Paramount Gold and Silver Provides Sleeper Project Drilling Update; Shares Rise Nearly 3%

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Paramount Gold and Silver Corp. ( PZG ) announced that new core drilling on its 100%-owned Sleeper Gold Project in Nevada is expanding the size of the PAD zone discovered last year.

This drilling is part of a new program to enhance the already robust economics of the project's recently completed Preliminary Economic Assessment (PEA) released on September 13, 2012. The PEA predicts a 17 year operation with estimated average annual gold production of 172,000 ounces, a pre-tax NPV of $695 million at a 5% discount rate and an IRR of 26.8%, all at a $1384 gold price.

PZG shares are up 2.6% to $2.73.

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This article appears in: Investing , Commodities

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