PERTH (Yosefardi) – ASX-listed Paramount Mining Corp is in talks with some parties, including existing major shareholders and management, to raise $3 million for its Gunung Rosa gold, silver, and base metal project in Indonesia.
“Assuming the necessary approvals can be achieved within a reasonable timeframe, it is anticipated that the fund raising will be ratified during the week starting August 12, 2013,” Paramount said Friday (July 19).
The company plans to use the fund for in-fill drilling to upgrade the existing 634,000 ounces of gold inferred resources into JORC indicated and measured resource levels.
Paramount also plans to appoint consulting engineers to update the existing engineering and design studies plus experienced contractors to refurbish the existing mine infrastructure in preparation for mining operation, which is scheduled for fourth quarter of 2013.