Tuesday, 19th July 2005 (2693 views)

Paramount Mining Corp is preparing to develop a major gold and diamond project in Ghana.

The Akwatia project is expected to help boost the potential of the company to tap into Ghana's rich reserves.

In a joint venture with Lakeport Group, four main prospects have been targeted with an independent report estimating that the project has the potential to develop 2700 kilograms of gold, as well as 14 million carats of diamonds.

Paramount said it hoped to develop Akwatia into a long-term mining operation, hoping to invest as much as $2 million in the project in order to secure itself a 51 per cent share in the venture.

Paramount could also be set to gain a further 34 per cent share, through paying four per cent of the net value of the mine following a bankable feasibility study.

 

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