Paramount GoldNevada Corp. said July 7 that Calico Resources Corp. is now its wholly ownedsubsidiary with the completion of their deal announced March 14.

Under the terms of the arrangement agreement, Calicostockholders areentitled to receive 0.07 of a Paramount common share in exchange for each sharethey held immediately before the effective time of the , which receivedapproval of the Supreme Court of British Columbia on July 5. Paramount issued7,171,209 common shares to Calico stockholders.

Paramount said it immediately wants to improve confidence inGrassy Mountaingold-silver project's overall design and development in preparation forcompleting a pre-feasibility study with the start of a core drilling programthis year.

The project consists of about 9,300 acres with its maindeposit on a private land in Malheur County, Ore.