Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

March 19, 2008 10:00 ET

Pershimco and Tara Gold Settlement on the Las Minitas (Mexico) Option Agreement

CHIHUAHUA, MEXICO--(Marketwire - March 19, 2008) - PERSHIMCO RESOURCES INC. (TSX VENTURE:PRO)(FRANKFURT:BIZ) and Pershimco's subsidiary Minero Metallurgica San Miguel, S. de R.L. de C.V. ("Pershimco") announce that the Company has reached a settlement with Tara Gold Resources Corp. and its subsidiary Corporacion Amermin S.A. ("Tara Gold") on the Las Minitas Gold-Silver Property holdings ("Las Minitas Property") in the State of Sonora, Mexico.

Pershimco had signed a option agreement in May 2007 with Tara Gold, whereby it had the right to earn a 75% interest in Las Minitas Property (refer to the news release dated May 11, 2007). As part of Pershimco's due diligence process, the Company had initiated a field program to verify and validate the historical work, including a historical mineral resource. Based on new information obtained from the due diligence work and following communications with the TSX Venture Exchange about significant disclosures contained in press releases issued between 1994 and 1997 by a previous owner of the Las Minitas Property, Pershimco dropped its option Agreement (refer to the news release dated December 12, 2007). The option agreement was still subject to regulatory approvals, including the TSX Venture Exchange.

Pershimco was unable to validate if the historic database was complete and if it contained all the relevant historic drilling and assays done on the project. Pershimco also learned of and confirmed that a statement at that time was issued retracting a resource estimate at the Las Minitas Project, otherwise known in the 1990's as the La Fortuna Project. The retraction was based on a discrepancy in silver assays. Validation drilling by an optioning party at the time indicated that silver assays were lower than those originally obtained by the vending party over the same twinned intervals. The vendor reported at that time that the optioning party terminated its option on the La Fortuna Project following the results from the twinned holes. Pershimco dropped its option as a result of this new information, and retracted prior mineral resource estimates it had made on the project in 2007.

Tara Gold has now accepted the dissolution of the Las Minitas Property option agreement, and the full return of the Las Minitas Property from Pershimco, Pershimco would retain a 1% Net Smelter Returns Royalty ("NSR") on the Las Minitas Property subject to a buy-back option of CDN $0.5 million. Pershimco and Tara Gold continue to believe that the complimentary strengths of each have the potential to add considerable value through future partnerships.

Neither Pershimco nor Tara Gold will hold any claim of gain or liability, now or in the future, regarding the option agreement and its dissolution.

The information contained in this news release has been reviewed and approved by Mr. Jean Lafleur, M. Sc., Geol., Director and Technical Advisor, at Pershimco, Qualified Persons under National Instrument 43-101 regulations.

About Pershimco Resources Inc

Pershimco Resources Inc. is a Canadian based junior resource and exploration company trading under the symbol PRO on the TSX Venture Exchange and under the symbol BIZ on the Frankfurt Stock Exchange. The Company holds 100% of several mining properties, including the Courville Gold Project, near the Val-d'Or Gold Mining Camp. The Company has a number of Mexican properties in the state of Chihuahua, Mexico, including the Cu-Zn-Au-Ag skarn Magistral Project and the Ag-Zn La Bamba and San Miguel properties in the Cusi Mining District. Pershimco's strategy is to advance its exploration properties towards metal reserves and eventual production. Please visit our web site at www.pershimco.ca.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements that could reflect either party's objectives, estimates, expectations and the impact of either party's financial performance. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from either party's projections or expectations.

Contact Information

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