Pediment Exploration Ltd.
TSX VENTURE : PEZ
OTC Bulletin Board : PEZFF

Pediment Exploration Ltd.

September 17, 2008 11:53 ET

Pediment Acquires Properties; Reports on First Phase Work at La Colorada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2008) - Pediment Exploration Ltd. (TSX VENTURE:PEZ)(OTCBB:PEZFF) is pleased to announce that it has concluded two transactions in order to purchase nine mineral concessions centered within its existing La Colorada Gold project. The La Colorada project is a recently past producing heap-leach open pit gold mine which is located approximately 40 km southeast of Hermosillo. These transactions complete the companies plan to consolidate the mining district.

In the first transaction, Pediment purchased six mineral concessions from the Penoles group for a total consideration of approximately US$100,000. These concessions contain 218 hectares and cover part of the El Creston pit and adjacent ground, as well as additional exploration potential west of the pit. As part of this transaction, Pediment sold to Penoles, three of its concessions totaling approximately 1521 hectares that make up the southern portion of its Texson exploration project in western Sonora for a total consideration of US$2,000.

In the second transaction, Pediment obtained from a third party, an option to acquire three additional mineral concessions totaling 852 hectares for a total price of $790,000. The three additional concessions cover part of the Creston pit and possible vein extension.

Report on recent exploration activities on La Colorada

Due to competition in the area, Pediment determined that first phase work would progress on a confidential basis while negotiating to complete the above acquisitions. The results of the drilling program,which consisted of 4,320 metres of RC drilling, has recently been completed and will be reported on when the results are received and compiled.

Data Review and Potential for La Colorada

In addition, during the past ten months, Pediment has recompiled data archives and pertinent production data into electronic databases with all available information merged with newly generated data. Data relevant to both open pit potential and high grade underground resources are being reviewed. Pediment is currently undertaking on-going studies of the environmental impact permitting and reactivation potential of existing surface workings. Pediment is also preparing the La Colorada project for a second and more extensive program of work. Details of this program are being finalized and will be announced.

Mel Herdrick, a qualified person as defined by NI 43-101, has read and approves this release.

Gary Freeman, President & CEO

This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 27E of the U.S. Securities Exchange Act of 1934, as amended regarding the acquisition of mineral concessions and Phase 1 work at La Colorada. Such statements include, without limitation, statements regarding the timing of future exploration activities by the Company, future anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans, potential mining scenarios, the success of mineral processing procedures, business trends and future operating costs and revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, and the U.S. Securities and Exchange Commission's Electronic Data Gathering and Retrieval (EDGAR) System at www.sec.gov, for a more complete discussion of such risk factors and their potential effects.

This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises that the U.S. Securities and Exchange Commission's mining guidelines prohibit information of this type in reports filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such adjacent or similar properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.

All of the Company's public disclosure filings may be accessed via www.sedar.com and www.sec.gov, and readers are urged to review these materials, including any technical reports filed with respect to the Company's mineral properties.

This press release is not to be construed in any way as, an offer to buy or sell securities.

Contact Information

  • Pediment Exploration Ltd.
    Gary Freeman
    President & CEO
    (604) 682-4418
    or
    Pediment Exploration Ltd.
    Michael Rapsch
    (604) 682-4418
    (604) 669-0384 (FAX)
    Website: www.pedimentexploration.com