WINNEMUCCA, NEVADA--(Marketwire
- Jan. 4, 2011) - Paramount Gold (NYSE Amex:PZG)(TSX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ)
("Paramount") announced today that it has appointed Mr. Glen
Van Treek as its new Vice President of
Exploration.
Mr. Van Treek has over 20 years of experience
managing projects in different geological environments. He has
personally directed or participated in several advanced geological
modeling and mine planning during evaluation, prefeasibility,
feasibility and construction phases. Project experience includes: La Coipa, Zaldivar and Andacollo Mines in Chile, Mulatos
Mine in Mexico, La Libertad Mine in Nicaragua, San Andres Mine in
Honduras, and Samira Hill Mine in Niger.
Mr. Van Treek has been employed by Teck (NYSE: TCK) since 2000 in a number of senior
positions, including exploration, mining and corporate development. He
comes to Paramount directly from Teck where
he was most recently in charge of the geologic exploration program and
production geology at Quebrada Blanca Mine in
Chile. Prior to Teck, Mr. Van Treek held positions with Placer Dome in Chile, USA
and Africa. Mr. Van Treek is a professional
geologist and has a degree in geology from the University of Chile.
Mr. Van Treek will begin with Paramount in
late January 2011 and will be responsible for overseeing Paramount's
exploration programs in Mexico (San Miguel Project) and Nevada (Sleeper
Gold Project).
Paramount CEO Christopher Crupi commented,
"We are very pleased to have Mr. Glen Van Treek
join our technical team. Mr. Van Treek has
the experience in directing and advancing exploration projects to the
feasibility stage and we look forward to him leading our geologic team
in the New Year."
Paramount owns a 100% interest in the 188,000 hectare (465,000 acre)
San Miguel Project in the Palmarejo District
of northwest Mexico, making it the largest claim holder in this rapidly
growing precious metals mining camp. Ongoing exploration at San Miguel
continues to develop new targets for drill testing. Four new targets
are expected to be drilled in the first quarter of 2011. Resource
delineation drilling has meanwhile been focused on the San Francisco,
Veronica, Monte Cristo, and San Miguel Vein targets. Results from the
resource delineation drilling will be incorporated into a new National
Instrument 43-101 compliant resource estimate expected in the first
quarter of 2011.
Paramount Gold is a U.S. domiciled exploration and development company
with multi-million ounce advanced stage projects in Nevada (Sleeper)
and northern Mexico (San Miguel). Fully funded programs are now in
progress at our two main projects to substantially expand resources
over the next two years. Plans are also underway to exploit a large,
surface inventory of gold in tailings and leach pad heaps on our
Sleeper property for potential near-term cash flow. For more
information visit the Company's website at www.paramountgold.com.
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 Sleeper Gold
Project and the expected results of this work. 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, 2010
and its most recent quarterly reports filed with the SEC available on www.sec.gov and
applicable Canadian securities regulators available on www.sedar.com.
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.
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