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.
