The mining claims cover a total of 12,520 acres strategically located between the company’s Sleeper gold project and also adjacent to Newmont’s Sandman gold project that lies just 11 miles south of Sleeper.
According to the company, a 100% interest in the claims is being purchased from ICN Resources of Vancouver in exchange for 400,000 shares of Paramount restricted common stock.
ICN retains a net smelter royalty of 1.5% on the portion of the claims not subject to other royalties and a net smelter royalty of 0.5% on the portion already subject to a 2.0% royalty held by a third party.
