The company issued 4.05 million new shares priced at A$0.07 each under the "excluded offer" provisions of section 708 of the Corporations Act 2011 and equivalent provisions in overseas jurisdictions.
Paramount Mining has been progressing the brownfields Gunung Rosa gold-silver-base metals project in Indonesia at speed, and recently delivered a new total Inferred Resource of 634,000 gold ounces with significant silver and base metals credits.
Metallurgical studies have indicated overall gold recovery at 86%, with 82% reporting to bullion.
Paramount Mining has already outlined a development plan for Gunung Rosa, which includes refurbishing the mine to operate under the existing valid Mining License - in the style of Kingsrose Mining's (ASX: KRM) successful Way Linggo project.
The plan is to initially produce 30,000 to 35,000 ounces of gold from existing development drives by mid to late 2014 with access from declines at a cash cost of under US$500 a gold ounce - placing Paramount Mining in the lowest quartile of producers.
Following this Phase I production it is expected that the mine will be expanded to at least double this production rate from 2015-2016 onwards given the ongoing exploration program is identifying further potential resources at surface.
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