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Paramount Mining Corporation To Deliver News On Acquisition Of 72.25% Of Gunung Rosa

Paramount Mining Corporation (ASX: PCP) is preparing to update the market in relation to the legal completion of the company's acquisition of 72.25% of the Gunung Rosa Project in Indonesia, and has been granted a trading halt by the ASX today.

The company has so far paid US$3 million and holds a 51% at a project level.

To increase its interest to 72.25% at a company level, Paramount needed to pay a remaining US$2 million by July 2012.

Paramount recently drilled four holes in a new drilling campaign at Gunung Rosa, which could result in an increase in the inferred mineable resources of gold, silver and base metal mineralisation.

The project hosts a JORC Resource of 358,832 ounces of gold and Reserves of 146,700 ounces of gold.

The current program has confirmed significantly wider intercepts of gold-copper-base metal mineralisation than previously determined from historic estimated exploration activities.

The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Monday 30 July.

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