THE COMPANY ALSO ANNOUNCES APPOINTMENT OF NEW MINE MANAGER AT GOLD ROAD MINE
June 20, 2019, Vancouver, B.C.— Para Resources, Inc. (the “Company” or “Para”) (TSXV – “PBR”) (WKN – “A14YF1”) (OTC – “PRSRF”) is pleased to provide an update on operations as follows:
Geoff Hampson, Para’s CEO, states, “The previous escape and evacuation plan at Gold Road, which had initially been approved by MSHA, was subsequently rejected by a new inspector. Unfortunately, the changes needed to address the new MSHA issues means that we cannot mine existing developed inventory from the 800 Level until a new secondary escape route is established from the 900 Level. We had anticipated being able to mine from the 800 Level during the development phase to the 900 Level which would have offset the development costs. Our new plan now contemplates the stockpiling of mineralized rock and increasing the available mineable inventory underground during the development of the entire mining block from the 900 Level. The total number of ounces of gold developed in 2019 is unchanged. The new plan effectively eliminates the ramp-up period from start-up to full capacity and creates more production flexibility.” Mr. Hampson further states, “We expect a very strong year in 2020 with both our Colombian and Arizona operations running at full capacity.”
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 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 $25 million 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”
________________________________________ 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.