Pershimco Resources Inc.

Pershimco Resources Inc.

March 03, 2010 14:39 ET

CORRECTION FROM SOURCE: Pershimco Announces 90 Day Extension to Its Due Diligence Period and Receives Notification of an Extension to the Environmental Management Plan for the Cerro Quema Project

ROUYN-NORANDA, QUEBEC--(Marketwire - March 3, 2010) - Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO)(FRANKFURT:BIZ)

A correction from source is being issued with respect to the release sent out on March 2, 2010 at 9:30 am ET.  The definitive agreement is to be signed on May 15, 2010 instead of on April 15, 2010. The corrected version follows.

Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to announce that it has received a 90 day extension for the signing of the definitive agreement including the proposed acquisition by Pershimco of up to 85% of the shares of the Panamanian company, Minera Cerro Quema S.A. This extension provides Pershimco and its advisors time to complete its due diligence review on the Cerro Quema project and establish key mile-stones for the transaction, which are anticipated to be addressed in the definitive agreement to be signed on may 15 2010.

Alain Bureau, P. Eng, President and CEO of Pershimco commented as follows:
"Progress continues to be made in addressing key matters. Scott Wilson Roscoe Postle Associates Inc. has completed the site visit in Panama and is currently completing its high-level technical due diligence report, with recommendations leading to a NI 43-101 report that is required for the successful conclusion of the definitive agreement. Also, we are very pleased to state that with the granting of this PAMA extension we have now mobilized exploration equipment to the project and will shortly be sending a hydro-geologist to study the possibility of using underground water to satisfy the potable water needs of the project and the surrounding communities". 

Additionally, the Corporation is pleased to announce that the environmental authority of the Republic of Panama (ANAM) has granted a three year extension to the environmental management plan (PAMA-Programa de Adecuacion y Manejo Ambiental) allowing for the continued development and construction of the Cerro Quema gold project.

Julio Benedetti, President and CEO of Bellhaven commented as follows:
"The granting of this extension is a significant milestone for the continued development of Cerro Quema and allows us to work aggressively with Pershimco to bring this project into production". 

About Pershimco Resources Inc.

Pershimco Resources Inc. is a Canadian-based resource exploration corporation holding strategic properties located in Quebec, Canada and in the state of Chihuahua, Mexico.

The properties include a 100% interest in the highly prospective Courville Gold Project located in the Val-d'Or/Malartic Gold Mining Camp in Quebec. The Camp has historically produced 25 million ounces of gold. The Corporation also holds a 50% interest in the highly prospective La Bamba and San Miguel Silver properties located in the Cusi Silver Mining Camp. The Corporation has the option to increase its interest in the project to 70%, based on an agreement entered into with its partner Dia Bras Exploration Inc. Furthermore, the Corporation holds a 100% interest in the polymetallic (copper-silver-gold-zinc) Skarn Magistral Project, also located in the State of Chihuahua, Mexico.

The Corporation's documents are available on

For more information, please visit the Corporation's website at

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 news release.

Contact Information

  • Pershimco Resources Inc.
    Alain Bureau, P. Eng.
    President and Chief Executive Officer