Para Provides a Corporate Update

Vancouver, British Columbia--(Newsfile Corp. - October 30, 2018) -  Para Resources Inc.(TSXV: PBR) (WKN: A14YF1) (OTC Pink: PRSRF) (the "Company" or "Para") is pleased to provide the following updates to the current operations:

Gold Road Mine, Oatman Arizona

• Para is in final negotiations with a world-class underground mining contractor for the operation of the Gold Road mine.
• Mobilization will begin in November with the first crews beginning works by mid-November.
• Work is ongoing to update the detailed mining plan and schedule to optimize initial grade and maximize the efficiency of development to ensure steady production while minimizing upfront costs.
• Commission of the plant will begin in December with steady state production of at 250TPD in Q1 2019, after which production will ramp up to 500 TPD.
• First gold pour is expected in early December
• Plant rehabilitation has already begun with completion of all major repairs already complete. Plant and maintenance management is already in place with crews continuing check-up and cleanup work.
• All long-lead capital items have been ordered with no expectations of delaying startup.
• Gold Road's GM Kenneth Kins, a mining engineer with extensive experience in narrow-vein high-grade underground gold mining experience is now onsite coordinating re-start and together with management is working to build the production team.

Mr. Harris, further states, "We are please with the advance of the Gold Road project with continued economics consistent with those presented in our PEA, and robust upside in terms of production, grade, and costs. We look forward to commissioning of the project and production of doré within the next 60 days."

El Limon Mine, Zaragoza, Colombia

• The commissioning of the mill has now been completed with maximum throughput at 225 TPD and recoveries at greater than 85%.
• The installation of a new hoist and skip for the El Limon underground is almost complete and expected to be operational within the next 2-3 weeks.
• The new tailing pond with pipeline is in the final stages of construction with reclaim water to be re-used as process water. Pumps and piping are now onsite and being installed. Completion is expected within the coming 2-3 weeks.
• Underground mining at El Limon has resumed with daily production at 45 TPD with five development and exploration drifts and two production blocks. The development work is to ensure ramp-up from the current 45 TPD to the planned 70 TPD.
• Formalization contracts have been approved by the Government for 3 small miners on our property and applications have been made for an additional 6 small mines.
• Assays of the initial shipments of material received from the small miners has indicated a range of 8 - 15 gpt of Au.
• Ramping up deliveries of feed material is management's priority with a goal of receiving and processing up to 200 TPD.
• During the ramp up period, throughput has been low due to renovations underground and a slow start to deliveries from small miners as they improve their infrastructure and implement proper development. The Company is working directly with the small miners to improve productivity and grade.
• In September, the plant average throughput was 39 TPD with 26% plant utilization for a total of 1,211mt at 4.67g/mt of Au. Low utilization was due to batch feed processing through the plant. Low grades were due to extensive development work at the El Limon mine.
• 120 oz Au in doré was produced in the month of September with a lower than expected plant recovery of 70.3% due to lower grades and the presence of organics from feeding of historical tailings. As a result, the direct processing of historical tailings has been suspended until a concentration method can be put into place.
• Third party deliveries in September 2018 were 271 mt at 6.36g/mt Au representing 32.5% of the gold contained in feed. Grade was low due to extensive development work in the mines to increase production. Production is expected to increase dramatically with the completion of multiple infrastructure projects at the small mines including the installation of hoists, compressors, load-out, and improved road access.
• Cash flow break even at $1,200 gold is between 260 and 300 ounces per month which is anticipated to occur and be exceeded within the next 30 days once small miner deliveries have ramped up.
• Mineralized rock deliveries are expected to increase to over 150 TPD by May or June of 2019

Ian Harris, Para's President states, "We are in the final push of achieving commercial production at the El Limon mine with the plant performing well, the last remaining capital projects being completed, the El Limon mine having restarted with multiple development faces and third-party material arriving and their own infrastructure projects completing."

Further to the Company's previously announced restructure of outstanding shareholder loans on August 14, 2018 from Conex Services Inc. and Conterra Construction, Inc. (together, the "Lender"), a further principal amount of $1,343,544.61 of outstanding loans from the Lender, that had not been converted as at August 2018, is being added to the August 2018 convertible note (the "Note") on the same terms. The person controlling the Lender companies is an insider of the Company.

Subject to the approval of the TSX Venture Exchange, the Note has the same terms as previously disclosed as follows:

Issuer: Para Resources Inc (TSXV: PBR) (the "Company")

Lenders: Conex Services Inc. and Conterra Construction Inc.

Amount: C$ 1,343,544.61

Offering: Non-brokered placement of CAD $1,343,544.61 in the form of a Convertible Subordinated Notes, convertible into Common Shares of the Company.

Term: Sixty months from August 2018

Repayment: The principal is repayable in full or in part at any time by the Company giving the Holder 30 days' notice but in any event in full at Term.

Interest: Interest will accrue and compound monthly at an annual rate of 12%.

Conversion: The principal of the Notes may be converted into Common Shares of the Company, by the Lender giving 15 days written notice at the following conversion prices:

• Between Months 1 - 36 at $0.30 per share
• Between Months 37 - 60 at $0.40 per share

Security: The Notes are secured by a charge on all of the assets of Gold Road Mining Corp, Z79 Resources, Inc and Para Resources Inc., subject to agreement to subordinate to a senior secured lender to Para.

Use of Proceeds: To repay and in exchange for the various outstanding notes and loans made by the Lender.

Hold Period: Any common shares issued upon conversion of the Notes, will be subject to a four month hold period from the date of issuance of the Notes in accordance with applicable Canadian securities laws.

Geoff Hampson, Para's CEO, states, "The addition of $1.3 million in loans that had come due or were about to come due to the Convertible Note Financing, moves $1.3 million of Current Liabilities to Long Term Liabilities. This commitment by the lender, who is an insider of the Company, is an indication of confidence in both the ability of management to execute on the plan and the quality of the assets that will generate substantial cash flow, beyond the seven-year mine life as described in the recently published PEA. In addition, the structure ensures that cash generated by the Company's assets is directed to long term growth and the creation of increased shareholder value."

Participation of an insider of the Company in the convertible note financing constitutes a related party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Because the Company's shares trade only on the TSXV, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101.

Paulo J. Andrade, BSc Senior Geologist, VP Exploration for Para Resources is the Qualified Person, who is responsible for the technical information contained in this news release.

ABOUT PARA RESOURCES:

Para is a junior producing gold mining company. Para owns approximately 80% of the El Limon project, in Colombia, which in addition to its current underground operation is purchasing mineralized rock mined by small artisanal miners working on the Company's property. The El Limon and OTU properties also have exploration and development upside. The Company also owns 88% of the Gold Road Mine in the Oatman District of Arizona. RPM Global recently produced a NI 43-101 Technical Report and PEA, establishing a Mineral Resource estimate and a good economic outlook for the Gold Road Mine. Production at Gold Road is expected to commence in October 2018. Para will continue to take advantage of current market conditions to acquire and develop additional highly economic, near-term production assets that have strong exploration and development upside.

Cautionary Notes:

This press release contains forward-looking information under Canadian securities legislation. Forward-looking information. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Para to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Para and in its public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Para has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Para does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Para's Readers should also review the risks and uncertainties sections of Para's annual and interim MD&As.

On behalf of the Board of Directors

"C. Geoffrey Hampson"                                          

C. Geoffrey Hampson, Chairman, Chief Executive Officer and Director

For further information, please contact Andrea Laird, telephone: +1-604-259-0302

Neither the 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.