October 27, 2016, Vancouver, B.C. — Para Resources Inc. (the “Company” or “Para”) (TSXV – “PBR”) (WKN – “A14YF1”) (OTC – “PRSRF”) announced the grant of 2,700,000 incentive stock options under its incentive stock option plan to certain directors and officers. All options are exercisable at $0.21. 700,000 of the options are exercisable for a five year period and vest immediately on the date of grant and 2,000,000 options are exercisable for three years and vest equally in three tranches, the first of which occurs on the date of grant, and subsequently as to 1/3 on each of the first and second anniversary of such grant.
Para is also pleased to announce that Ian Harris has been appointed to the board of directors of the Company effective October 26, 2016. Please refer to the Company’s news release of September 7, 2016 announcing Mr. Harris’ appointment as President of the Company for more information about Mr. Harris.
ABOUT PARA RESOURCES:
Para Resources is an exploration stage gold mining and toll milling company. Para owns approximately 70% of the El Limon project, in Colombia, which in addition to its current underground operation has toll milling opportunities, and exploration and development upside. In addition, the Company is gearing up to commence trial mining operations at its Tucuma Project and in particular on the Angelim prospect in Para State, Brazil. Para Resources 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.
Management’s production decisions for the El Limon Gold Project are not based on a feasibility study of mineral reserves demonstrating economic and technical viability. As a result, the project has a much higher risk of economic or technical failure and may adversely impact the Company’s projected profits, if any. The risks associated with this decision are set forth in the Company’s latest annual management’s discussion and analysis available on the Company’s website and the under Para’s SEDAR profile on www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“C. Geoffrey Hampson”
C. Geoffrey Hampson, 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.