VANCOUVER, BRITISH COLUMBIA, Apr. 21, 2010 (Marketwire) -- Parallel Resources Ltd. (TSX VENTURE:PAL) announces that a Phase 1 diamond drilling program is now underway at the Matehuala silver, lead, zinc, gold property in the state of San Luis Potosi, Mexico. The property is situated approximately 50 kilometers east-southeast of the Conception del Oro district, in the same geological belt as Goldcorp's Penasquito and Camino Rojo mining projects. The property has the potential to host large silver-gold-zinc-lead Clastic Breccia Ore-bodies and Carbonate Replacement Deposits. A diamond drill rig will complete 5-6 drill holes for a total of 1500 meters to test some of the geochemical and geophysical targets outlined in the NI 43-101 Technical Report on the Matehuala Property dated June, 2009.
Parallel is earning a 50% interest in the Matehuala property from Aztec Metals Corp., an unlisted Vancouver-based mining exploration company by paying $45,000 cash (paid), issuing 500,000 Parallel shares to Aztec (issued), and funding the current drill program.
Parallel Resources Ltd. is a TSX.V listed mineral exploration company focused on acquiring and exploring district-scale poly-metallic properties with precious metal credits in Mexico. Our goal is to create shareholder value by developing mineral projects that have the potential to become large new mineral discoveries.
PARALLEL RESOURCES LTD.
David Thornley Hall, President, Director
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.