SYDNEY (Yosefardi) – Paramount Mining Corp is getting closer to secure $3 million financing to proceed with its Gunung Rosa gold -silverproject in Indonesia.
“Negotiations for a $3 million fund raising are reaching a conclusion with several parties, including existing major shareholders and senior management,” the company informed ASX today.
Once the fund raising completed, Paramount would proceed in-fill drilling to upgrade the existing 634,000 ounces of gold JORC Inferred Resource estimation to JORC Indicated and Measured Resource levels.
The company also plans to appoint consulting engineers to update the existing engineering and design studies.