Paramount: Regulator approves TOR for Gunung Rosa AMDAL/EIA
Tuesday, April 22 2014 - 04:02 AM WIB
ASX-listed Paramount Mining Corporation Limited announced Tuesday that the local government?s mining office has approved the terms of reference (TOR) enabling work to progress on the Environmental Baseline Study for the grant of the Environmental Impact Assessment/AMDAL application for its Gunung Rosa high-grade gold-silver-base metals project in West Java Province.
The company said in a statement that with this important stage in place it will enable the Baseline Study and the final Community Forum meeting to be undertaken by the end of April paving the way for the completed AMDAL/EIA application to be lodged with the local administration mines department in early May.
The company?s Chairman, Mo Munshi, said: ?This is a major step forward for our company. With this milestone approval in place we remain on track to commence mine rehabilitation from the third quarter of 2014 and commence mining of ore by early 2015.?
?The operation is anticipated to be a very low cost producer. The geochemical, geophysical and geological results recently announced indicate that the outcropping cluster vein systems to the east and new extensions to the north of Gunung Rosa should mean that we will easily realize our objective of a million ounces of gold at 8-10gpt levels. Exploration is continuing to define the porphyry intrusive source driving this system spurred on by our successful field program,? he added.
Editing by Reiner Simanjuntak