Vancouver, British Columbia--(Newsfile Corp. - October 11, 2017) - Para Resources Inc. (TSXV: PBR) (WKN: A14YF1) (OTC Pink: PRSRF) (the "Company" or "Para") is pleased to announce that it has engaged RPM Global USA, Inc. ("RPM") to provide the following for the Gold Road Mine in Oatman, Arizona:
| ● | A Report on the Gold Road mill including an assessment of the condition of the mill and the requirements for refurbishing the mill to operational status. |
| ● | A Report on the trade-off study between decline haulage and the construction of a small diameter shaft hoist. |
| ● | A Report on the evaluation of the proposed modified shrink stope mining method proposed by Gold Road Mine and other mining methods that may be applicable to the Gold Road vein. |
| ● | A Report with recommendations for work necessary to bring the historical data forward to a current NI 43-101 mineral resource estimate for Para. |
| ● | A Preliminary Economic Assessment NI 43-101 Technical Report. |
The project has already commenced and all the relevant data has been delivered to RPM. It is estimated that project will take 4 months to complete and the NI 43-101 reports will be delivered by January 31, 2018.
Geoff Hampson, Para's CEO states, "We went through a rigorous vetting process and chose to work with RPM because their skill sets match very well with what we were looking for at Gold Road. We look forward to working with RPM in order to optimize the Mine Plan and to getting the Gold Road Mine back into production in early 2018."
Para has agreed to a fixed cost for the above work.
ABOUT RPM GLOBAL
RPM is an international mineral resource consulting and engineering company offering a full array of services to the mining and environmental industries including all facets of mining, from exploration to site closure/remediation. RPM has gained worldwide recognition for its due diligence and independent engineer technical support work for financial institutions and also offers expertise in engineering studies, planning, design and management of mining industry projects for base and precious metals, coal and energy, and industrial minerals.
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 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 PEA 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.