SYDNEY (Yosefardi) – Paramount Mining Corporation Limited has commenced mine development for the existing Gunung Rosa high grade gold-silver-base metals in West Java Province, Indonesia.
Following meetings with the interested and affected parties on the project over September it is anticipated that the AMDAL/EIA update program will be completed for submission to the authorities in November 2013.
Following this submission. and approval thereof, it is expected that all of the subsquent mine dewatering and construction permitting will be approved by the end of 2013.
Based upon these timelines, Paramount’s management team are in advanced discussions with engineering contractors to commence the Mine Development phase over the next four weeks.
Gunung Rosa’s project, located 125 km south of Jakarta, West Java Province, is the flagship project for Paramount, in which ther company holds a controlling 72.25% equity interest.
The project has a 20 year mining permit (operation/production IUP), which was issued in 2010, and a current inferred mineral resources estimate of 634koz of Au.