Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

May 29, 2012 13:27 ET

Pershimco Announces the Discovery of Additional Geophysical Targets on the Cerro Quema Property

ROUYN-NORANDA, QUEBEC--(Marketwire - May 29, 2012) - Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to announce the results of the geophysical survey recently completed over its 15,000 Ha 100% owned Cerro Quema property. These are the first high resolution geophysical surveys completed over the entire extent of the concessions.

These preliminary results and associated interpretations highlight the following:

  • Numerous new geophysical targets with similar magnetic, radiometric and electromagnetic signatures as those over the La Pava and Quema/Quemita gold resources.

  • Induced Polarization (IP) survey results correlate well with drill hole assays that show gold and copper mineralization associated with strong silicic alteration and deeper chargeable sulphide zones.

  • These new geophysical results have generated additional drilling targets along strike of known resources at La Pava and Quema/Quemita.

Induce Polarisation Survey (IP)

The purpose of the IP survey with an effective depth down to 200m, was to define and expand on the known near surface resistive zones associated with silicic alteration which host gold mineralization at the La Pava project. An additional objective was to define and expand on the deeper chargeability and conductive zones known to be associated with the copper/gold mineralization as previous drilling results earlier published by the Corporation have confirmed.

The resistivity map shown below (Figure 1) highlights a robust resistivity anomaly with approximate dimensions of 400m x 300m. This resistivity anomaly is coincident with the La Pava project with gold mineralization hosted in the oxide zone of a silicic altered volcanic unit. This IP anomaly has also highlighted a northerly and westerly extension of this resistive unit located outside of the current pit design. These extensions will require drill testing to evaluate their potential.

The chargeability map (figure 2) highlights a chargeability anomaly of approximate dimensions of 600m x 350m. This chargeability anomaly coincides with deeper sulphide mineralization identified by drilling at the La Pava and Chontal projects.

Figures 3 and 4 shown below show selected profiles (A-A' and B-B') of resistivity and chargeability results respectively over the La Pava project.

The Corporation is encouraged by these IP results over the La Pava and Chontal projects which clearly outline the mineralized host units present. Combined with the preliminary airborne geophysics interpretations, the Corporation will now complete additional IP geophysical surveys over the Quema/Quemita project and additionally over the newly identified targets identified by the airborne geophysics.

Airborne survey (VTEM-Mag-Rad)

The airborne survey was completed using a total field magnetometer, a gamma-ray spectrometer (U, Th, K) and a time domain vertical axis electromagnetic system (VTEM). This survey entirely covers Pershimco's 100% owned Cerro Quema project in Panama. The objective of the survey was to define the magnetic and radiometric signatures of the LaPava and Quema/Quemita resources and additionally to identify similar signatures within the property.

Figure 5 shows a reduced to pole of TMI image. This figure highlights the low magnetic susceptibility with coincident low potassium and high Th/K ratio signatures over the La Pava, Quema/Quemita and Chontal projects.

Figure 6 highlights numerous new geophysical targets with similar signatures both within and along strike of known mineralization in La Pava and Quema/Quemita resources.

Alain Bureau, President and CEO, states: "We are very pleased with the recently completed geophysical surveys and the associated interpretations. These results have confirmed our in-house geological and mineralization models. The follow-up of these new targets will now allow us to evaluate the full potential of our Cerro Quema property in Panama."

About Pershimco Resources Inc.

Pershimco Resources Inc. is a Canadian-based resources and exploration company listed on the TSX Venture Exchange and the Frankfurt Exchange. The Corporation holds several mining properties in Canada and South America, including the extraction permitted Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d'Or Gold Mining Camp, being explored in partnership with Osisko Mining Corporation. The Corporation is managed by skilled and reputable people with extensive mining, exploration and development experience. The Pershimco Team and its investors are the key to its success.

The Corporation's documents are available on www.sedar.com

Please visit the Corporation's website at www.pershimco.ca

To view the Figures 1 to 6, please visit the following link: http://file.marketwire.com/release/PRO_figures0529.pdf

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. Statements made in this news release that are not historical facts are "forward-looking statements" 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" statement.

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