Monday, February 02, 2015 10:01:49 AM
http://finance.yahoo.com/news/paramount-gold-silver-expands-bulk-110000713.html
WINNEMUCCA, NEVADA--(Marketwired - Feb 2, 2015) - Paramount Gold and Silver Corp. (NYSE MKT:PZG)(PZG.TO)(P6G.F)(WKN:A0HGKQ)("Paramount") announced today results from the last five holes drilled in late 2014 on the open pit/heap leach San Francisco Deposit on Paramount's 100%-owned San Miguel Project in Mexico. San Francisco is a lower grade, disseminated gold/silver deposit starting at surface, located about 10 km east of Coeur Mining's (CDE) Palmarejo mine complex (see map below).
The August 2014 Preliminary Economic Assessment ("PEA") for the San Miguel Project was prepared by Metal Mining Consultants Inc. ("MMC") of Denver, Colorado and incorporated a resource model developed by Mine Development Associates ("MDA") of Reno, Nevada. The PEA added an efficient, inexpensive open pit, heap leach operation to the front end of the production scenario. The heap leach operation enabled the PEA to incorporate the San Francisco Deposit into the project design to help fund underground mining and related mill construction from cash flow. The result was a substantial increase in measured, indicated and inferred resources compared to the 2013 PEA also prepared by MMC. For San Francisco, the PEA envisions mining from two main open pits; oxide and mixed oxide/sulfide material would be processed using the inexpensive heap leach technology while higher grade sulfide material would go to the project's mill for better recoveries (see the PEA news release of August 25, 2014).
With the addition of San Francisco to the project design, in 2014 Paramount drilled 10 new core holes totaling 2,529 meters outside the deposit's current resource with the aim of expanding it with the potential of mining the deposit through a single, larger open pit. All 10 holes returned long mineralized intercepts. Paramount believes that the San Francisco heap leach scenario constitutes an inexpensive option to increase gold and silver production in a combined San Miguel/Palmarejo operation....
...Paramount and Coeur Mining, Inc. have entered into an agreement and plan of merger, dated as of December 16, 2014 (the "Merger Agreement") pursuant to which Coeur will acquire all of the issued and outstanding shares of common stock of Paramount and the San Miguel Project (the "Merger"). As a condition to closing the Merger, the shares of Paramount's subsidiary holding its Nevada mining assets will be spun-off to holders of Paramount's common stock.
Pursuant to the Merger Agreement, Coeur will acquire each share of outstanding Paramount common stock from Paramount's stockholders in exchange for 0.2016 of a share of Coeur common stock. In addition, Paramount stockholders will receive their pro rata share of the outstanding shares of an existing subsidiary or a newly incorporated subsidiary ("SpinCo") of Paramount. SpinCo will hold Paramount's interest in the Sleeper Gold, Mill Creek and Spring Valley Projects in Nevada and will be capitalized with $10 million in cash from Coeur. Upon completion of the Merger, Paramount stockholders will hold, in aggregate, a 95.1% interest in SpinCo and Coeur will hold the remaining 4.9%. The Merger is subject to regulatory and stockholder approval.
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