Para on road to gold

Para Resources has poured its first 40oz bar of gold at its majority-owned Gold Road mine in Arizona, US, and expects to hit full production in the September quarter
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Gold Road pours first gold

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 [September] 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 Colombia, for exploration at El Limon and Gold Road, and for general corporate and working capital purposes.

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