Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

November 17, 2009 10:00 ET

Pershimco Resources Increases Its Presence Through the Acquisition of 96 Claims in the Amos-Barraute Axis in Abitibi

ROUYN-NORANDA, QUEBEC--(Marketwire - Nov. 17, 2009) - Pershimco Resources (TSX VENTURE:PRO) (FRANKFURT:BIZ) (the "Corporation") announces the acquisition of 96 claims on the Amos-Barraute axis, expanding its Courville project in Abitibi. The acquisition is realized through the signing of 2 arm's length purchase agreements, the first covering 91 claims and the second covering 5 claims. There are no finder's fees associated with either transaction.

Leblanc Acquisition (91 claims)

The Corporation is proud to announce the acquisition of 91 claims on the Amos-Barraute axis. As outlined in the purchase agreement entered into with the Leblanc Group on November 14, 2009, the claims have been acquired at a purchase price of $50,000, payable through the issuance of 500,000 Class "A" shares of the Corporation (the "Common Shares") at a deemed value of $0.10 per Common Share. The Common Shares will be issued immediately following the approval of the TSX Venture Exchange and other regulatory authorities, with the first 250,000 Common Shares subject to a mandatory holding period of 4 months, and the remaining 250,000 Common Shares subject to a mandatory holding period of 12 months. The claims are subject to a net smelter return of 2%. Under the purchase agreement, 1% can be reacquired by the Corporation for an amount of $500,000.

Robert Acquisition (5 claims)

The Corporation is also proud to announce the acquisition of 5 additional claims on the Amos-Barraute axis. Subject to the approval of the TSX Venture Exchange and other regulatory authorities, and as outlined in the purchase agreement entered into with Mr. Jean Robert on November 15, 2009, the claims have been acquired at a purchase price of $15,000, payable through the issuance of 100,000 Common Shares at a deemed price of $0.10 per Common Share, with a 4 month holding period, and the remaining $5,000 payable in cash. The claims are subject to a net smelter return of 1% that can be completely reacquired by the corporation for the amount of $200,000.

These acquisitions are part of the Corporation's exploration program focused on developing the Au-rich Volcanogenic Massive Sulphides targets along the Amos-Barraute axis identified by the Ministere des Ressources Naturelles et de la Faune du Quebec in its recent studies on giant VMS in the Abitibi region. This acquisition will allow the Corporation to hold 100% interest over 9,000 hectares in contiguous claims of this corridor favouring VMS deposits.

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 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 our site 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 CEO
    819-797-2180