Paramount withdraws from Gunung Julang project
Friday, January 27 2012 - 08:31 AM WIB
Australian-listed miner Paramount Mining Corporation Ltd said it has decided to withdraw from the Gunung Julang project in Banten, having completed a portfolio review of the gold-silver project.
The company said the withdrawal decision has been taken in the interests of focusing its activities and technical and financial resources on its Gunung Rosa project in West Java Province.
Paramount has spent approximately US$390,000 in due diligence activities since the Gunung Julang MoU was executed, it said in a statement.
As it did not acquire equity in PT SACN, the holder of the Gunung Julang IUP, it is able to withdraw from the project without incurring any additional costs.
Editing by Dadan Wijaksana