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Paramount Mining Corporation To Reveal Capital Raising Details

Paramount Mining Corporation (ASX: PCP) has been granted a trading halt by the ASX today pending an announcement regarding a capital raising.

The company has been working to increase the gold endowment at its Gunung Rosa gold-silver-base metal project in Indonesia, recently delivering its first Inferred resource for the project.

A total Inferred resource of about 634,000 ounces of gold, with significant silver and base metal credits, has been determined.

The main vein system now has a strike length of around 2.5 kilometres and remains open along strike and at depth, and exploration is continuing.

The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Friday 19 October 2012.

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