Paramount Gold Nevada Completes Last Water Monitoring Well for Modeling Grassy Mountain Baseline Aquifer Data

• NO WATER IN LAST WELL; REGULATORS AGREE TO REDUCED DRILLING
  
  
• LESS WATER THAN EXPECTED LIKELY TO LESSEN DEWATERING COSTS AND ROCK SUPPORT REQUIREMENTS

WINNEMUCCA, Nev., June 12, 2018 (GLOBE NEWSWIRE) -- Paramount Gold Nevada Corp. (NYSE American:PZG) ("Paramount”) reported today that the final monitoring water well drilled adjacent to the mineral reserves at the proposed Grassy Mountain underground mine did not encounter water to a final depth of 950ft., which is considerably below the bottom of the mine plan.

The absence of water in the last well could further improve the robust economics of the recently released Pre-Feasibility Study (“PFS”) (see PFS results) by lowering estimated dewatering costs and reducing the requirement for measures to improve rock stability.

Paramount CEO, Glen Van Treek commented: “The PFS estimates an after tax internal rate of return (“IRR”) of 28% which is certainly very positive. However, a PFS is based on a set of assumptions, usually with a built in margin of safety to be conservative. Optimizing the PFS is therefore an ongoing process as we move towards permit approvals followed by final feasibility analysis and construction. We will now review the positive implications of reduced water flow on mine operations.”

Mr. Van Treek also noted that the Oregon State Technical Review Team (“TRT”) had reviewed the results of the most recent water well drilling and accepted Paramount’s proposed reduction in the water monitoring program, agreeing that a shallower well is no longer needed to be drilled. “We continue to be pleased with the cooperation we are receiving from Oregon State agencies,” Van Treek said. The TRT decision allows Paramount to complete and submit its Ground Water Baseline Report on schedule.

In total, the environmental baseline report will consist of 23 separate work plans. To date, Paramount has filed 17 of these baseline reports, four of which have been approved by the TRT (see press releases dated March 13, 2018 and March 27, 2018) and six remain to be filed of which one will be filed as part of the Consolidated Permit Application. All final baseline reports will be included in the Consolidated Permit Application for the proposed Grassy Mountain Gold Mine which Paramount plans to submit to the TRT in 2018.

Grassy Mountain recently released a PFS (see press release of May 24, 2018) for a proposed underground gold mine. The PFS envisions a 750 ton per day milling operation yielding annual average production of 47,000 ounces of gold and 50,000 ounces of silver over 7.25 years. The project has estimated total cash operating costs of $528 per ounce of gold produced (after silver credits), life of mine operating cash flows exceeding $250 million and an after tax IRR of 28%.

NI 43-101 Disclosure

The water monitoring well program was overseen by Michael F. McGinnis, Project Manager. Mr. McGinnis is a Qualified Person under National Instrument 43-101. He has reviewed and approved this press release.

About Paramount Gold Nevada Corp.

Paramount Gold Nevada is a U.S. based precious metals exploration and development company. Paramount’s strategy is to create shareholder value through exploring and developing its mineral properties and to realize this value for its shareholders in three ways: by selling its assets to established producers; entering into joint ventures with producers for construction and operation; or constructing and operating mines for its own account.

Paramount owns 100% of the Grassy Mountain Gold Project which consists of approximately 9,300 acres located on private and BLM land in Malheur County, Oregon. The Grassy Mountain project contains a gold-silver deposit (100% located on private land) for which results of a positive PFS have been released and key permitting milestones accomplished (see press release dated May 24, 2018). Additionally, Paramount owns a 100% interest in the Sleeper Gold Project located in Northern Nevada. The Sleeper Gold Project, which includes the former producing Sleeper mine, totals 2,322 unpatented mining claims (approximately 60 square miles or 15,500 hectares).

Cautionary Note to U.S. Investors Concerning Estimates of Indicated, Inferred Resources and Reserves

This news release uses the terms "measured and indicated resources", "inferred resources" and “proven and probable reserves”. 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. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.

Safe Harbor for Forward-Looking Statements

This release and related documents may include "forward-looking statements" and “forward-looking information” (collectively, “forward-looking statements”) pursuant to applicable United States and Canadian securities laws. 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 are intended to identify forward-looking statements, although these words may not be present in all forward-looking statements. Forward-looking statements included in this news release include, without limitation, statements with respect to: production estimates and assumptions, including production rate and grade per tonne; revenue, cash flow and cost estimates and assumptions; statements with respect to future events or future performance; anticipated exploration, development, permitting and other activities on the Grassy Mountain project; the economics of the Grassy Mountain project, including the potential for improving project economics and finding more ore to extend mine life; and mineral reserve and mineral resource estimates. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the conclusions made in the PFS; the quantity and grade of resources included in resource estimates; the accuracy and achievability of projections included in the PFS; Paramount’s ability to carry on exploration and development activities, including construction; the timely receipt of required approvals and permits; the price of silver, gold and other metals; prices for key mining supplies, including labor costs and consumables, remaining consistent with current expectations; work meeting expectations and being consistent with estimates and plant, equipment and processes operating as anticipated. 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; the ability to obtain required permitting; equipment breakdown or disruptions; additional financing requirements; the completion of a definitive feasibility study for the Grassy Mountain project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs and between estimated and actual production; and the other factors described in Paramount’s disclosures as filed with the SEC and the Ontario, British Columbia and Alberta Securities Commissions.

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 Nevada Corp.
Glen Van Treek, President, CEO and Director
Christos Theodossiou, Director of Corporate Communications
866-481-2233