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PARA Announces Report on the Gold Road Mill by RPM Global
Vancouver, British Columbia--(Newsfile Corp. - January 9, 2018) - Para Resources Inc. (TSXV: P...
About this update from Soma Gold Corp.
[{"type":"text","content":"PARA Announces Report on the Gold Road Mill by RPM GlobalVancouver, British Columbia--(Newsfile Corp. - January 9, 2018) - Para Resources Inc. (TSXV: PBR) (WKN: A14YF1) (OTC Pink: PRSRF) (the \"Company\" or \"Para\") is pleased to announce that it has received an evaluation report from its consultant RPM Global (\"RPM\") on the condition of the Gold Road Mill and an estimate of the capital necessary to begin processing mineralized material once the anticipated operation of the mine begins. In addition to the mill evaluation, RPM also reviewed the project infrastructure to confirm it was sufficient to support the successful operation of the mill. Below is a summary of the evaluation:RPM found the mill to be in excellent conditionThe infrastructure is in good condition and is currently functional with no need for repair or upgradingThe capital needed to return to production, including the first supply of chemicals and grinding media, is estimated to be $500,000.Based on historical production data the expected gold recovery is 95% The mill is designed for and capable of a production rate of 500 TPDGold production through the mill at full capacity should be 40,000 ounces per yearMill operating costs are estimated to be $27.50 /tonFacility G&A expenses are estimated at $15.00 per Ton at full operationIan Harris, Para's President states, \"This evaluation is an important step in preparing the Gold Road Mine for operations. The report by RPM validates the work and analysis we did in due diligence and will be an integral part of the PEA expected to be completed in Q1 2018. Using the average historical grade of 7.5 gpt, as detailed in the 2017 NI 43-101 Technical Report on Gold Road Mine, prepared by World Industrial Minerals LLC, our expected milling cost per recovered ounce of gold would be $132.00 per ounce. This estimate will be updated in the upcoming NI 43-101 Resource Estimate and PEA being prepared by RPM Global\". The Company is not treating the historical resource as a current mineral resource. Please refer to the Company's 2017 Technical Report on the Gold Road Mine filed on SEDAR for additional details. The full report: Process Site Visit Report — Gold Road Mine, Arizona, will be posted to SEDAR. The report was prepared under the direction of Mr. Richard Addison, Principal Process Engineer with RPM Global. Mr. Addi...