Paramount appoints Mineralindo for Amdal update at Gunung Rosa

By Puspita Maylana Devi

ASX-listed Paramount Mining Corporation Ltd appointed Indonesian environmental engineering company, PT Mineralindo Resource Management and Consulting to conduct the update to their existing Environmental Impact Assessment (Amdal) for the Gunung Rosa Mine.

The update to the existing Amdal is scheduled to be completed within 12 months and is not expected to impact Paramount?s plan to be mining at Gunung Rosa.

Terry Holohan, the Company CEO and MD said earlier today, ?I am particularly pleased that Mineralindo have joined our team on the ground as their principals bring a wealth of experience to the AMDAL program having worked in the Indonesian mining industry over the last 40 years within both the government and private sectors. With this step in place, supporting our existing 20 year mining permit, we now believe that this project will be producing gold bullion in the lowest cost quartile, for refining in Jakarta , as early as Q4 of 2014 - which is not that far away.?

Mo Munshi, Chairman added, ?The start of the EIA update marks the beginning of the long awaited transition of Paramount from an exploration to a development operational company. With the mine cash-flow scheduled to commence in late 2014, and the high grade nature of the main vein at over 10gpt gold, using conservative long-term gold prices we expect to be realising approximately US$ 1,000 EBITDA per ounce after by-product credits. This will shortly enable us to be able to reward all of our shareholders with significant value creation and returns in this presently difficult project-funding market.?

Editing by Adianto P. Simamora