Mine development underway at Paramount?s Gunung Rosa gold project
Tuesday, October 8 2013 - 04:20 AM WIB
ASX-listed Paramount Mining Corporation Limited announced Tuesday that the development phase of the Gunung Rosa high grade gold-silver-base metals underground mine in West Java Province, Indonesia, has commenced.
The key areas recognized by the management team as the critical path items to bring this project to account are permitting, estimation of mineral resources and ore reserves, mine dewatering and rehabilitation, engineering studies, and construction.
The company said in a statement that following meetings with the interested and affected parties on the project over September it is anticipated that the AMDAL environmental impact assessment update program will be completed for submission to the authorities in November 2013.
Following this submission, and approval thereof, it is expected that all of the subsequent mine dewatering and construction permitting will be approved by the end of 2013, the company said.
Based upon these timelines, Paramount?s management team are in advanced discussions with engineering contractors to commence the mine development phase over the next four weeks.
Over the next few weeks Paramount expects to announce market updates on the following key deliverables:
CEO and MD of the Company, Terry Holohan said, ?We have been delighted by the support we are receiving from both the Community and the Regional Authorities as key stakeholders. Based upon this positive response the Board has given the go-ahead for the development phase of the mine project which, building on meetings held with the engineers over the last two months, we expect to commence within the next month. This will put us in position to be able to start the construction phase in parallel with the completion of the Definitive Feasibility Study in early 2014.?
Editing by Reiner Simanjuntak
? The in-fill diamond drilling program to increase the confidence in the Mineral Resource estimates in the shallow (
? The appointment of engineering contractors for major items such as the mine dewatering, mine refurbishment, detailed mine planning and tailings dam design; and
? The appointment of the engineering-study manager for the Preliminary, and subsequently Definitive, Feasibility Studies, which are scheduled to be complete by early and mid-2014 respectively.