Pershimco Resources Inc.

Pershimco Resources Inc.

November 15, 2012 08:30 ET

Pershimco Confirms and Extends Quema/Quemita Copper Structure and Commences IP Geophysics Program

ROUYN-NORANDA, QUEBEC--(Marketwire - Nov. 15, 2012) - November 15, 2012 - Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO) (FRANKFURT:BIZ) is pleased to provide an update on its ongoing exploration program over its 15,000 Ha 100% owned Cerro Quema property.

Highlights from recent work at the Quema/Quemita deposit area include:

  • Identified a 750 meter structure with significant copper intercepts along the northern flank of the Quema/Quemita deposit;
  • Commencement of a 82 line kilometer IP geophysics program; and
  • Additional gold results contained in oxide at Quema/Quemita, including 27m @ 1.38g/t Au and 14m @ 1.61 g/t Au.

750 Meter Structure Containing Significant Copper Mineralization in the Quema/Quemita Area

The compilation and interpretation of recent drilling results have confirmed the Corporation's geological and mineralization models for the gold and copper mineralization at Quema/Quemita. These new drilling results have demonstrated the presence of significant copper intercepts which are coincident with an important mineralized structure previously intercepted at depth by a historical drill hole (PDH-93015) which returned 29 m at 0.43 % Cu.

Most significant copper results from recent drilling include:

  • PRH-12050 returning 14 m @ 0.63 % Cu;
  • PRH-12121 returning 123 m @ 0.13 % Cu;
  • PRH-12123 returning 30 m @ 0.13 % Cu.

Drill hole results listed in Table 1 show copper mineralization which now identifies a contiguous structure 750 m in length trending SW-NE. This structure is located 100-200 m North-North-East of the Quema/Quemita open pit perimeter and South-East of both the La Mesita deposit and the El Domo zone. Refer to Figure 1 for drill hole and structure location.

Table 1: New Copper Results from Quema/Quemita Deposit Area

PRH-12048 7 42 35 0.20 0.05
PRH-12049 86 100 14 0.45 0.06
PRH-12050 52 66 14 0.63 0.05
PRH-12053 35 36 1 0.47 0.01
PRH-12091 0 3 3 0.47 0.13
PRH-12093 57 59 2 0.46 0.06
PRH-12095 43 51 8 0.72 0.06
PRH-12121 0 123 123 0.13 0.03
PRH-12123 39 69 30 0.13 0.04
1. Drill hole numbers with prefix 'PRH' are reverse circulation (RC) drill holes.
2. Drill intersections tabulated under 'Intercept' are reported as drilled thicknesses. These intercepts are apparent widths only.

Commencement of a 82 Line Kilometer IP Geophysics Program

The Corporation is also pleased to announce the commencement of the Induced Polarization (IP) geophysical program scheduled to begin this coming week on the Quema/Quemita, La Mesita and El Domo project areas. IP geophysics has proven to be a useful exploration and targeting method on the Cerro Quema project. Based on the successful results achieved from the previous survey completed on the La Pava deposit, the IP program will now be extended toward the east to cover the entire Quema/Quemita system.

Additional Gold Results Contained in the Oxide Zone of Quema/Quemita

Additional new drill results of the gold oxide drilling program at Quema/Quemita returned significant intercepts including PRH-12178 which returned 14 m @ 1.61 g/t Au within a larger intercept of 71 m @ 0.49 g/t, and PRH-12147 which intercepted 27 m @ 1.38 g/t Au. Refer to Table 2 for additional results.

Table 2: New Gold Results from Quema/Quemita Deposit Area

PRH-12178 0 71 71 0.49
including 0 14 14 1.61
PRH-12200 9 23 14 0.64
PRH-12076 0 22 22 0.49
PRH-12077 23 26 3 0.63
PRH-12071 34 41 7 0.42
PRH-12212 27 31 4 0.44
PRH-12147 0 27 27 1.38
PRH-12084 21 29 8 0.49
PRH-12099 75 78 3 0.78
PRH-12100 65 69 4 0.38
PRH-12103 23 28 5 0.29
1. Drill hole numbers with prefix 'PRH' are reverse circulation (RC) drill holes.
2. Drill intersections tabulated under 'Intercept' are reported as drilled thicknesses. These intercepts are apparent widths only.

The Corporation has also continued to progressively increase its drilling rate at the project and exceeded its drilling meterage targets for the previous 3 consecutive months. An additional 16,000 meters of drilling have now been completed subsequent to the drill data included in the recently published National Instrument 43-101 compliant resource estimate.

Alain Bureau, P. Eng, Pershimco's President and CEO commented: "Our exploration team continues to expand our understanding of the mineralization controls at the Quema/Quemita, La Mesita and El Domo sectors. This newly identified structure shows similarities to the deep Copper-Gold structure already identified by drilling at the La Pava deposit. Our team is currently planning the 2013 drilling program which will see us expand our drilling efforts to Quema/Quemita deposit areas where there are significant meters yet to be drilled to increase our resources."

Quality Assurance / Quality Control ("QA/QC")

Pershimco follows strict QA-QC protocol measures in keeping with industry standards and regulatory reporting requirements. All assays reported above were obtained by using a multi-element ICP method and fire assay method with atomic absorption finish for Gold, Silver and Copper. Over limit assays are done on samples with results greater than 2.5 g/t. The sample preparation protocol also requires that samples be dried at 125 degrees Celsius just prior to crushing and also immediately before pulverizing.

The information contained in this press release has been reviewed and approved by Mr. John Kapetas, B.Sc. Hons, MAusIMM, MAIG, a Qualified Person under National Instrument 43-101 rules and standards.

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 Co 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.

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