Vancouver, British Columbia – Parallel Mining Corp. (TSX-V: PAL) (the “Company” or “Parallel”) announces that it is investigating mineral exploration opportunities in northern Ethiopia. The Company believes the greenstone belts of the Nubian Shield, which run through the region, have the geological potential to host mineral deposits similar to the Bisha Mine across the border in Eritrea which was recently purchased by Zijin Mining Group in their ~$1.2 billion takeover of Nevsun Resources.
In support of Parallel’s efforts, the Government of National Regional State of Tigray, Mines and Energy Agency has issued an official letter instructing all district Mines and Energy branches to provide full support to the Company in their efforts to conduct due diligence and acquire exploration licenses.
John Anderson, President and CEO, stated: “We have identified Ethiopia as an area with tremendous potential for mineral wealth, but very little modern exploration work getting done. The government has recognized the need for foreign investment and expertise in their mining space and have been very welcoming in our initial activities there. Seeing companies such as Newmont Goldcorp establishing themselves in the same region is very encouraging for us, and suggests that we are turning our eye to a highly prospective area.”
Parallel Mining Corp.
President & Chief Executive Officer
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This news release includes certain statements that may be deemed “forward-looking statements.” All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. This news release contains historical technical information. The Company believes the technical information to be relevant and reliable, and there are no more recent estimates or data available to the Company. While the Qualified Person has reviewed the data included in this news release, a 43-101 compliant technical report has not been completed on the Mane property and the quality assurance/quality control process of the historical data could not be verified by the Qualified Person.