Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

May 15, 2008 10:08 ET

Pershimco Reports Additional Higher Grades, up to 33.3 g/t Gold, 59.4 g/t Silver and 3.4% Copper From the Magistral Property, Mexico

CHIHUAHUA, MEXICO--(Marketwire - May 15, 2008) - PERSHIMCO RESOURCES INC. (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to report additional higher grade assay results from the on-going surface exploration program on the wholly-owned Magistral Property (the "Property") in the State of Chihuahua, Mexico, located 60 km south of the State's Capital of Chihuahua.

In the first update on Magistral (refer to the news release dated April 18, 2008), Pershimco outlined a number of higher grade assays from historical mineralized surface and underground workings in the northeast section of the Property, termed the Shaft, Trench, Stockpile and Adit showings of the Rodrigo Claim Block. Here, the (iron) magnetite-rich skarns contained anomalous and, locally, appreciable amounts of precious and base metals, that included grab samples grading 14.42 g/t gold, 220 g/t silver and 18.06% copper (sample #375), and channel samples grading 1.15 g/t gold, 21.7 g/t silver and 1.19% copper over 16.2 m (sample #376, 25 m south of #375); 1.27 g/t gold, 22.24 g/t silver and 1.50% copper over 10.7 m (Sample #377, 20 m south of #376), and 1.48 g/t gold, 27.2 g/t silver and 2.72% copper over 11.1 m (sample #378, 20 m south of #376). Samples 377 and 378 were contiguous along section over a combined length of 21.8 m averaging 1.38 g/t gold, 24.85 g/t silver and 2.12% copper. The 22.24 g/t silver grade from sample #377 was erroneously issued as 222.4 g/t silver in the Pershimco release of April 18, 2008.

In this second update, an additional 237 assay results (in gold, silver, copper, zinc and lead) were received from grab and channel samples from the Rodrigo and Vicky Claim Blocks. The bulk of the assays were derived from channel samples, with only 6 grab samples present in the data base. The average grades of the 237 assays are 0.43 g/t gold, 5.4 g/t silver and 0.51% copper. There are 86 assays over 0.2 g/t gold, of which 58 are over 0.5 g/t. Some 57 assays are over 5 g/t silver; whereas 113 are over 0.10% copper, of which 65 are over 0.50% copper and 38 are over 1% copper.

A table of the latest and previous assay results (in gold, silver, copper, zinc and lead), 389 from 573 total samples sent for assaying (and sampling-assaying protocols can be viewed using the link at:

http://www.pershimco.ca/proprietes/2008MagistralResults3.pdf.

The most significant new assay results from the channel samples intervals and grab samples from the Rodrigo and Vicky Claim Blocks are outlined as follows:

- 33.3 g/t gold, 59.4 g/t silver and 3.4% copper in grab sample #607;

- 2.19 g/t gold, 26.5 g/t silver and 2.30% copper over 5.6 m in contiguous channel samples #617 to #623, that includes 5.10 g/t gold, 69.14 g/t silver and 5.99% copper over 1.80 m;

- 0.94 g/ gold, 9.73 g/t silver and 1.16% copper over 17.5 m from contiguous samples #627 to #648;

- 1.06 g/t gold, 6.27 g/t silver and 1.19% copper over 5.85 m from contiguous channel samples #668 to #675, that includes 2.18 g/t gold, 8.97 g/t silver and 2.24% copper over 2.1 m;

- 0.80 g/t gold, 12.13 g/ silver and 1.33% copper over 4.00 m from contiguous channel samples #694 to #698, that includes 2.43 g/t gold, 49.20 g/t silver and 4.56% copper over 0.70 m;

- 0.90 g/t gold, 14.87 g/t silver and 1.22% copper over 10.5 m from contiguous cannel samples #709 to #721;

Magistral continues to show significant gold-silver-copper mineralization linked to a skarn system, especially in the northeast portion of Magistral on the Rodrigo-Vicky Claim Blocks. Detailed sampling from the Rodrigo-Vicky sector covered 0.18 km2 of grey limestones (60%), reddish intrusives (5%), white skarns (30%) and epidote-garnet-magnetite skarns (5%). The magnetite-rich skarns tend to host a significant sulphide component rich in copper, gold and silver. There is an excellent potential of discovering a number of pipes or chimneys in the same sector, as well as in the northwest sector based on the distribution of the magnetite-rich skarns. Additional results will be issued as they become available.

Typical iron, copper and gold bearing skarns in the Americas range in size from 200,000 tonnes to 200 million tonnes, with a middle range of 600,000 tonnes to 40 million tonnes grading 0.5 to 10 g/t gold, 5 to 15 g/t silver and 2 to 3% copper. The mineralization in skarn systems may be hosted in dozen of pipes and chimneys, covering several square kilometres. The pipes can be oriented vertically or be inclined and can occur in clusters. They may magnetite or sulphide dominant. Mantos or stratiform skarns are common and tend to occur with the pipes along more siliceous limestone beds.

At Magistral, the targeted skarn is magnetic and contains appreciable sulphides likely amenable to detection using standard geophysical methods. The metal content can be very significant in only a small volume; reasons enough for Pershimco to pursue the Magistral skarns aggressively.

The Magistral Gold-Silver-Copper Project

The Magistral project consists of various concessions totalling close to 8 km2. All were historically mined for their iron by Mexican and Spanish interests dating back more than 300 years, and are easily accessible via the main state highway and secondary gravel roads leading to the Property.

The Phase 1 exploration program initiated in 2007 and slated for completion by the end of Q2-2008 will evaluate the size potential of the skarn mineralization. Compilation of the historical data, limited drilling results and production reports has shown that all of the individual concessions of the Property have undergone some form of historic selective underground mining to shallow depths (generally less than 100 m).

In 2007, Pershimco collected more than 800 surface grab samples from 10 trenches covering 3 km in combined length over historic areas of mineralization. In 2008, the more than 570 samples specifically targeted the historical mineralized surface and underground workings in the northeast section of the Property, from the Shaft, Trench, Stockpile and Adit showings of the Rodrigo Concession and Vicky Concessions. The samples from the black (iron) magnetite-rich skarns of these areas contain anomalous and, locally, appreciable amounts of precious and base metals as previously reported.

The information contained in this news release has been prepared and revised by Mr. Jean Lafleur, P. Geo., Director and Technical Advisor at Pershimco, the Company's Qualified Person under National Instrument (NI) 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-Au 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.

Pershimco has a current cash position of C$ 2.5 million, a strong management team, great partners and several promising projects. Pershimco is continuing its exploration efforts in Mexico and Quebec, and it is confident in achieving its organic growth objectives with the Cusi, Magistral and Courville projects.

Please visit Pershimco on the web 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 Pershimco's objectives, estimates, expectations and the impact of acquisitions on Pershimco's financial performance. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from Pershimco's projections or expectations.

Contact Information

  • Pershimco Resources Inc.
    Alain Bureau, P. Eng.
    Interim President & CEO, Director
    Chihuahua, Mexico
    +521-614-417-26-82 or +521-614-417-23-05
    or
    Paradox Investor Relations
    514-341-0408
    Toll-free in Canada/USA: 1-866-460-0408
    514-341-1527 (FAX)
    infoparadox@qc.aira.com