Pershimco Resources Inc.

Pershimco Resources Inc.

April 18, 2008 09:58 ET

Pershimco Reports up to 14.40 g/t Gold From Magistral Property, Mexico

CHIHUAHUA, MEXICO--(Marketwire - April 18, 2008) - PERSHIMCO RESOURCES INC. (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to update shareholders on the latest exploration results from the Company's wholly-owned Magistral Property (the "Property") in the State of Chihuahua, Mexico, located 60 km south of the the State Capital of Chihuahua.

In 2007, Pershimco received a number of higher grade assays from selected samples of 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. The (iron) magnetite-rich skarns from these showings contained anomalous and, locally, appreciable amounts of precious and base metals (refer to the Pershimco news releases on Magistral issued August 2, September 10 and September 12, 2007).

Pershimco has completed additional surface mapping and sampling, in follow-up to the positive assay results obtained last year. A total of 152 assay sample results were in received in gold, silver, copper, zinc and lead. Of these, some 3 channel samples and 1 selected sample from the Stockpile Showing show higher grade precious metals and copper:

- Sample #375: selected sample gave 14.42 g/t gold, 220 g/t silver and 18.06% copper

- Sample #376 (25 m south of #375): 16.2 m channel sample gave 1.15 g/t gold, 21.7 g/t silver and 1.19% copper

- Sample #377 (20 m south of #376): 10.7 m channel sample gave 1.27 g/t gold, 222.4 g/t silver and 1.50% copper

- Sample #378 (20 m south of #376): 11.1 m channel sample gave 1.48 g/t gold, 27.2 g/t silver and 2.72% copper

Samples 377 and 378 are 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.

Mr. Jean Lafleur, Director and Technical Advisor, states that "(...) The mineralization identified to date in the northeast portion of Magistral continue to demonstrate the potential for significant gold, silver and copper of the Magistral skarn system. We believe there is also a significant potential of discovering numerous skarn pipes or chimneys in the northeast and northwest sectors based on the distribution of the magnetite-rich skarns. Pershimco's airborne Magnetic and Electro-Magnetic surveys covering the entire 100 km2 Magistral Belt will be instrumental in detecting the lateral and depth extensions of these skarns, which will be validated by drilling later in 2008 (...)".

A table of all 152 sample results (in gold, silver, copper, zinc and lead) can be viewed using the following link:

The Magistral Copper-Gold Project

The Magistral project consists of eight concessions totalling 845 hectares or 8.45 km2. Six were acquired around the original 122 hectares Camila and Melina concessions. These included the Magistral Dos (375 hectares), Rodrigo (4 hectares), Vicky (44 hectares), Ana (100 hectares), Isabel (160 hectares) and Karla (40 hectares). The new concessions have been historically mined mostly for their iron by Mexican interests, and are easily accessible via the main state highway and secondary gravel roads leading to the site.

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 claim blocks of th Property have undergone some form of historic selective underground mining to shallow depths (less than 100 m). In preparation for the surface mapping and sampling program, Pershimco rehabilitated 13.5 km of secondary roads and trails at Magistral to access the 18 historic workings on the Property.

More than 800 selective trench and surface grab samples were collected in 2007. Samples were taken from 10 trenches covering 3 km in combined length over historic iron mineralization linked to skarns, all running perpendicular to the skarn in order to reach bedrock. The skarns consist of calcite, epidote, garnet, magnetite and sulphides in different combinations and proportions, and are located within sub-horizontal limestones and arenites along the contact of a major felsic intrusive. The observed skarns vary in thickness from 50 m to 500 m wide, and extends the full length of the contiguous Magistral Dos, La Chata, Camila and Melina properties, as well as the Ana, Isabel, Rodrigo and Vicky properties, a combined minimum 7 km strike length. Of these, the black magnetite-rich portions, particularly on the Rodrigo Claim Block gave significant gold, silver and copper values, including 2.45 and 2.62 g/t gold, 44.30 and 252.1 g/t silver, and 4.51% and 23.66% copper.

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 generally grading less than 1 g/t to more than 9 g/t gold, 5 to 15 g/t silver, and 2 to 3% copper.

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

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

  • Paradox Investor Relations
    Carl Desjardins or Jean-Francois Meilleur
    Toll-free in Canada/USA: 1-866-460-0408
    514-341-1527 (FAX)