Vancouver, British Columbia--(Newsfile Corp. - November 21, 2017) - Para Resources Inc. (TSXV: PBR) (WKN: A14YF1) (OTC Pink: PRSRF) (the "Company" or "Para") is pleased to announce that production at the El Limon Mine in Zaragoza, Colombia, recommenced on November 15th, 2017.
The original start up at El Limon occurred in May/June of 2017, after a US$ 7 million rehabilitation and plant upgrade. That initial planned production ramp up was hampered by a through-put constraint at the filter press. This bottleneck prevented production from ramping up to the design limit of 225 tons per day ("TPD"). While the problem was being identified and remediated, production was limited.
The filter presses have now been replaced with a larger scale belt filter. Sourcing of the necessary equipment and parts has taken four months but the equipment has now been installed and tested. We are pleased to confirm that it is functioning as designed.
Geoff Hampson, Para's CEO states, "The team in Colombia has worked hard to correct the problems that were associated with legacy equipment that should have been, in hindsight, replaced in the original renovation plan. Ian Harris, Para's President and his team in Zaragoza, have systematically worked through the various issues and developed and implemented our remediation strategy. We are now in a position to get back to our original plan of processing 225 TPD.
The grade from the El Limon underground operations continues to be in the predicted range of 7 - 9 gpt Au. As production ramps up El Limon will increase purchases of mineralized rock that has been mined by the local, formalized small miners who operate on the Company's mineral claims."
ABOUT PARA RESOURCES:
Para is a junior producing gold mining company. Para owns approximately 80% of the El Limon project, in Colombia, which in addition to its current underground operation is purchasing mineralized rock mined by small artisanal miners working on the Company's property. The El Limon and Otu properties also have exploration and development upside. The Company also owns 88% of the Gold Road Mine in the Oatman District of Arizona. The Company has hired RPM Global as consulting engineers in order to produce a National Instrument 43-101 ("NI 43-101") Technical Report which it expects will establish a current Mineral Resource estimate and anticipates that it will publish a NI 43-101 Preliminary Economic Assessment thereafter. Para will continue to take advantage of current market conditions to acquire and develop additional highly economic, near-term production assets that have strong exploration and development upside.
On behalf of the Board of Directors
"C. Geoffrey Hampson"
C. Geoffrey Hampson, Chairman, Chief Executive Officer and Director
For further information, please contact Andrea Laird, telephone: +1-604-259-0302
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties; success of exploration, development and mill processing activities; and the anticipated results to be achieved from operation of the El Limon and Gold Road Mines. The Company also cautions that there is no assurance that past production at El Limon or Gold Road or production at nearby mines is indicative that the Company will achieve similar results. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.