Pediment Exploration Ltd.
TSX VENTURE : PEZ
FRANKFURT : P5E
OTC : PEZFF

Pediment Exploration Ltd.

November 01, 2007 17:14 ET

Pediment Exploration Ltd.: Los Planes Extended 100 Metres South With 88 metres of 2.44 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2007) - Pediment Exploration Ltd. (TSX VENTURE:PEZ)(OTC:PEZFF)(FRANKFURT:P5E) is pleased to report additional results from reverse circulation drilling at its 100%-owned San Antonio gold project, Baja California Sur, Mexico. Drilling has extended the main Los Planes zone by 100 metres to the south with thick intersections of good grade oxide gold mineralization and deeper intersections of gold in mixed/sulphide mineralization. A total of 10,500 metres of reverse circulation drilling has been completed to date. The drill program has been indefinitely extended in order to further expand and determine the boundaries of the Los Planes deposit. This release outlines all new results received to date, through drill-hole PLRC-27.

Please click on the link to see the updated drill plan:

Updated Drill Plan - Nov. 1: http://www.pedimentexploration.com/i/pdf/Los_Planes_DH_Location_Update.pdf

Southern Extension

Drillholes PLRC-16, 17, 24 and 25 tested Los Planes south of line N 9,600 where the first four holes of the current drill program were collared (See news release dated August 17, 2007). All of these holes cut thick sections of shallow gold intersections in oxidized material, and deeper primary gold mineralization. PLRC-25 collared 50 metres south of PLRC-03 intersected 88.2 metres of 2.44 grams per tonne (g/t) gold that included 19.8 metres grading 5.1 g/t gold, while PLRC-24 located 50 metres west of PLRC-25 cut 125 metres of mineralized shear that included 82 metres of 0.99 g/t gold. PLRC-16 and 17 were respectively collared 100 metres south of holes PLRC-01 and PLRC-04, and are the most southerly holes reported to date. PLRC-16 encountered 82 metres of mineralized shear that included 51.8 metres of 1.7 g/t, while PLRC-17 cut 108 metres of mineralized shear that contained 30.5 metres of 1.3 g/t gold and 88.4 metres of 0.98 g/t gold in separate sections.



Los Planes - South Extension Holes

From To Length Gold
Hole (metres) (metres) (metres) (g/tonne) Comments
PLRC-16 17.4 26.5 9.2 1.02 Oxide
and 37.2 47.9 10.7 0.54 Oxide
and 93.6 105.8 12.2 1.15 Mixed
including 98.2 99.7 1.5 4.47
and 121.0 172.8 51.8 1.70 Sulphide
including 139.3 151.5 12.2 3.52

PLRC-17 73.8 104.2 30.5 1.27 Mixed/Sulphide
including 85.9 90.5 4.6 4.64
and 127.1 215.5 88.4 1.05 Sulphide
including 166.7 174.4 7.6 3.56

PLRC-24 15.8 21.9 6.1 1.24 Oxide
and 38.6 47.7 9.1 0.46 Mixed
and 52.3 64.4 12.1 1.36 Mixed
and 91.8 94.8 3.0 0.40 Sulphide
and 102.4 116.1 13.7 0.58 Sulphide
and 123.7 205.8 82.1 0.99 Sulphide
including 192.1 193.6 1.5 5.98

PLRC-25 55.2 58.2 3.0 0.42 Oxide
and 64.2 152.4 88.2 2.44 Mixed/Sulphide
including 71.9 91.6 19.7 5.09 Sulphide
and including 131.2 137.2 6.1 3.59 Sulphide

Intersection lengths are rounded.


Click the following links to see the cross sections:

Section 550 North: http://www.pedimentexploration.com/i/pdf/SA_NR_Section_N39550.pdf

Section 600 North: http://www.pedimentexploration.com/i/pdf/SA_NR_Section_N39600.pdf

In fill drilling - "Central" area

Drillholes PLRC-19 and PLRC-21 to 23 were drilled as part of in-fill testing at 50 metre spacing in the central part of the deposit. PLRC 19, 21, 22 and previously reported 20 have been plotted on a north-south trending long-section E98,660. PLRC-23 is located 50 metres to the east of PLRC-22. Note that PLRC-19 was terminated at 60 metres depth and was intended only to test the shallow oxide section above previous angle holes PLRC-05 and LCDD-19 (a core hole).



