Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Para Resources Inc. (the “Company” or “Para”) is pleased to announce the successful re-start of the Gold Road mill and CIL plant. Low-grade inventory is being used for the initial feed in order to properly balance the system. Higher grade production from current mining faces will be fed to the plant once steady state conditions are achieved, expected within several weeks. The full circuit, including crushing, grinding and leaching has been fully tested.
Ian Harris, President of Para Resources stated, “The initial start-up was delayed by a week due to unusually cold weather and snow in Oatman, Arizona last week. With the startup of the Gold Road plant this week, we have now reached another key milestone. We continue to add additional mining faces, and we look forward to our first test pour of doré during the week of March 4th.”
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 can 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 $20 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”
C. Geoffrey Hampson, Chairman, Chief Executive Officer and Director
