Paramax Resources Ltd.
TSX VENTURE : PXM

Paramax Resources Ltd.

March 06, 2012 15:23 ET

Paramax Resources Ltd. Sells Idaho Properties

CALGARY, ALBERTA--(Marketwire - March 6, 2012) - Paramax Resources Ltd. (the "Corporation") (TSX VENTURE:PXM) is pleased to announce that, further it its press release of December 14, 2011, it is has signed a binding Purchase and Sale agreement to sell its complete interest in the Western Idaho Basin to an arm's length party for an amount equal to Five Million dollars ($5,000,000 USD). The entire purchase price is payable in cash. The closing of the sale is subject to regulatory and shareholder approval, with due diligence having been completed on March 5, 2012. Proxy materials will be mailed to all registered shareholders shortly, with a shareholders meeting planned for the end of March. It is expected that the transaction will close in early April.

Paramax continues to review and consider several business opportunities and will provide further information as soon as possible.

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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