Parallel Abandons Letter of Intent to Acquire Ontario and Quebec Properties

PARALLEL MINING CORP. ("Parallel", or the "Company") (TSX VENTURE:PAL) announces
that a Letter of Intent dated January 22, 2013 entered into with Abalor Minerals
Inc. ("Abalor"), a private Canadian corporation has been abandoned. The Letter
of Intent provided for Parallel to acquire an interest in three Canadian mineral
properties by acquiring all the issued and outstanding shares of Abalor subject
to TSX Venture Exchange approval and Abalor arranging a concurrent financing in
a minimum amount of $3,000,000 in advance of the proposed closing of the
transaction.


Abalor is the holder of an option to earn a 60% interest in a property known as
the Jumping Moose Property located in the Burrows Township in the Province of
Ontario by making payments of $90,000, issuing 500,000 shares of Abalor and
conducting an aggregate of $1 million in exploration expenditures on the
property over three years. 


Abalor is also the owner of a 100% interest in a mineral exploration property
known as the Sakami Property. The Sakami Property is located approximately 150
kilometres east of James Bay in Quebec, and approximately 80 kilometres
northeast and on the same mineral trend as Goldcorp's proposed Eleonore Gold
Mine. The Sakami Property consists of 253 mining cells covering 13,012 hectares.



On January 23, the Company requested a trading halt pending disclosure of the
proposed acquisition.


The Company has since decided that the proposed acquisition, as structured, was
not feasible given current market conditions and has therefore withdrawn from
this proposed transaction. 


The Exchange has in no way passed upon the merits of the proposed transaction
and has neither approved nor disapproved the contents of this press release.


On behalf of the Board of Directors of Parallel

Allan Fabbro, President & CEO

This news release includes forward looking statements that are subject to
assumptions, risks and uncertainties. Statements in this news release which are
not purely historical are forward looking statements, including without
limitation any statements concerning the expected results of exploration;
completion of the transactions contemplated in the letter of intent and the
anticipated timing thereof. Although Parallel believes that any forward looking
statements in this news release are reasonable, there can be no assurance that
any such forward looking statements will prove to be accurate. Parallel cautions
readers that all forward looking statements, are based on assumptions none of
which can be assured, and are subject to certain risks and uncertainties that
could cause actual events or results to differ materially from those indicated
in the forward looking statements. Readers are advised to rely on their own
evaluation of such risks and uncertainties and should not place undue reliance
on forward looking statements.


The forward-looking statements or information contained in this news release are
expressly qualified by this cautionary statement. The forward-looking statements
and information contained in this news release are made as of the date hereof
and no undertaking is given to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future events
or otherwise, unless so required by applicable laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Parallel Mining Corp.
Allan Fabbro
President & CEO
(604) 718-2800

Parallel Mining (TSXV:PAL)
過去株価チャート
から 5 2024 まで 6 2024