Gunung Rosa Project Acquisition Price Revised Down

Mining News

Thursday, 02 February 2012 10:06

Written by Hatman Bintang

Gunung Rosa Project, Acquisition Price Revised Down

SYDNEY, Indonesia Today - Paramount Mining Corporation has reached agreement with the project vendor to revise down acquisition price of Gunung Rosa gold-silver base metal project in West Java, Indonesia.

The revised terms provide for payment in three stages, and were agreed between Paramount's 85%-owned Indonesian subsidiary PT Paramindo and the project owner PT Cikondang Kancana Prima (CKP).

Total payment for 85% shares of CKP has been revised down from US$7 million to US$5 million, which will be paid in some stages. First payment was US$100,000, followed with US$500,000 on execution of the revised agreement, and three stages of US$4.4 million payment.

Paramount Mining completed a share placement to an Asian investor last October. Proceeds will be used to finance its Gunung Rosa gold-silver project in West Java.

The 2,475 hectare Gunung Rosa exploitation license is located 125 KM southeast of JAKARTA. The most prominent mineralized vein zone contained within the license is a steeply dipping high grade gold-silver and base metal mesothermal vein system in excess of 900 meters in strike length, which is open along strike and to depth, Paramount said earlier. (bintang@theindonesiatoday.com)

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