Pershimco Resources Inc.

Pershimco Resources Inc.

December 07, 2006 14:37 ET

Pershimco Expands Mexican Exploration and Development Assets

CHIHUAHUA, MEXICO--(CCNMatthews - Dec. 7, 2006) - Through its wholly owned Mexican subsidiary, Pershimco Resources (TSX VENTURE:PRO) recently closed the acquisition of two new mining concessions located in the state of Chihuahua, Mexico.

The two contiguous polymetalic concessions referred to as "Melina" and "Camila" can be easily access and are located near the Cusi Project, less than 60 km south-west of Pershimco's current center of Mexican's operations in the town Chihuahua. The properties are close to all the necessary infrastructures and services. Both were acquired from Minera Homero S.A. In consideration for 100% of the rights to these concessions, Pershimco agreed to pay US$ 200,000, of which a deposit of US$100,000 has already been disbursed, US$ 50,000 will be paid before the end of December 2006 and US$50,000 before the end of the month of June 2007. Subject to regulatory approval, Pershimco will also issue 1,400,000 common shares of Pershimco Resources to the Minera Homero S.A. A 2% Net Smelter Royalty (NSR) payment is also established and that NSR can be bought back for the sum of US$1,000,000 at any time by Pershimco.

Mr. Alain Bureau, P.Eng. Vice-President Operations and Special Projects commented from Chihuahua: "(...) these acquisitions represent a major milestone in the establishment of an important mining operation for Pershimco in Northern Mexico. We believe that our strategy of acquiring concessions that had historical production in the past constitute a solid economic leveraged opportunity for us. (...)The Mexican government has already identified these mining properties as prime targets in 1995. (...) Initial work followed by target drilling and very large bulk sampling could start early in 2007 and we expect to use an aggressive development model that let us use the cash flow proceed of early major bulk samplings of the rich resources to pay for the initial development of these assets and the acquisition of other opportunities".

Roger Bureau, Pershimco's President added: "These properties constitute a comfortable foot print in the area and could become our forward base of operation in the regional deployment that we are planning over the next few years. Today, I am satisfied that this constitutes the realization of our commitment to establish ourselves in Mexico and it is also the precursor of a promising future where the newer Pershimco will have room for growth. (...)I also feel that we are building an infrastructure that will permit younger and ambitious members of the company to establish themselves as industry leaders in a very near future."

The Company also wishes to clarify a statement made in the news release issued on December 5, 2006, with regards to Mr. Jean Lafleur's status within the Company. Mr. Lafleur is a Director and Technical Advisor to Pershimco, and not Vice-President, Exploration as stated.



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. The Company holds 100% of several mining properties including the Courville Gold Project, near the Val-d'Or Gold Mining Camp, The Company also has an option to acquire 100% of a number of Canadian and Mexican properties including multiple properties in the State of Chihuahua. Mexico. Pershimco's wholly owned San Miguel Silver-Zinc Property, in the Cusi Mining District is under option to Dia Bras Exploration (TSX-V: DIB).

The Company's strategy is to advance its exploration properties towards metal reserves and eventual production, covering the exploration and development of the Courville Gold Project. Pershimco's management expects positive results from the pilot mining program at San Miguel.

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FORWARD-LOOKING STATEMENTS -- This press release contains forward-looking statements reflecting Pershimco objectives, estimates, expectations and the impact of acquisitions on Pershimco's financial performance. These statements are identified by the use of verbs such as "believe", "anticipate", "estimate", and "expect" as well as by the use of future or conditional tenses. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from Pershimco's projections or expectations.

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