico S.A de C.V personnel under the supervision of Glen van Treek, Exploration Vice President of the Company and Bill Threlkeld, a Qualified Person as defined by National Instrument 43-101, who have both reviewed and approved this press release. An ongoing quality control/quality assurance protocol was employed for the program including blank, duplicate and reference standards in every batch of assays. Cross-check analyses were conducted at a second external laboratory on 10% of the samples. Samples were assayed at ALS Chemex and Acme Laboratories, Vancouver, B.C., using fire assay atomic absorption methods for gold and aqua regia digestion ICP methods for other elements.
Paramount is a U.S.-based exploration and development company with multi-million ounce advanced stage precious metals projects in northern Mexico (San Miguel) and Nevada (Sleeper). Fully-funded exploration and engineering programs are now in progress at these two core projects which are expected to generate substantial additional value for our shareholders.
The San Miguel Project consists of over 142,000 hectares (over 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 San Miguel Project is ideally situated near established, low cost production where the infrastructure already exists for early, cost-effective exploitation. A PEA for San Miguel was completed and announced on February 28, 2013.
The Sleeper Gold Project is located off a main highway about 25 miles from the town of Winnemucca. In 2010, Paramount acquired a 100% interest in the project including the original Sleeper high-grade open pit mine operated by Amax Gold from 1986 to 1996 as well as staked and purchased lands now totaling 2,570 claims and covering about 47,500 acres which stretch south down trend to Newmont's Sandman project. This acquisition is consistent with the Company's strategy of district-scale exploration near infrastructure in established mining camps. A PEA was completed for Sleeper and announced on July 30, 2012.
Cautionary Note to U.S. Investors Concerning Estimates of Indicated and Inferred Resources
This news release uses the terms "measured and indicated resources" and "inferred resources". We advise U.S. investors that while these terms are defined in, and permitted by, Canadian regulations, these terms are not defined terms under SEC Industry Guide 7 and not normally permitted to be used in reports and registration statements filed with the SEC. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves", as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into reserves. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally minable.
Safe Harbor for Forward-Looking Statements:
This release and related documents may include "forward-looking statements" including, but not limited to, statements related to the interpretation of drilling results and potential mineralization, future exploration work at the San Miguel Project and the expected results of this work, estimates of resources including expected volumes and grades and the economic projections included in the project's PEA. Forward-looking statements are statements that are not historical fact and are subject to a variety of risks and uncertainties which could cause actual events to differ materially from those reflected in the forward-looking statements including fluctuations in the price of gold, inability to complete drill programs on time and on budget, and future financing ability. Paramount's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Words such as "believes," "plans," "anticipates," "expects," "estimates" and similar expressions should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: uncertainties involving interpretation of drilling results, environmental matters, lack of ability to obtain required permitting, equipment breakdown or disruptions, and the other factors described in Paramount's Annual Report on Form 10-K for the year ended June 30, 2013 and its most recent quarterly reports filed with the SEC.
Except as required by applicable law, Paramount disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.
Paramount Gold and Silver Corp.
Glen Van Treek
Paramount Gold and Silver Corp.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
Nov. 23, 2014 07:30 PM EST Reads: 1,661
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Nov. 23, 2014 12:30 PM EST Reads: 1,343
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 23, 2014 12:00 PM EST Reads: 1,600
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
Nov. 23, 2014 11:00 AM EST Reads: 1,300
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
Nov. 23, 2014 08:00 AM EST Reads: 1,424
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Nov. 23, 2014 07:45 AM EST Reads: 1,447
We are all here because we are sold on the transformative promise of The Cloud. But what good is all of this ephemeral, on-demand infrastructure if your usage doesn't actually improve the agility and speed of your business? How must Operations adapt in order to avoid stifling your Cloud initiative? In his session at DevOps Summit, Damon Edwards, co-founder and managing partner of the DTO Solutions, will highlight the successful organizational, process, and tooling patterns of high-performing c...
Nov. 23, 2014 02:00 AM EST Reads: 1,192
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Nov. 22, 2014 10:00 PM EST Reads: 1,326
Software-driven innovation is becoming a primary approach to how businesses create and deliver new value to customers. A survey of 400 business and IT executives by the IBM Institute for Business Value showed businesses that are more effective at software delivery are also more profitable than their peers nearly 70 percent of the time (1). DevOps provides a way for businesses to remain competitive, applying lean and agile principles to software development to speed the delivery of software that ...
Nov. 22, 2014 08:00 PM EST Reads: 1,517
Docker offers a new, lightweight approach to application portability. Applications are shipped using a common container format and managed with a high-level API. Their processes run within isolated namespaces that abstract the operating environment independently of the distribution, versions, network setup, and other details of this environment. This "containerization" has often been nicknamed "the new virtualization." But containers are more than lightweight virtual machines. Beyond their small...
Nov. 22, 2014 06:45 PM EST Reads: 1,306
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
Nov. 22, 2014 05:45 PM EST Reads: 1,431
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
Nov. 22, 2014 05:30 PM EST Reads: 1,279
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
Nov. 21, 2014 09:15 PM EST Reads: 1,360