Pediment Exploration Ltd.

Pediment Exploration Ltd.

November 24, 2006 00:05 ET

Pediment Exploration Ltd.: Company Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 24, 2006) - Pediment Exploration (TSX VENTURE:PEZ)(FWB:P5E) ("the Company") is pleased to provide an update of its exploration activities in Northwestern Mexico. During the past quarter, Pediment has greatly expanded its technical staff, adding three geologists and numerous field assistants and outside specialist consultants. The Company is and expects to continue to be active on several projects simultaneously for the foreseeable future. Pediment is subject to the same delays in receiving assay and analytical results that plague the entire sector but will press ahead with field work while results are awaited. With over 4000 samples in or en route to the lab and new sampling programs ongoing, the Company will have a heavy reporting schedule going forward.

Sample preparation and shipping has been completed for the nine hole drill program on the Lista Blanca zone at the Caborca copper project. Results for the first three holes were reported earlier (see news release of October 18, 2006) and the remainder will be released as soon as available. One of the most significant findings from this drill program was a reclassification of the Lista Blanca zone as hydrothermal breccia and the presence of porphyry dykes hosting or proximal to areas of higher copper and gold grades. Pediment believes these findings enhance the potential of the large porphyry targets beneath the valley to the east and southeast of Lista Blanca ridge. A follow-up program to pursue these targets is being developed.

Mechanical trenching has begun at the Daniel project on the Mojave-Sonora Megashear. Trenches are being cleaned, mapped and sampled while the bulldozer and excavator work on creating new exposures. Ten or more large trenches are planned at Daniel, after which the equipment will move to the Texson project. Trenching at Texson is designed to assess the Texson Ridge silver target, a 700 metre long silver in soil anomaly discovered by Pediment earlier this year (see news release of March 28th). Both of these trenching programs should be finished and results reporting begun before year end.

At Baja Sur, a geophysical crew from Durango Geophysics of Durango Colorado is mobilizing and will start next week on a pole-dipole Induced Polarization (IP) survey to the north of the Company's existing Colinas resource. This survey will define and extend the Reconnaissance IP anomalies generated earlier this year. The survey will be conducted on a number of the lines that were recently soil sampled by Pediment. Results of the survey will be combined with geochemical results from 3600 soil samples currently in the lab. It is expected that a number of new drill targets will be defined by these programs. Testing will focus on both flat lying shears and steeper feeder structures that are expected to yield higher grades.

To that end, Pediment is pleased to report that it has signed agreements with Diamond Drilling Consultants of Spokane, WA for a core drilling program at Baja Sur. The initial contract is for a minimum of 3000 metres and is extendible at Pediment's election. Drilling equipment is en route and expected to arrive at San Antonio BCS in two weeks. Drilling will begin after the New Year when new geochemical and IP results have been compiled and interpreted. The initial focus of the drilling will be completing holes required bring the current 340,000 ounce Colinas resource to 43-101 standards, followed by expansion testing and testing of new target areas.

Gary Freeman, Pediment's President, stated: "We've come a long way in the past few months in terms of target generation on our projects, and the addition of new technical staff in Mexico will allow us to accelerate the process of moving these targets forward. Early stage work doesn't always get the attention of the market but we're pleased that this year's work has highlighted prospective areas on a number of our 100% owned projects. Now we can capitalize on that work and rapidly move several projects to and through the drill stage in the next few months. This will provide our shareholders with exposure to a number of high impact projects that, if successful, quickly raise Pediment's profile in the market."

The Company is also pleased to report that it will be exhibiting at both the San Francisco Hard Assets conference to be held at the Marriott Hotel on November 26th and 27th and at the Cambridge House Vancouver Resource Investment Conference held at Canada Place on January 21st and 22nd, 2007. We invite our shareholders and other interested parties to visit Pediment's booth to get the latest updates on the Company's activities.

Pediment's Exploration programs are conducted under the direction of geologist Melvin Herdrick, MSc (Registered Professional, Washington State), who is a qualified person within the definition of National Instrument 43-101 and who reviewed the contents of this release.

Pediment Exploration is a well financed, aggressive exploration company with approximately $4.0 million of working capital, and a main focus on precious metals exploration in western Mexico. It currently has 10 fully owned projects.

On Behalf of the board

Gary Freeman, President and CEO

Contact Information

  • Pediment Exploration Ltd.
    Gary Freeman
    (604) 682-4418
    (604) 683-6557 (FAX)
    Skyline Investor Relations
    (604) 733-3356 or Toll Free: 1-866-433-3356