Paramax Resources Ltd.
TSX VENTURE : PXM

Paramax Resources Ltd.

November 04, 2011 13:00 ET

Paramax Resources Ltd. Hires Meagher Energy Advisors

CALGARY, ALBERTA--(Marketwire - Nov. 4, 2011) - Paramax Resources Ltd. (TSX VENTURE:PXM) ("Paramax or the Corporation") together with its joint venture partner Bridge Resources Corp. (TSX VENTURE:BUK), have retained Meagher Energy Advisors, a US based company specializing in transactional advisory services, to review strategic alternatives in regard to their Western Idaho Basin project. This joint process includes their combined 100% interests in the Willow and Hamilton development projects.

The Western Idaho Project consists of two development areas, Willow and Hamilton. Both areas have had initial drilling work completed and have reserves assigned to them. These two fields were discovered in 2010 and appraised by six additional wells. Willow and Hamilton are the first commercial discoveries of oil and gas in the State of Idaho. The majority of the State and County permits have been acquired, including a Conditional Use Permit for a 13 acre site adjacent to the Williams pipeline where a compression and dehydration facility will be located.

The Corporation will provide more information in regard to this process as it becomes available.

Forward-Looking Statements and Advisories

Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although Paramax believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Paramax can give no assurance that such expectations will prove to be correct.

Readers are cautioned that the foregoing list of factors and assumptions is not exhaustive. Additional information on these and other factors that could affect Paramax's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), or at Paramax's website. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Paramax does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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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