Pediment Exploration Ltd.

Pediment Exploration Ltd.

January 29, 2007 12:06 ET

Pediment Exploration Ltd.: Inmet Ratifies Caborca Agreement and Approves Phase I Work to Begin Immediately

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 29, 2007) - Pediment Exploration Ltd. (TSX VENTURE:PEZ)(FWB:P5E) is pleased to announce Inmet Mining Corp (TSX:IMN) has completed due diligence on the Caborca copper project, made the initial $50,000 payment and approved the Phase I program and budget. Inmet's ratification of the Option Agreement commits it to $100,000 in spending at Caborca within six months. As noted in the news release of December 4, 2006, Phase I will consist of a program of linear pole-dipole IP in areas where earlier reconnaissance IP discovered two large chargeability anomalies. This survey will confirm and define the anomalies in sufficient detail to target follow up drilling.

The IP program will be carried out by Pediment's geophysical contractor Durango Geophysical Operations (DGO). DGO just completed an extensive program of IP surveys on the Baja Sur project and will mobilize immediately to Caborca. Interpretation of the Baja Sur surveys is expected in the next two weeks and details of that work will be announced when received by the Company.

The IP surveys at Caborca are expected to take 3-5 weeks to complete. Upon the receipt of favorable results, Inmet and Pediment will finalize drill hole locations to test the anomalies. Drilling would then proceed as soon as a suitable drill rig can be obtained. Pediment's President Gary Freeman commented that, "We're very pleased with our partnership with Immet at Caborca. We have a shared vision and commitment to rapidly advance the very large porphyry targets we've discovered there. We anticipate a positive drill decision when the IP is complete and are excited about the area's potential."

Pediment's exploration programs are conducted under the direction of geologist Melvin Herdrick, MSc (Registered Professional, Washington State), who is a qualified person within the definition of National Instrument 43-101 and who reviewed the contents of this release.

Pediment Exploration is a well financed, aggressive exploration company with approximately $4 million of working capital, and a main focus on precious metals exploration in western Mexico. It currently has 10 fully owned and one optioned project. Pediment has expanded its pool of technical staff and consultants and is accelerating exploration on a number of projects. Results are expected from several projects and will be reported on when available.

On Behalf of the board

Gary Freeman, President and CEO


We Seek Safe Harbour.

Contact Information

  • Pediment Exploration Ltd.
    Gary Freeman
    President and CEO
    (604) 682-4418
    (604) 683-6557 (FAX)
    Skyline Investor Relations
    (604) 733-3356 or 1-866-433-3356