Paragon Resources PLC Update on Sales Process (6973H)

TIDMPAR

RNS Number : 6973H

Paragon Resources PLC

24 June 2013

Paragon Resources PLC

("Paragon" or the "Company") (AIM: PAR; ISDX: PA)

Conclusion of HAMC Minerals Limited ("HAMCM") Sales Process

24 June 2013

The Board of Directors of the Company informs that, pursuant to the sales process for HAMCM announced on 18 March 2013, no bids were received for HAMCM. As such, under the terms of the Secured Loan Facility with Richmond Partners Master Limited there is no "Excess Sales Amount" (as such term is defined in the Company's announcement of 18 March 2013), due to the Company.

The Company is satisfied with the handling and outcome of the sales process and has no further economic interest or obligation in respect of HAMCM.

For further information please contact:

 
 Paragon Resources PLC        Allenby Capital Limited 
  Simon Hunt                   (Nominated Advisor and Broker) 
  (Non-Executive Chairman)     Nick Harriss/Jeremy Porter/James 
                               Reeve 
  +44 (0) 7733 337755 
                               +44 (0) 20 3328 5656 
  www.paragon-resources.com 
                               www.allenbycapital.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained or incorporated by reference in this release, including any information as to Paragon's strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements can often, but not always, be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words; or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.

Forward-looking statements are necessarily based on a number of factors, estimates and

assumptions that, while considered reasonable by Paragon as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are also cautioned that forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Paragon to differ materially from those expressed or implied in the forward-looking statements.

Although Paragon has attempted to identify statements containing important factors that

could cause actual actions, event or results to differ materially from those described in

forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Paragon disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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