Paramount reports wider potential of gold, silver resources

By Harry Roy Gunawan

ASX-listed Paramount Mining Corporation Limited announced that new analytical results from rock chip sampling of vein outcrop supported the view that potentially mineable resources likely exist in other vein systems to the east and north of the Gunung Rosa gold, silver and base metals project Exploitation Licence (IUP) in West Java Province.

The work is being undertaken as part of the company?s ongoing exploration of areas away from the main Gunung Rosa Vein and mine project development site.

It said that the high values shown in the rock chip samples away from the main zone of mineralization support the view that potentially mineable resources likely exist in other vein systems to the east and north of the Gunung Rosa mine area.

Paramount?s Chairman, Mo Munshi commented, ?The new rock chip geochemical results support the wider potential for significant additional economic gold, silver and base metal mineralization within the Exploitation IUP license. The new geochemical and accompanying magnetic results from our airborne and completed detailed ground magnetic surveys are enabling us to define the more promising sections along these veins to assess by drilling.?

The Chief Executive Officer and Managing Director of the Company, Terry Holohan, said today, ?Delineation of other new economic veins and vein extensions should permit additional resources to be delineated demonstrating the potential upside that this mining project has. We are ensuring that the new plant and infrastructure design will cater for modular expansion should satellite mining operations be undertaken increasing the overall production rate from within the license?.

Editing by Adianto P. Simamora