Paramount to commence drilling at Gunung Rosa

By Ruli Setiawan

ASX-listed Paramount Mining Corporation Limited said Thursday it has appointed the Drill Corp Group of Companies to carry out a 4,000 meters diamond drilling program at the Gunung Rosa high grade gold, silver and base metals project in West Java, Indonesia.

Drillcorp is mobilising a diamond rig this week and the program is expected to commence early next week. The aim of the program is to increase the confidence in the existing 634koz gold Resource and to test the strike and depth extensions of the ore body to the north and south. At this point in time it is expected that the drilling program will be seventeen holes and will be completed over the next three to four months, the company said in a statement.

The company?s CEO and MD, Terry Holohan, said, ?This drilling program will raise the confidence in the Mineral Resource estimate needed to support the Preliminary and Definitive Feasibility Studies which are scheduled to start in October 2013. The exploratory drilling should also demonstrate the scope for increasing the size of the Gunung Rosa project.?

Editing by Reiner Simanjuntak