Paramount Withdraws from Gunung Julang Gold Project

Mining News

Friday, 27 January 2012 17:55

Written by Patrick Chang

aramount Mining, Withdraws from Gunung Julang Gold Project

SYDNEY, Indonesia Today - Paramount Mining Corporation Ltd has decided to withdraw from Gunung Julang gold project in Banten province.

Mo Munshi, chairman of Paramount, told shareholders Friday (Jan 27) that the decision to withdraw from the project has been taken in the interest of focusing activities and technical and financial resources on its Gunung Rosa project in West Java province.

Over the period since the Gunung Julang MOU was executed, Paramount claimed to have outlaid approximately US$390,000 in due diligence activities.

The company did not acquire equity in PT SACN, the holder of the Gunung Julang concession, and thus is able to withdraw from the project without incurring any additional costs. (Indonesia Today)

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