Para Resources Announces a Successful Test Pour of Gold at the Gold Road Mine
TSX VENTURE: PBR
Vancouver, British Columbia--(Newsfile Corp. - March 13, 2019) - Para Resources Inc. (TSXV: PBR) (WKN: A14YF1) (OTC Pink: PRSRF) (the "Company" or "Para") is pleased to announce the successful testing of the full CIP circuit at Gold Road Mine in Oatman, AZ, including a test pour of gold. A forty (40) ounce doré bar was poured on March 11th, 2019 from the initial carbon strips after the entire plant was balanced. The full circuit of mining, crushing, grinding, leaching, electrowinning and smelting has now been fully tested and is operational. The ramp up of underground mining continues with full production expected in the 3rd Quarter 2019.
Ian Harris, President of Para Resources, stated, "The initial doré bar is concrete evidence that the entire mining cycle from mine to plant to smelting is working successfully and puts the Gold Road Mine operation on a solid base to ramp up to full capacity and meet the start-up schedule. We can now focus attention on mine development, adding additional mining faces to reach our goal of 3,000 + ounces per month, expected by the 3rd Quarter 2019."
ABOUT PARA RESOURCES:
Para Resources Inc. ("Para") is a junior gold mining and exploration company. The Company owns two projects that couple areas of highly prospective exploration potential with an existing mining and milling operation that can generate cash flow to support an exploration program. Purchasing existing and fully permitted mines and facilities dramatically reduces the exploration risk as the small mining operations are profitable and provide excellent returns as a stand-alone entity. This is a unique approach to developing "world class" assets. In addition, Para is unique in that the Insiders have invested more than $20million of their own capital and own approximately 70% of the equity.
Para's management team is seasoned and proven, having discovered, built, managed and sold several different mines over the last 40 years. The Company has two major projects: The Gold Road Mine in Arizona, USA and the El Limon Mine in Zaragoza, Colombia.
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
This press release contains forward-looking information under Canadian securities legislation. Forward-looking information. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Para to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in Para's public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Para has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements. Para does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Para's Readers should also review the risks and uncertainties sections of Para's annual and interim MD&As.
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.