Para Resources Inc. is pleased to announce that it, along with its subsidiaries, Z79 Gold Corp. and Gold Road Mining Corp. has entered into a pre-paid forward gold purchase agreement dated August 3, 2018 , with PPG Arizona Holdings LP, an entity affiliated with Pandion Mine Finance LP . The letter of intent preceding the PPG Agreement was previously announced in the Company's news release dated July 17, 2018. Under the [...]
Para Resources Inc. is pleased to announce that it has signed a non-binding Letter of Intent with Pandion Mine Finance, LP for a financing of US $16.6 million via a Prepaid Forward Gold Purchase Agreement . This Letter of Intent sets out indicative terms on which Pandion or any of its designated affiliates proposes, subject to certain terms and conditions, to enter into a definitive Purchase Agreement for an aggregate [...]
Para Resources is pleased to announce that it has signed a Term Sheet with Conex Services and Conterra Construction, both controlled by an Insider of the Company, whereby all outstanding loans and accrued interest, previously made to Para and to its subsidiary Gold Road Mining, are being re-structured into a five-year Convertible, Subordinated Note. Subject to the approval of the TSX Venture Exchange, the Terms of the [...]
Para Resources is pleased to announce that it has closed the Private Placement announced on May 24, 2018 in a third tranche of $315,000 or 1,575,000 units. Under all three tranches, the Company has issued 18,649,000 Common Shares and 18,649,000 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 [...]
Para Resources is pleased to announce that it has closed $605,000 in the second tranche of the previously announced Private Placement of Units. The Company has issued 3,025,000 Common Shares and 3,025,000 share purchase warrants. This brings the total raised in the first two tranches of this Private Placement to 17,074,000 Shares and 17,074,000 warrants for total combined proceeds of $3,414,800. Each Warrant entitles the [...]
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 [...]
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