Parallel Resources Ltd.

Parallel Resources Ltd.

February 11, 2010 13:48 ET

Parallel Arranges $875,000 Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2010) - Parallel Resources Ltd. (TSX VENTURE:PAL) announces a private placement of 3,500,000 units, for gross proceeds to the Company of $875,000, subject to approval of the TSX Venture Exchange.

Each unit is priced at $0.25 per unit, and consists of one common share and one half non-transferable share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.40 per share for a period of eighteen months.

The proceeds of the private placement will be used to exercise an option to acquire a 50% interest the Charcas West project in San Luis Potosi, Mexico, and for general working capital.

Charcas West is owned by Aztec Metals Corp., an unlisted Vancouver based mineral exploration company. The project consists of 66,000 hectares in the prospective Conception del Oro region approximately 80 km south of Goldcorp's Penasquito mine and adjacent to Canplats' Camino Rojo project, recently taken over by Goldcorp.

The property is prospective for epithermal gold as well as VMS copper-lead-zinc mineralization. The Company may grant or issue a finder's fee or commission in accordance with the policies of the TSX Venture Exchange.

About Parallel

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 currently holds an option to earn 50% of the Matehuala project in San Luis Potosi. Parallel will drill 1500 meters at Matehuala by May 30, 2010. The Matehuala drill program is fully funded.


David Thornley Hall, President

WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

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