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  • Paramount Mining Corporation Gains Midlink International As Substantial Shareholder  0 comments
    Feb 4, 2013 11:14 PM

    Paramount Mining Corporation (ASX: PCP) has added Hong Kong's Midlink International to its share register as a substantial shareholder.

    Midlink holds an 8.44% interest in the company following the acquisition of a total 29.39 million shares on 29 May 2012 and 1 February 2013.

    Paramount Mining is advancing the brownfields Gunung Rosa gold-silver-base metals project in Indonesia.

    The Gunung Rosa project hosts an 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 licence - in the style of Kingsrose Mining's (ASX: KRM) successful Way Linggo project. The mining operations and plant construction are scheduled to start in the third quarter of 2013.

    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.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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