Paramount?s inferred resources hit 2,467,000 tons
Tuesday, October 9 2012 - 01:33 AM WIB
ASX-listed Paramount Mining Corporation Limited announced its first Inferred Resource estimates for its Gunung Rosa gold-silver-base metal project in West Java Province , Indonesia.
The new Paramount Inferred Resource is estimated at 2,467,000 tonnes containing 436,000 ounces of gold, 1,045,200 ounces of silver, 8,230 tonnes of copper, 13,020 tonnes of lead and 43,800 tonnes of zinc using a cut-off grade of 1.5 g/t Au.
The company said that the Inferred resource estimates was determined using the 17 diamond drill holes it has completed as part of its due diligence program since it announced an agreement to acquire an 85% interest in the project on 4 August 2011.
?We are particularly pleased with the increase in Inferred Resources released today and note that the gold grade does not fall away with depth. This further underpins our immediate plans to refurbish the shafts, adits and drives in the Gunung Rosa mine and commence with the construction of a gold recovery plant in the first half of next year. While we are finalising our mine design, to redefine the optimal scope, we will ensure our Base Case caters for modular expansion of the operations as further resources within the Mining License area are estimated.? The company?s CEO Terry Holohan said.
It said that the new inferred resource has only been determined for areas below the 900 meter reduced level (?RL?).
Editing by Adianto P. Simamora