Parallel Resources Ltd.
TSX VENTURE : PAL

Parallel Resources Ltd.

August 23, 2011 16:07 ET

Parallel Announces the Cancellation of Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2011) - Parallel Resources Ltd. (TSX VENTURE:PAL) announces the cancellation of the proposed $800,000 private placement as previously announced in its June 9, 2011 news release. Due to volatility in the markets and access to capital, the Company is suspending the financing and will revisit it at a future date. The Company continues to evaluate projects of merit.

Parallel Resources Ltd. is a TSX.V listed mineral exploration company focused on acquiring and exploring district-scale poly-metallic properties with precious metal credits in Mexico. Our goal is to create shareholder value by developing mineral projects that have the potential to become large new mineral discoveries and ultimately, profitable mines.

PARALLEL RESOURCES LTD.

David Thornley Hall, Chief Executive Officer

CAUTIONARY DISCLAIMER – FORWARD-LOOKING STATEMENTS

Certain statements contained herein constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties, as discussed in the Company's filings with Canadian and United States securities agencies. The Company expressly disclaims any obligation to update any forward-looking statements other than as required by applicable law. We seek safe harbour.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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