Paramount Mining Corporation Gains New Substantial Shareholder

Dec. 06, 2012 1:26 AM ET
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Paramount Mining Corporation (ASX: PCP) has gained a new substantial shareholder in Gale 3 Spl Ltd, which is an Asian emerging market equity sub-fund.

The fund now holds an 8.73% stake, or just over 27.7 million shares.

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 30-35,000 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.

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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