September 16, 2011 11:29 ET

Corporate Update From Pershimco and Follow Up on the Meeting of the Shareholders

ROUYN-NORANDA, QUEBEC--(Marketwire - Sept. 16, 2011) - PERSHIMCO RESOURCES INC. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to provide its shareholders a brief updated on its corporate profile and to announce the results of its recent annual and special meeting. Over the last 12 months, the Corporation has seen its market capitalization grow from just less than $ 25 million to over $ 100 million, attributable to, among other things, constant efforts with regards to its management and a favorable environment that have resulted in a significant appreciation of the share price in the markets, providing a constant growth to its shareholders.

Meeting of the shareholders

At the annual and special meeting of shareholders held September 10, 2011, the shareholders of the Corporation approved by a majority of vote the appointment of Samson Belair / Deloitte & Touche LLP as auditors of the Corporation as well as the election of the following Directors: MM. Alain Bureau, Roger Bureau, Claude Arcand, Jean Robitaille, Robert Bryce, Jacques Fortin and Jean Lafleur.

During the meeting, the shareholders of the Corporation approved by a majority of vote the amendment of the stock option plan (the "Plan"), subject to final approval by the TSX Venture Exchange.

As part of this change, the Corporation reduced the maximum number of shares issuable under the Plan from 20% to 10% of the issued and outstanding shares of the Corporation at the date of approval of the Plan by its shareholders. In addition, some other conditions of the Plan were changed, namely: (i) the maximum number of options that may be reserved for beneficiary cannot exceed 2.5% (previously 5%) of the number of shares issued and outstanding at the grant date (on a non-diluted basis) and the maximum for a Consultant whom services are retained to provide investor relations activities shall not exceed 1.5% (previously 2%); (ii) the total vesting period is increased from 18 to 24 months for options granted to a beneficiary and from 12 to 24 months for those granted to persons retained to provide investors relation activities.

Corporate update

Capital structure: Following the recent financing, the Corporation currently has 125.4 million shares issued and outstanding. Also, since the end of the last fiscal year, 16.6 million warrants were exercised, allowing the Corporation to raise just over $ 6.5 million. At the date thereof, 12.6 million warrants remain outstanding at an average exercise price of $ 0.41 per share.

Financial position: The recent cash inflows allowed the Corporation to settle virtually all the outstanding payments related to the acquisition of the Cerro Quema project last year. These payments were mainly composed of balance of sale and accounts payable assumed in connection to the acquisition transaction.

The Corporation also saw its debt level reduced following the conversion of 70% of the convertible debentures issued last year. This allowed the Corporation to realize significant savings on the interest expenses related to these debentures while releasing all its guarantees related to.

Following the recent financing, the exercise of warrants and despite the payment of debts related to the acquisition of Cerro Quema, the Corporation currently has $ 10 million in hand while having reduced significantly its debt level.

Share purchase options

On September 15, 2011, the Corporation granted 1,100,000 stock options, of which 950,000 of said options were to its Directors and Officers, at a price of $ 1 per stock option, valid for a period of five years.

Information Sessions

Pershimco is constantly working in increasing the Corporation's visibility in today's market. In this regard, it will be touring Canada, United-States and Europe in the upcoming months in order to present its projects and strategy to bring shareholders good fundamentals and results. Pershimco is focused on constantly increase value for its investors through disciple and commitment.

About Pershimco Resources Inc.

Pershimco Resources Inc. is a Canadian-based resource and exploration corporation listed on the TSX Venture Exchange (symbol PRO.V) and the Frankfurt Exchange (symbol BIZ). The Corporation holds several mining properties in Canada and South America including the recently acquired Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d'Or Gold Mining Camp. The Corporation is managed by skilled, reputable people with extensive mining exploration and development experience. The Pershimco Team and our investors are the key to our success.

The Corporation's documents are available on

Please visit the Corporation's website at

Statements made in this news release that are not historical facts are "forward-looking statements" which reflects the expectation of the management regarding the future events and readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements". Forward-looking information may relate to the Corporation's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Those forward-looking statements depend upon a number of factors and contain risks and uncertainties and there is no guaranty that those statements will be accurate. The factors which may change in an important way our results, our activities and futures events from the expectations expressed, expressly or implicitly, within those forward-looking statements include, without limitation, the volatility of the price of the gold, risks linked to the mining industry, the uncertainties regarding the mineral resources estimations and the additional needs for financing as well as the capacity of the Corporation to get those financings.

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.

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