Junior mining company Para Resources Inc. (TSXV: PBR,WKN: A14YF1,OTC: PRSRF) announced last week that going forward it will focus on the company’s Colombian assets and other opportunities in South America. As such, the company announced that Mr. Javier Cordova (above) has been appointed by the board of directors to serve as the President & CEO of the company. C. Geoffrey Hampson has resigned as the Chief Executive Officer, Ian Harris has resigned as the President and as a Director and Randy Martin has resigned as Chief Operating Officer of the Company. Mr. Hampson will remain the Executive Chairman of the Board of Directors.
The resignations and appointment will take effect immediately.
Mr. Cordova has been active with the company as a consultant since early 2018. Previously, Mr. Cordova was the first Minister of Mining of Ecuador, serving from 2015 until 2018. Prior to being Minister of Mining, Mr. Cordova held prominent positions as the Vice Minister of Mining and Vice Minister of the Interior.
“In the light of repositioning Para Resources as a company focused solely on Latin America, the board determined it was appropriate to have a South American-led management team with a regional point of view and strategy. Mr. Cordova has a lot of experience in the industry, in particular in South America dealing with ESG issues, governments and local communities. Mr. Cordova will be managing the proven management teams of Operadora along with Para’s existing assets to continue to build on the goodwill we have built in the region and to focus our strategic growth in Colombia and elsewhere in South America,” said Hampson.
Mr. Cordova stated: “I look forward to leveraging the work that Para has done to rehabilitate the El Limon mill and acquire a significant holding of mineral rights in the surrounding region. Para has been working with local miners and the government to formalize current mining activities, which provides an environmentally friendly solution to traditional activities and has created economic benefits for all parties involved. This cooperation with the local communities and all levels of government unlocks the potential for modern exploration in a block of concessions in one of the most prolific gold areas in the world. The combination of these claim blocks, the excellent relationship with local communities, the acquisition of Operadora, an operating and profitable mine and mill with proven management, production and exploration teams, positions Para’s Colombian assets on a highly prospective trajectory. I look forward to being part of the next step in leveraging the potential of these assets.”
The Company continues to negotiate the definitive agreements on the Operadora acquisition and expects the transaction to close, subject to key conditions, including TSXV approval and others on schedule.
Para also announces the termination of the non-brokered private placement offering of up to 5,000,000 units at a price of $0.10 per unit that the company previously announced on December 30, 2019. The company has determined in light of market conditions that the current offering should be cancelled until further notice.