Vancouver, British Columbia--(Newsfile Corp. - October 11, 2017) - Para Resources Inc. (TSXV: PBR) (WKN: A14YF1) (OTC Pink: PRSRF) (the "Company" or "Para") is pleased to announce that it has engaged RPM Global USA, Inc. ("RPM") to provide the following for the Gold Road Mine in Oatman, Arizona:
● | A Report on the Gold Road mill including an assessment of the condition of the mill and the requirements for refurbishing the mill to operational status. |
● | A Report on the trade-off study between decline haulage and the construction of a small diameter shaft hoist. |
● | A Report on the evaluation of the proposed modified shrink stope mining method proposed by Gold Road Mine and other mining methods that may be applicable to the Gold Road vein. |
● | A Report with recommendations for work necessary to bring the historical data forward to a current NI 43-101 mineral resource estimate for Para. |
● | A Preliminary Economic Assessment NI 43-101 Technical Report. |
The project has already commenced and all the relevant data has been delivered to RPM. It is estimated that project will take 4 months to complete and the NI 43-101 reports will be delivered by January 31, 2018.
Geoff Hampson, Para's CEO states, "We went through a rigorous vetting process and chose to work with RPM because their skill sets match very well with what we were looking for at Gold Road. We look forward to working with RPM in order to optimize the Mine Plan and to getting the Gold Road Mine back into production in early 2018."
Para has agreed to a fixed cost for the above work.
ABOUT RPM GLOBAL
RPM is an international mineral resource consulting and engineering company offering a full array of services to the mining and environmental industries including all facets of mining, from exploration to site closure/remediation. RPM has gained worldwide recognition for its due diligence and independent engineer technical support work for financial institutions and also offers expertise in engineering studies, planning, design and management of mining industry projects for base and precious metals, coal and energy, and industrial minerals.
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 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 PEA 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 Gold Road Mine. The Company also cautions that there is no assurance that past production at 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. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the asset purchase agreement will close as anticipated. 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.