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Microcap & Penny Stocks : paramax resources

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To: red_corundum who wrote (237)	12/17/1999 6:15:00 PM
From: Lazarus Long	of 246

FOR IMMEDIATE RELEASE PARAMOUNT VENTURES AND FINANCE INC. PARAMAX RESOURCES LTD. December 17, 1999 PVF-CDNX PXM-CDNX PLANS TO INCREASE THROUGHPUT OF CENTRAL PROCESSING PLANTAT MATO GROSS, BRAZIL Paramount Ventures and Finance Inc. (?Paramount?) and Paramax Resources Ltd. (?Paramax?) are pleased to provide the following information on their joint interest activities on the 10,000 hectare mineral claim (?Property?) in the state of Mato Grosso, Brazil. During the past month the joint interest partners have conducted a review of the Property to assess additional priority areas. To date this review has identified two additional sites, which are high priority sites for bulk testing, based on the amount of gravel and past operations in the area. The alluvial gravels from the existing work site and the two new sites will be trucked to the central processing plant located near Alto Paraquai. Installation of the plant is proceeding on schedule with an expected startup date of December 31, 1999. A study of the extraction and processing of the alluvial gravels has determined that the combined use of trucks to transport the gravels and the central processing plant will result in the most effective method of operation. The central plant will provide a safe, secure and economic method of processing the gravels and result in higher diamond recovery based on the short trucking distances (one half to five miles). The startup of bulk testing at the two new areas will be dependent on the acquisition of additional dump trucks and manpower and is expected to be completed in early January 2000. The daily gravel throughput at the central processing plant should increase from in excess of 100 cum\day to in excess of 300 cum\day. Paramax is 55% owned by its parent Paramount. For further information contact: For further information contact: David DiRicco Paul Conroy, President Tel: 1-888-356-4843 Tel: 604-687-1334 Fax: (650) 367-5071 Fax: (604) 687-1338 Email: davidjdiricco@worldnet.att.net paramaxresources.com www.paramountvf.com

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