Pershimco Resources Inc.

Pershimco Resources Inc.

December 22, 2006 18:44 ET

Pershimco Resources Closes a Private Placement

ROUYN-NORANDA, QUEBEC--(CCNMatthews - Dec. 22, 2006) - Pershimco Resources Inc. (TSX VENTURE:PRO) is pleased to announce a non-brokered private placement for Cnd$250,000, based on the sale of 250 units ("Unit"), for a subscription price of $1,000 per Unit, to Northern Precious Metals 2006 Limited Partnership.

Each Unit will consist of i) 1,600 flow-through Common Shares (the "Flow-Through Shares") at a price of $0.499 per Common Share and 400 Common Shares at a price of $0.499 per Common Share (the "Common Shares") and iii) 2,000 non-flow-through common share purchase warrants of the Company (the "Warrants"). Of the subscription price, the Company intends to allocate $0.001 to the price of the Warrant comprised in each Unit. Each Warrant will entitle the holder thereof, during a period of 24 months from the date of issuance of the Warrant, to purchase, subject to adjustment in certain events one (1) common share at an exercise price of $0.64 per Common Share, during an initial period of 6 months from the date of issuance of the Warran at an exercise price of $0.70 per Common Share, during the second period of 6 months thereafter; at an exercise price of $1.02 per Common Share, during the third 6 month period; and finally at a price of $1,22 during the remaining 6 month period. If, however, the shares of the Company should trade at a TSX-V ticker price greater than $0.80 during a period of 15 consecutive days (the "First Period"), the Warrants shall expire irrevocably unless the Purchaser exercises the Warrants within 25 days from the end of the First Period.

In addition, Northern Precious Metals Management Inc. shall receive a finder's fee equivalent to 10,000 Common Shares and 12,500 Warrants.

Mr. Roger Bureau, Pershimco's President, commented: "(...) We are very pleased that institutional investors and advisors are coming on board. We plan to collaborate a lot more with these groups in the implementation of our growth strategy in the coming months".


"Roger Bureau"


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. 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.

The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of the content herein.

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