Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

May 04, 2010 10:00 ET

Pershimco Resources: Corporate Update Q-1 2010

ROUYN-NORANDA, QUEBEC--(Marketwire - May 4, 2010) - Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO) (FRANKFURT:BIZ) is pleased to announce its 2010 progress in Canada and Latin America. Numerous activities have been realized during this first quarter of 2010, namely:

Canada

  • 98 new claims were acquired along the Amos-Barraute axis, increasing the Corporation's Courville Property in Abitibi and bringing the number of contiguous claims to 337, of which Pershimco holds a 100% interest;
  • The completion over the course of the first 2010 quarter of georeferencing of the available data covering the 13,655 hectares located along this axis favorable to VMS deposits in Abitibi; and
  • The geo-scientific interpretation to be used for the third quarter of 2010 cartography campaign is being completed.

Latin America
In the acquisition process' due diligence of the Cerro Quema project, Pershimco has completed the following steps thus far:

  • Experts from Scott Wilson Roscoe Postle Associates Inc. completed a high level due diligence on the project;
  • Pershimco was able to extend all permits for drilling and development of the project;
  • A database review was conducted on historical drillings;
  • Exploration team and drilling equipments have been mobilized; and
  • Drilling targets and rehabilitation of the access roads have been localised.

The Cerro Quema historical report written by Datamine in 1996 and the RNC Gold 2003 historical report outlined pre-NI 43-101 resources and the estimate cited is historical in nature. These reports presented an initial resource of 15.9 millions tons @ 0.91g/t Au. There has not been sufficient work to classify the historical estimate as compliant NI 43-101 mineral resources, nor is Pershimco treating the historical estimate as current mineral resources. The historical estimates will be verified by the confirmation drill program scheduled to begin next week.

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 major 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 a new agreement entered into with its partner Dis 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 www.sedar.com.
For more information, please visit the Corporation's website at www.pershimco.ca.

Neither 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 release.

Contact Information

  • Pershimco Resources Inc.
    Alain Bureau, Eng.
    President and Chief Executive Officer
    819-797-2180
    www.pershimco.ca