Pershimco Resources Inc.

Pershimco Resources Inc.

March 02, 2010 09:30 ET

Pershimco Announces Extension of Due Diligence Period for Proposed Cerro Quema Project Acquisition in Panama

ROUYN-NORANDA, QUEBEC--(Marketwire - March 2, 2010) - Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO) (FRANKFURT:BIZ) announces that in the best interest of all concerned parties, Pershimco and Bellhaven Copper and Gold Inc. ("Bellhaven") have agreed to extend the due diligence period provided in the Letter of Intent entered into December 30, 2009, regarding the proposed acquisition of up to 85% of the shares of the Panamanian company, Minera Cerro Quema S.A.

The extension grants Pershimco until April 15, 2010 to complete a satisfactory due diligence, thus allowing the Corporation to establish key miles-stones for the transaction and enter into a definitive agreement with Bellhaven. 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 required for the conclusion of the definitive agreement.

Pershimco is also pleased to inform that the Cerro Quema Project received from the Panamanian Ministry of Environment the extension of its Environmental Management Program (PAMA-Programa de Adecuacion y Manejo Ambiental) and exploration equipment will be mobilized to the project. As part of the project, Pershimco will also mobilize a hydrogeology specialist to seek the possibility of using underground water to satisfy needs of local population for drinking water.

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

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