CALGARY, ALBERTA--(Marketwire - April 9, 2012) - Paramax Resources Ltd. (the "Corporation") (TSX VENTURE:PXM) is pleased to announce that, further to its press release on March 6, 2012 and subsequent shareholder and exchange approvals, it has successfully closed the sale of 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) cash. At the Corporation's General meeting, held on March 30, 2012, all resolutions proposed were passed by the shareholders.

Paramax continues to review and consider business opportunities in the energy sector and will provide further information as soon as possible. The Corporation plans to complete a transaction, or series of transactions, to satisfy the listing criteria of a Tier 2 issuer on the Exchange