Paramount to raise funds soon for Gunung Rosa gold project
Thursday, August 15 2013 - 03:02 AM WIB
ASX-listed Paramount Mining Corp said that it was close to reaching deal with several investors to raise about US$3 million worth of proceeds, which will be used to finance the development of its Gunung Rosa gold, silver, and base metal project in West Java.
?Negotiations for a $3 million fund raising are reaching a conclusion with several parties, including existing major shareholders and senior management. The company is pleased to advise that it expects to be in a position to disclose all relevant information in relation to the fund raising on or before 23 August 2013,? the company said in a statement Thursday.
The company added that nnce the above raising is finalised, it will direct the funds toward the Gunung Rosa metal project, with activities expected to proceed as follows:
? In-fill drilling to upgrade the existing 634,000oz Au JORC Inferred Resource estimation to JORC Indicated and Measured Resource levels;
? Appointment of consulting engineers to update the existing Engineering and Design Studies, to take into account the expanded base case of ~3 million tons ore (up from -800k tons under previous ownership);
? Appointment of experienced contractors to refurbish the existing mine infrastructure in preparation for mining commencement, which is currently scheduled to commence in the fourth quarter of 2013.
Editing by Reiner Simanjuntak