Paramax Resources Ltd.
TSX VENTURE : PXM

Paramax Resources Ltd.

August 21, 2009 09:00 ET

Paramax Resources Ltd. Corporate Update

CALGARY, ALBERTA--(Marketwire - Aug. 21, 2009) - Paramax Resources Ltd. ("Paramax" or the "Corporation") (TSX VENTURE:PXM) is pleased to announce that in light of the recent optimism in the capital markets, management has determined that it is in the best interest of its shareholders that it will retain its 50% interest in the approximately 100,000 acres of land in the Boise basin in Idaho and Oregon ("Idaho Asset").

The Corporation continues to be encouraged by the work being done by our Joint Venture Partner on the Idaho Asset and expects to spud the first wells into the prospect during the fourth quarter of the current year. Our partner has submitted applications to drill five wells in the Boise Basin, Idaho commencing in Q4, 2009. The wells range in depth from 4,500 to 7,000 feet and will be targeting both shallow gas and deeper oil reservoirs. Several older wells flowed gas to surface at measured rates up to 400,000 cubic feet day and two of the four deeper wells in the basin recorded oil shows. These will be the first wells drilled on these prospects based on modern reprocessed seismic.

The Corporation is also pleased to announce that its Joint Venture in the Fincastle property ("Fincastle JV") has begun the permitting work in order to spud the first well in September. The Fincastle JV consists of 3 sections of land near Taber, Alberta; the partners have completed a 3D seismic program over a portion of the area and have identified 2 drilling targets.

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. Trading in the securities of the Corporation should be considered highly speculative.

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