Para Resources is pleased to announce that Requests for Proposal have been sent out to seven qualified contract mining bidders for the mining contract at the Company's Gold Road Mine in Northwest Arizona. The RFPs requested that bidders provide pricing and terms for mining and extracting 500 TPD in a combination of shrinkage stopping and Alimak mining methods as described in the recently published PEA by RPMGlobal dated [...]
Para Resources is pleased to announce that it has closed $2.81 million in the first tranche of the previously announced Private Placement of Units. The Company has issued 14,049,000 Common Shares and 14,049,000 share purchase warrants. Each Warrant entitles the holder to acquire one common share of the Company for a period of 3 years at a price of C$0.30, subject to an accelerated expiry if the closing trading price of [...]
Para Resources is pleased to announce that three formalization agreements have been approved by the government of Antioquia in Colombia, paving the way for the implementation of legal and responsible small-scale mining operations on the company held Zara concessions. Of the three contracts, two for underground operations including the Alacran and Diamantina mines. Production from the mines will be sent, starting [...]
Para Resources is pleased to announce its near mine drilling program ended in January 2018 and assays were delivered only in April 2018 by the laboratory. As reported in the Company's news release from November 16th, 2017, the main objective of the program carried out at Casino Afuera Sector in the Northern extension of El Limón Mine, was to twin 3 historic diamond drilling holes completed 1997 and 1998 and to [...]
Para Resources is pleased to announce that it has arranged a non-brokered private placement for total gross proceeds of up to C$6,400,000. The Private Placement will consist of up to 32,000,000 units at a price of C$0.20 per unit. Each Unit is comprised of one common share of the Company and one common share purchase warrant. Each Warrant entitles the holder to acquire one common share of the Company for a period of 3 [...]
Para Resources is pleased to announce that Javier F. Cordova Unda, until recently the Minister of Mines for Ecuador, has been appointed as Special Advisor for Business Development. Javier Cordova Unda was the first Minister of Mining of Ecuador serving from February 13, 2015 until January 30, 2018. One of his main objectives was to strengthen the institutional framework and direct public policy in the mining sector of the [...]
Para Resources is pleased to announce the results of an independent Preliminary Economic Assessment study under National Instrument 43-101 by RPM Global on the Gold Road mine, in Oatman, Az. The PEA report will be posted to SEDAR May 2nd, 2018. Gold Road PEA Highlights2 Pre-tax Net Present Value at a 5% discount rate of US$81.3 million [CAD$104 million1] and Internal Rate of Return of 238% Post-Tax NPV at a 5% discount rate of US$56.7 [...]
Para Resources is pleased to announce that an NI 43-101 Technical Report entitled "2018 Technical Report on the Oatman Gold District Properties" dated April 10, 2018 and authored by James R. Guilinger, a Qualified Person under NI 43-101 has been filed on SEDAR and is available for review. The Oatman Gold District Properties include multiple option agreements that Para has secured and staked that are in addition to the [...]
Para Resources is pleased to provide an update on the production ramp up and results for the month of February 2018 at the El Limon Mine in Zaragoza, Colombia. Milling operations commenced in late November 2017 with a six month ramp up schedule to full production expected in June 2018. The plant has been optimizing recovery and availability with lower grade feed material in order to ensure gold is not lost in the early [...]
Para Resources is pleased to announce that is has successfully completed the dewatering of its 88% owned Gold Road underground mine in Arizona. Completing dewatering has allowed underground rehabilitation work to continue at the lowest levels of the mine. In addition, approximately 11,000 feet of the decline ramp has been rehabilitated, providing rubber tire access. Initial ventilation has been established, the electrical [...]
Para Resources announces, subject to regulatory approval, the grant of a total of 2,000,000 stock options to a director of the Company to purchase common shares of the Company in accordance with its stock option plan. The options vest immediately and are issued at an exercise price of 23 cents per common share and expire five years from the date of issuance. ABOUT PARA RESOURCES: Para is a junior producing gold mining [...]
Para Resources announces that following comments and requests for clarification by the British Columbia Securities Commission, a revised NI 43-101 Technical Report on the Gold Road Mine and surrounding mineral claims 88% owned by Para, has been filed on SEDAR. Key clarifications include cautionary parameters around historical estimates, improved disclosures of exploration targets and data verification. The revised [...]
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