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"The initial doré bar [shows] the entire mining cycle … is working successfully"

Para Resources (TSXV: PBR) has poured its first 40 ounce bar of gold at its majority-owned Gold Road mine in Arizona and expects to hit full production in the third quarter.
"The initial doré bar [shows] the entire mining cycle … is working successfully" "The initial doré bar [shows] the entire mining cycle … is working successfully" "The initial doré bar [shows] the entire mining cycle … is working successfully" "The initial doré bar [shows] the entire mining cycle … is working successfully" "The initial doré bar [shows] the entire mining cycle … is working successfully"

Para is aiming for full production in Q3 at Gold Road

Staff reporter

"The initial doré bar is concrete evidence that the entire mining cycle from mine to plant to smelting is working successfully and puts the Gold Road mine operation on a solid base to ramp up to full capacity and meet the start-up schedule," president Ian Harris said.

"We can now focus attention on mine development, adding additional mining faces to reach our goal of 3,000-plus ounces per month, expected by the third quarter 2019."

It had hoped to restart the previously-producing operation last year, then in February, but the plant start-up last month was delayed by a week due to "unusually cold weather and snow in Oatman".

The restart was funded last year by a US$14.45 million pre-paid forward gold purchase financing from Pandion Mine Finance affiliate, PPG Arizona Holdings.

Para announced a C$5 million (US$3.7 million) placement at 18c per unit in February, saying major shareholders were committed to up to 50% of the gross proceeds.

It plans to use the funds to upgrade the small producing mines at its El Limon property in Columbia, for exploration at El Limon and Gold Road, and for general corporate and working capital purposes.

Para's shares have ranged from C23.5c in May to a low of 12c in December and rose 2.7% to 19c yesterday, to capitalise it at $31.2 million.