Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

December 09, 2009 10:37 ET

Pershimco Ressources Announces Its Intention to Conclude a Private Placement

ROUYN-NORANDA, QUEBEC--(Marketwire - Dec. 9, 2009) - Pershimco Resources Inc. (the " Corporation ") (TSX VENTURE:PRO) (FRANKFURT:BIZ) announces a non brokered private placement for a minimum of $150,000 CAD and a maximum of $250,000 CAD to several individual investors, for a subscription price of $1,000 per unit, subject to the approval of the TSX Venture Exchange and regulatory authorities.

Each unit will consist of 4,000 flow-through common shares at $0.199 per common share, 1,000 non-flow-through common shares at $0.199 per common share and 5,000 non-flow-through common share purchase warrants at $0.001 per warrant. Each warrant will entitle the holder thereof, during a period of 24 months from the date of issuance of the warrant, to purchase one common share at an exercise price of $0.30 per common share. Each issued common share will have a contractual 12 month holding period.

The financing will enable the Corporation to complete a compilation project of all information regarding its recent acquisitions (see press release of November 17, 2009). This project is aimed at confirming that the geological environment of the new acquisitions is the same as that present on the claim block already owned.

Moreover, the Corporation reserves a portion of these funds to increase its work surface on the Courville project. New acquisitions are useful in enabling the Corporation to realize a future revision of the geological map and allow the development of various indices on the property.

The current property record, according to information received from the Ministere des ressources naturelles du Quebec, includes ten gold showings and a former gold mine, the Pershing-Manitou mine. The recent work of the Corporation has focused on only one of these indices, namely the "Courtown-Rolartic-Monpre" named Thibodeau Intrusive Complex ("TIC") by the Corporation. The gold potential of the TIC having been demonstrated, the Corporation is now looking to confirm this potential on all similar intrusions located thusfar.

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 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 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 CEO
    819-797-2180