Pediment Exploration Ltd.
TSX VENTURE : PEZ

Pediment Exploration Ltd.

February 17, 2009 12:10 ET

Pediment Exploration Ltd.: 4.6 m of 10.1 g/t Gold & 323 g/t Silver Confirm Highgrade Potential at La Colorada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2009) - Pediment Exploration Ltd. ("the Company") (TSX VENTURE:PEZ) is pleased to announce the results of an initial study that was conducted to develop new data to target the expansion of known resources and to test for new zones of mineralization at its La Colorada gold-silver project. The La Colorada mine produced gold and silver from open pit heap leach mining operations as recently as 2002, and from underground vein-mining operations prior to 1914. During this study, the company worked on 4 key peripheral areas to the historic open pit mine, including drilling, mapping, and bench sampling. Modelling using current and historic data and new geologic mapping is ongoing, and has confirmed the strike length of the vein system at more than 4 kilometres and open to depth.

Pediment has successfully extended mineralization with a single reverse circulation (RC) drill hole collared approximately 250 metres SW of the Grand Central Pit. (See the drill plan map at www.pedimentexploration.com/i/maps/laColoradaDrillMap.gif) Results below:



Gran Central Block, Southwestern Extension Outside Pit Area
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LCOL From (m) To (m) Length (m) Gold g/t Silver g/t Notes
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R17 278.9 283.5 4.6 10.1 323.8 End of hole
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Incl. 281.9 283.4 1.5 19.3 447.9 in workings
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At Gran Central an on-trend extension to the NE of this open-pit is cut-off by a cross-fault. Drill holes 50 to 100 m NE of this fault indicate the down-dropped continuation of the vein system within the adjacent Creston block. The three drill holes completed in this area indicate the continuation of the vein zone at a depth beginning at approx. 200 metres. (Please follow this link to view the long section map: www.pedimentexploration.com/i/pdf/LaColoradaGeneralizedSection.pdf). Additionally, one km east in the El Creston pit, veins were shown on 25m spaced historic cross sections to contain a significant number of high grade results that have not been incorporated into an underground resource estimate. Peak values within one vein show a 300m long subset of higher grade values included 1.5 metre intervals returning 49.58, 24.03, 18.76 and 17.97 g/t gold, plus two intervals returning 18.22 and 14.23 g/t gold (non NI 43-101). The above noted results are from the area under the north central part of the El Creston pit. Pediment has also tested the SW end of this pit area with two shallow drill holes, one of which returned significant results as follows:



Creston Block, Creston pit area
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LCOL From (m) To (m) Length (m) Gold g/t Silver g/t Notes
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R21 126.5 131.1 4.6 3.2 110 End of hole
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Incl. 1.5 8.8 270 in workings
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Twelve drill holes were completed to test the La Verde area (400 meters NE of the Creston pit) where drill hole R3 intersected three consecutive 1.5 m intervals returning 518, 0.93 and 12.6 g/t gold. While these results are concluded to represent a small high grade shoot, we expect larger tonnage potential to develop in two additional nearby zones as seen in R1. Drill testing at the Veta Madre zone which is located further east intersected 45.7 m, of 0.64 g/t gold and 7.5 g/t silver from surface. These three areas are to be evaluated for open pit potential. (The additional drill results can be viewed at the following link: www.pedimentexploration.com/s/La_Colorada.asp?ReportID=338417).

Mel Herdrick, VP of exploration, comments "Data compilation and limited preliminary testing confirms that the gold-silver mineralization at La Colorada is a typical, large size low sulfidation epithermal precious metal system. New understanding of post mineral cross-faulting and tilting of the mineralized trend, considerably expands the scope for finding additional bonanza type mineralization. (Click here for the geological summary www.pedimentexploration.com/s/La_Colorada.asp?ReportID=338360). We look forward to further confirming and testing new potential of this project; plans are being developed and will be released shortly." Mel Herdrick is a Qualified Person as defined by NI 43-101 and has approved this release.

Pediment is a Vancouver based exploration company, listed on the TSX Venture Exchange under ticker symbol "PEZ", that is focused on advancing gold projects in north western Mexico through exploration and resource definition. Pediment is well funded with $16 million of working capital and no debt.

On behalf of the board

Gary Freeman, President & CEO

We Seek Safe Harbour.

This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 27E of the U.S. Securities Exchange Act of 1934, as amended regarding an initial study and drilling results at La Colorada. Such statements include, without limitation, statements regarding the timing of future exploration activities by the Company, future anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans, potential mining scenarios, the success of mineral processing procedures, business trends and future operating costs and revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, and the U.S. Securities and Exchange Commission's Electronic Data Gathering and Retrieval (EDGAR) System at www.sec.gov, for a more complete discussion of such risk factors and their potential effects.

This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises that the U.S. Securities and Exchange Commission's mining guidelines prohibit information of this type in reports filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such adjacent or similar properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.

All of the Company's public disclosure filings may be accessed via www.sedar.com and www.sec.gov, and readers are urged to review these materials, including any technical reports filed with respect to the Company's mineral properties.

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pediment Exploration Ltd.
    Gary Freeman
    (604) 682-4418
    or
    Pediment Exploration Ltd.
    Michael Rapsch
    (604) 682-4418
    Website: www.pedimentexploration.com