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Para Resources signs contract Mining Agreement for Gold Road Mine

Mining News - Published on Wed, 16 Jan 2019

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Para Resources Inc announced that effective January 1, 2019, it has entered into a Final Services Agreement with Clark Construction Group LLC, a Maryland, limited liability company whereby Clark will provide contract mining services at the Company-owned, Gold Road Mine in Oatman, AZ. The contract transitions from the original “time and materials” contract that was previously announced in November 2018 with an open book Target Pricing contract. This new contract establishes the basis on which mining and extraction will occur at the Gold Road Mine. Clark has already been present on the project with equipment and crews and Atkinson is currently driving an exhaust drift in preparations of installing an exhaust fan to upgrade the ventilation system, upgrading the main decline to accommodate larger trucks rehabilitating the secondary escape routes and remediating the previously announced ground control issues. In addition, maintenance, testing, repair, and general cleanup of the mill has been completed. The mill is now in functional condition with the exception of additional ball mill liners and first fills which are expected later in January.

Mineralized rock production is on schedule and expected to commence in late January 2019 with the re-commissioning of the plant with first gold pour anticipated in February 2019.

Geoff Hampson, Para’s CEO states, “We are very pleased to have now transitioned our relationship with Clark Construction Group to a Target Price contract which will ensure continuity of costs and production. We have implemented several key bonus programs to ensure that Para’s and Clarks’ interests and incentives are in sync. Clark is one of the most experienced and respected building and civil construction firms in the United States and they bring extensive experience and knowledge to our operations and capacity. The partnership between Clark and our highly skilled and tested Para team will ensure a smooth and successful production ramp up.”

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Posted By : Rabi Wangkhem on Wed, 16 Jan 2019
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