Paramount Gold Falls 5% As Commodities Weigh; Announces San Miguel Resource Estimates
Paramount Gold and Silver Corp. (PZG.TO) shaved almost 5% at midday, falling to $2.13 from the $2.24 December 23 close, as key commodity prices reportedly drop with gold and oil prices taking the lead.
Today the company announced that it has completed NI 43-101-compliant resource remodeling for San Antonio and La Union, 2 of the 7 deposits on its 100% owned San Miguel Project in northern Mexico.
The company said the new model for the La Union deposit estimates 807,000 ounces of silver and 8,800 ounces of gold in the Indicated category at a 25 gram per tonne silver-equivalent cut-off. In the Inferred category, La Union is estimated to contain 9.03 million ounces of silver and 147,000 ounces of gold at the same cut-off.
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