PRECIOUS METALS

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

Para pours initial bar at Gold Road

Staff reporter
Para is aiming for full production in Q3 at Gold Road

Para is aiming for full production in Q3 at Gold Road

"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.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.