Gunung Rosa acquisition terms agreed
Thursday, February 2 2012 - 04:05 AM WIB
Australian-listed miner Paramount Mining Corporation Ltd said it had reached agreement with the project vendor on revised terms to acquire 72.25% of the Gunung Rosa gold-silver-base metal project in West Java province.
The company said on Wednesday that the revised terms provide for payment in three stages, and were agreed between Paramount?s 85%-owned Indonesian subsidiary PT Paramindo and the project owner PT Cikondang Kancana Prima.
The original terms were disclosed on August 4, 2011.
?This project not only has a recognized significant shallow high grade mineral resource as reported to the ASX by Century Metals and Mining NL (Century) in 31 March 1992, updated in a subsequent ASX Release 30 June 1992," Paramount?s CEO and Managing Director Terry Holohan said.
He noted that the report would be re-determined using new drilling and underground development sampling in the near future under the present JORC guidelines.
"Our technical team continues to explore the project area to increase this recognized resource, and to better define the geology and fully quantify the mining potential," he said.
?The purchase of a controlling share of this exciting project is a significant step in the history of Paramount made possible by our team of professionals carrying out a well-executed, comprehensive due diligence exercise and renegotiation of the terms," said Paramount?s Chairman Mo Munshi. "I would like to take this opportunity to thank our technical and legal teams for their extensive efforts over the last six months," he added.
Editing by Benget Besalicto Tnb.