Paramax Resources Ltd.
TSX VENTURE : PXM

Paramax Resources Ltd.

December 14, 2011 16:30 ET

Paramax Resources Ltd. Successfully Completes First Phase of Strategic Alternatives Initiative

CALGARY, ALBERTA--(Marketwire - Dec. 14, 2011) - Paramax Resources Ltd. (TSX VENTURE:PXM) ("Paramax or the Corporation") together with its joint venture partner Bridge Resources Corp. (TSX VENTURE:BUK), are pleased to announce that the process that Meagher Energy Advisors, a US based company specializing in transactional advisory services, undertook to review strategic alternatives in regard to their Western Idaho Basin project has been completed. This joint process included their combined 100% interests in the Willow and Hamilton development projects.

The process has been completed with a number of proposals being received. The joint venture is now in negotiations to finalize the definitive terms and conditions of a sale. Once the terms and conditions have been agreed upon by all parties, a further public announcement will be made.

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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