Para Also Adds Depth to Management Team
Vancouver, British Columbia--(Newsfile Corp. - November 16, 2017) - Para Resources, Inc. (TSXV: PBR) (WKN: A14YF1) (OTC Pink: PRSRF) (the "Company" or "Para") is pleased to announce that it has engaged Perfotec S.A.S. of Medellin, Colombia to commence a drilling program on the El Limon project to twin 3 historic diamond drilling holes completed 1997 and 1998 and to drill four other off set holes in the same formation.
The drilling program will be completed in two phases as follows:
- Phase 1
- 5 holes along a centerline every 50m
- Estimated drilling depth 700m total
- 3 holes twinning historical drill logs with identified collars
- Phase 2 - (with positive results in Phase 1)
- 5 additional holes 50m west of phase 1 to establish resource calculation
- Basic metallurgical test work
- Total cost (estimated): US $101,00
Perfotec has confirmed that the drill rig will be on site this coming weekend. Para's Vice-President of Exploration, Paulo Andrade P. Geo will be on site to supervise the program as a Qualified Person to ensure QA and QC and compliance with National Instrument 43-101 standards.
Geoff Hampson, Para's CEO states, "We are excited at the possibility of replicating the results attained in the 1997-98 drilling program and to determine the width and breadth of the formations encountered there. We continue to believe that there are many different systems at play on the Company's El Limon and Otu properties. Hampson further states, "The Company's goal is to prove out the presence of a resource at depth along the Otu fault as evidenced by artisanal miners working the system at surface."
Drilling results are expected before year end.
The Company also announces that effective January 1, 2018, Mr. Timothy Lallas, CPA, CMA will join Para as Chief Financial Officer of Para. Mr. Lallas has previously been VP Finance for Granada Gold Mines, Castle Silver Resources and Champagne Resources. He was also the Deputy Finance Manager for ArcelorMittal for the $1.5 Billion Mont Wright Expansion Project. Mr. Lallas also served as VP Finance for Calvista Gold Corporation Inc, as CFO for Bell Copper Corporation, as CFO of Greystar Resources Ltd and as the Director of Risk for both Thompson Creek Metals Company and Goldcorp, Inc. Mr Lallas is fluent in Spanish and has extensive experience in South America.
Para CEO Geoff Hampson, states, "Tim Lallas brings a lot of industry finance experience to the Para management team and will be a welcome addition. He will also assist in securing the appropriate long-term financing to ensure we can maximize the returns at both El Limon in Colombia and Gold Road in Arizona."
The Company takes this opportunity to thank departing CFO, James Taylor. Mr. Taylor has been instrumental in guiding Para through its early stage and will now return to his other role as CFO of the Hampson Group of Companies.
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.