In Fill Drill Holes in the "Central" Los Planes Area

From To Length Gold
Hole (metres) (metres) (metres) (g/tonne) Comments
PLRC-19 3.7 14.3 10.7 0.27 Oxide
and 20.4 28.1 7.6 0.48 Oxide
and 37.2 44.8 7.6 0.72 Oxide
and 52.4 55.4 3.0 1.77 TD 60 m

PLRC-21 14.3 23.5 9.1 0.66 Oxide
and 32.6 90.5 57.9 1.11 Oxide
including 52.4 55.5 3.0 6.69
and 96.6 148.4 51.8 2.09 Mixed
including 124.1 133.2 9.2 8.05

PLRC-22 5.0 9.6 4.6 1.01 Oxide
and 24.8 27.8 3.0 0.37 Oxide
and 53.6 64.3 10.6 0.57 Oxide
and 78.0 138.8 60.8 1.11 Mixed

PLRC-23 18.6 24.6 6.1 1.31 Oxide
and 45.9 67.2 21.3 0.99 Oxide
including 53.5 55.0 1.5 5.39

Lengths have been rounded.


Click the following link to see the north-south section:

Long Section 660 East: http://www.pedimentexploration.com/i/pdf/SA_NR_Section_E598660.pdf

Eastern (Up-Dip) Testing

Four holes in the current release were part of the ongoing expansion testing to the east of the discovery area, where a series of post-mineral faults have down dropped the mineralised system and effectively extended the Los Planes system to the east within a series fault bounded, near surface sub-zones of oxidized mineralization. The limits of this eastern extension have not yet been determined. Holes PLRC-15 and 26 were collared 100 and 200 metres east of PLRC-16, respectively. PLRC-15 contained 35 metres of moderate grade oxide gold mineralization in two sections while PLRC-26 contained narrower but higher grade gold in oxidized intersections. Similarly, drillhole PLRC-14 was collared 200 metres east of previously reported PLRC-01, and contained 50 metres of moderate grade oxide gold mineralization in two sections. Drillhole PLRC-27 is the most easterly hole at Los Planes to date, and encountered 10.6 metres of 2.0 g/t gold in oxides starting at a depth of 62 metres. The expanded drill program will continue to test the eastern extension of the system created by this post mineral faulting.



Holes testing the eastern "up-dip" area

From To Length Gold
Hole (metres) (metres) (metres) (g/tonne) Comments
PLRC-14 25.0 58.5 33.5 0.59 Oxide
and 66.1 82.9 16.8 0.59 Oxide

PLRC-15 11.3 29.6 18.3 0.50 Oxide
and 54.0 70.7 16.8 0.67 Mostly oxide.

PLRC-26 29.2 30.7 1.5 2.01 Oxide
and 41.4 47.4 6.1 0.97 Oxide

PLRC-27 62.7 73.4 10.6 1.99 Oxide
including 65.8 67.3 1.5 5.69

Lengths have been rounded.


Mel Herdrick, M.Sc, Director and VP Exploration of Pediment notes that "drilling continues to expand Los Planes, with the thick high-grade "central" section still remaining open along strike. Our working hypothesis is that Los Planes and the historic Colinas resource are part of a large, ramp duplex thrust-fault system. Thickening of the system is much greater here than seen elsewhere in the San Antonio District. The distance between Colinas and Planes bodies is now about 500 metres. Determining the connection between the two will be part of on-going testing. Los Planes is still open to expansion in most areas. Related but separate targets in the area have also been located and remain to be tested."

Sampling

Each 1.5 metre-long section of material from the reverse circulation drill is collected and split on site, with one-half retained at the project and the balance shipped to the ALS Chemex preparatory facility in Hermosillo, Sonora Mexico. The ALS Chemex lab weighs received material, and a part is ground to a pulp fraction and shipped to the Vancouver, B.C. laboratory facility. Analyses are performed for gold by fire assay with AA finish, with over limit (+10 g/t gold) re-assayed by fire assay with a gravimetric finish.

Vice President, Exploration, Mel Herdrick, M.Sc. is a qualified person as defined by NI 43-101 and has approved the information contained in this release. The project supervisor is geologist Pedro Teran, B.Sc.

Pediment Exploration is a well financed, aggressive exploration company with a focus on exploration of precious metals deposits in western Mexico, and is actively exploring a series of projects in Baja California Sur and Sonora.

On Behalf of the Board

Gary Freeman, President and CEO

PEDIMENT EXPLORATION LTD.

Vancouver, British Columbia

We Seek Safe Harbour.

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, relating to the reporting of additional drill results at the 100% owned San Antonio project, Baja California Sur, Mexico. 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, and is not to be construed in any way as, an offer to buy or sell securities.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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