Vancouver, British Columbia--(Newsfile Corp. - November 7, 2019) - Para Resources Inc. (TSXV: PBR) (WKN: A14YF1) (OTC: PRSRF) (the "Company" or "Para") is pleased to announce that on November 5, 2019, the Gold Road Project successfully smelted and poured a 380.0 ounce doré bar containing 220.8 ounces of gold.
Figure 1
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Ian Harris, President of Para Resources, stated, "The production of a doré bar is a significant milestone for Gold Road, confirming the production cycle from mine to bar can be completed successfully. The doré bar and in-circuit inventory balances with the last nine days run of the Gold Road Mill. We look forward to increasing bar size now that plant in-process inventory has been established, and mine continues to add additional mining faces and convert to stope mining, which will produce higher grades due to lower dilution."
The Company also announces that the first of two Alimak machines have been delivered to the site and will be installed this month. The second Alimak is scheduled to be installed in early Q1 2020. The Alimaks will open two new production raises that will give the mine access to the higher-grade material and improve airflow to the lowest levels of the mine.
The Company expects to produce a doré bar 2-3 times per month, ramping up to 2,500-3,000 ounces of Au per month during Q1 2020.
ABOUT PARA RESOURCES:
Para Resources Inc. ("Para") is a junior gold mining and exploration company. The Company owns two projects that both include existing or near-term mining and milling operations as well as highly prospective exploration properties. The company has acquired fully permitted mines and facilities with adjacent properties that have either been past producers or where there is an abundance of small artisanal miners, dramatically reducing the exploration risk. It is anticipated that the operating mines will be profitable in the short term, providing a return on capital, as stand-alone entities and funding regional exploration to build out resources.
Para is unique in that the Insiders have invested more than US$30 million of their capital and own approximately 70% of the company's 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"
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C. Geoffrey Hampson, Chairman, Chief Executive Officer and Director
For further information, please contact Andrea Laird, telephone:
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. 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 anticipated mining production rate. 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.
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