Paramount Gold and Silver Corp Closes Reese River Gold Project Sale

Paramount Gold and Silver Corp. (NYSE:PZG, AMEX:PZG,TSX:PZG) announced today sale of its Reese River Gold Project to Valor Gold Corp. has closed for $7.6 million in shares.

As quoted in the press release:

The Reese River Gold Project is an early stage exploration prospect consisting of 148 unpatented lode mining claims totaling 2,960 acres which are situated along the highly-productive Battle Mountain Mineral trend in Nevada and are subject to a 2% NSR in favor of Royal Gold. Reese was among the assets of X-Cal Resourceswhich Paramount acquired in 2010 in a transaction valued at US$31.8 million. Paramount’s objective in this transaction was to acquire X-Cal’s principal asset—the advanced-stage Sleeper Gold Project—where Paramount has successfully grown resources and completed a positive Preliminary Economic Assessment.

Paramount’s CEO, Christopher Crupi, said:

Our focus is on our advanced-stage assets, the Sleeper Gold Project in Nevada and the San Miguel Project in northern Mexico. In our view, Valor has an excellent district-scale strategy of unlocking value in the Battle Mountain Trend and the ability to execute. By selling them our non-core Reese River property for shares, Paramount gains a participation in this exciting opportunity.

To view the whole press release, click here.