Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

November 18, 2010 09:35 ET

Pershimco Intersects 128 Meters Grading 1.41 g/t Gold at the Cerro Quema Project in Panama and Also Confirms the Presence of Copper at Depth Below the Oxide Zone

ROUYN-NORANDA, QUEBEC--(Marketwire - Nov. 18, 2010) - Pershimco Resources Inc. ("Pershimco" or the "Corporation") (TSX VENTURE:PRO)(FRANKFORT:BIZ) is pleased to announce results from the first batch of assays received and verified on the recently completed validation Reverse Circulation (« RC ») drilling at the Corporation's Cerro Quema Project in Panama.

A first group of RC holes tested the LaPava Zone ("LaPava") located at the western extremity of a 12 km long corridor consisting of several dome features defined by historical work. Drill holes uniformly covered the domes, twinning historical holes and adding new holes as recommended by Scott Wilson Roscoe Postle in their National Instrument ("NI") 43-101 titled Technical Report on the Cerro Quema Project, Panama, by W. W. Valliant, P. Geo., S. Collins, P. E., and H. Krutzelmann, P.Eng., dated September 10, 2010 and available under Pershimco at www.sedar.com, and aimed at confirming not only the presence of gold, but the distribution of gold grades, and also the presence of Copper at depth.

All interval assay results and QA/QC protocols are summarized in the appended table. RC holes PRH10001, PRH10002, PRH10003 and PRH10004 on the Minera Cerro Quema Concession have confirmed gold along the entire length with the best interval in PRH10004 grading 1.41 g/t Gold over 128.0 metres; PRH10003 intersected 1.64 g/t Gold over 49.8 metres; PRH10002 cut 0.18 g/t Gold over 96.5 metres including 0.79% Copper over 10.2 metres in the last 10.2 metres of drilling; and PRH10001 intersected 0.51 g/t Gold over 74.2 metres.

This first batch of assay results confirms the presence of Gold, its extent and grades in areas historically drilled from the LaPava Zone. Additional RC holes outside the historic limits of drilling also intersected Gold as well as Copper below the known oxide zone.

The present drilling has been realized in 4 7/8" diameter. all hole are vertical (RC) Reverse Circulation type drilling. Samples, averaging 1 meter in length, have been analyzed by Activation Laboratories Ltd using 50g pyro with gravimetric finish.

The Cerro Quema Project

The Cerro Quema Project is located on the Azuero Peninsula in Los Santos Province of southwestern Panama some 45 km southwest of Chitré, a well-serviced city located along a major national highway. A fully functional exploration camp has been activated and the project is fully permitted for exploration. The ongoing exploration program is designed to upgrade and expand the near surface oxide Mineral Resources in order to build a low cost open pit leaching operation. The project is located in an area of low population, close to paved roads and the national power grid. These infrastructure advantages and geological settings could potentially reduce future project development costs and lower operating costs.

About Pershimco Resources Inc.

Pershimco Resources Inc. is a Canadian-based resource and exploration corporation listed on the TSX Venture Exchange and the Frankfurt Exchange. The Corporation holds several mining projects in Canada and South America including the recently acquired and wholly owned Cerro Quema Project in Panama, and the Courville Gold Project in the Val-d'Or Gold Mining Camp. The Corporation is managed by qualified and responsible individuals with extensive mineral exploration and mining development experience. The Pershimco Team and its shareholders and stakeholders are the key to the Corporation's success.

The technical information in this news release was approved by Mr. Jean Lafleur, P. Geo., Director of Pershimco Resources Inc., a Qualified Person under NI 43-101.

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

For more information, please visit the Corporation's website at www.pershimco.ca.

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" statements.

Hole Year Distance
from the
twinned-
hole
Elevation
(m.) above
sea level
From
(m)
To
(m)
Lenght.
(m)
Au
(g/t)
Cu
(%)
PRH10001 2010 4.84 505.68 0.00 74.17 74.17 0.513  
incl.       2.03 22.35 20.32 0.762  
incl.       61.98 74.17 12.19 0.487  
PRH92081 1992 0.00 507.01 0.00 88.00 88.00 0.351  
incl.       8.00 21.00 13.00 0.638  
incl.       62.00 88.00 26.00 0.584  
PRH10002 2010 4.50 507.65 0.00 96.52 96.52 0.177  
incl.       12.19 25.40 13.21 0.238  
incl.       60.96 83.31 22.35 0.320  
  2010 4.50 507.65 86.36 96.52 10.16   0.79%
PHR94132 1994 0.00 507.65 0.00 84.00 84.00 0.218  
incl.       12.00 27.00 15.00 0.328  
incl.       54.00 79.50 25.50 0.359  
  1994 0.00 507.65 81.00 84.00 3.00   0.63%
PRH10003 2010 9.66 522.19 0 49.78 49.78 1.64  
incl.       33.53 49.78 16.26 2.90  
incl.       105.66 115.82 10.16   0.56%
PRH92084/
PDH93020*
1992/
1993
0.00 519.89 0 50 50.00 2.00  
incl.       34 49 15 2.42  
incl.       117 149 32   0.63%
PRH10004 2010 6.96 539.78 0 127 127 1.41  
PDH92010 1992 0.00 540.3 0 127 127 1.15  
 
* : Drill hole PDH93020 represents an additional drilling extension of Drill hole PRH92084.

The present drilling has been realized in 4 7/8" diameter. all hole are vertical (RC) Reverse Circulation type drilling. Samples, averaging 1 meter in length, have been analyzed by Activation Laboratories Ltd using 50g pyro with gravimetric finish.

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