Parallel Resources Ltd.
TSX VENTURE : PAL

Parallel Resources Ltd.

May 26, 2011 15:15 ET

Parallel Provides Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 26, 2011) - Parallel Resources Ltd. (TSX VENTURE:PAL) is pleased to provide an exploration update on the Charcas West property, in Mexico. Parallel has an option to earn a 50% interest of this property according to the terms of an option and joint venture agreement with Aztec Metals Corp., a Vancouver based unlisted mineral exploration company.

The Charcas West project is situated in the prolific Mexican altiplano region in the states of Zacatecas and San Luis Potosi. It consists of two individual mining concessions covering a total surface area of 29,014 hectares. It is in the prospective Conception del Oro region approximately 80 kms south of Goldcorp's world class Penasquito mine and adjacent to the Camino Rojo project, recently taken over by Goldcorp.

Past initial exploration work (2007-2009), and, more recently, the prospecting campaign carried out in August/September 2010 led to the definition of multiple targets having potential for the discovery of Volcanic Massive Sulphide Zn-Cu-Ag-(Au) deposits, low sulphidation Ag-(Au)-Pb-Zn vein deposits and epithermal disseminated Au-Ag deposits ("Camino Rojo/Penasquito" type). In November and December 2010 a ground high-resolution magnetic and gravity survey was conducted by SJ Geophysics Ltd. (Vancouver, Canada). The magnetic survey covered an area of 15 square km while the gravity survey covered 5.8 square km with 666 gravity stations.

A summary report of the recent exploration activities and recommended follow up drill program is available on the Company website. The Company is assessing the report and its recommendations. To view the report please click here: http://parallelresources.com/_resources/explor-report-ch-west.pdf

James Moors, P.Geo., is the Qualified Person who has reviewed the technical content of this news release.

For further information on the Company and its projects, please visit the corporate website at www.parallelresources.com. Detailed maps and project facts are available on the website as well as a link to the Company's corporate presentation.

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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