Paramax Resources Ltd.
TSX VENTURE : PXM.H

Paramax Resources Ltd.

October 16, 2012 17:00 ET

Paramax Announces Resignation

CALGARY, ALBERTA--(Marketwire - Oct. 16, 2012) - Paramax Resources Ltd. (the "Corporation" or "Paramax") (TSX VENTURE:PXM.H) announces that Mr. Mike Smith, has resigned as CEO of the Corporation to pursue other opportunities. Mr. Smith will continue as a director of the Corporation. Paramax would like to thank Mr. Smith for his service and commitment to the company.

Paramax also announces that Mr. Dave Antony, Chairman of the Board will assume the duties of CEO, until such time as the Corporation completes a transaction, or series of transactions, to satisfy the listing criteria of a Tier 2 issuer on the Exchange.

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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