Pershimco Resources Inc.
TSX VENTURE : PRO

Pershimco Resources Inc.

December 21, 2006 15:27 ET

Pershimco Resources Closes Financing with the Mineralfields Group

ROUYN-NORANDA, QUEBEC--(CCNMatthews - Dec. 21, 2006) - Pershimco Resources Inc. (TSX VENTURE:PRO) is pleased to announce an agreement for a non-brokered private placement for Cnd$1,000,000 of which a first closing for Cnd$650,000 has taken place today, based on the sale of 1,274,508 flow-through units ("FT Unit"), for a subscription price of $0.51 per FT Unit, to the MineralFields Group.

Each FT Unit will consist of one (1) Flow-Through Share and one (1) non-flow-through common share purchase warrant of the Company ("Warrant"). Of the subscription price of Cnd$0.51 per FT Unit, the Company intends to allocate $0.509 to the price of the Flow-Through Share comprised in each FT Unit and $0.001 to the price of the Warrant comprised in each FT 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 Warrant; 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 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 the scope of this private placement, Limited Market Dealer Inc. will receive a finder's fee equivalent to 50,980 Common shares which represents 4% of the private placement and an option equivalent to 10% of the total number of FT Unit placed, which represents 127,450 rights to acquire FT Units which each consists of one (1) Flow-Through Share and one (1) non-flow-through common share purchase warrant of the Company at the subscription price of Cdn$0.51 per FT Unit and subject to the same conditions of the FT Units described bellow.

"We are very pleased to be entering into this relationship with MineralFields Group", stated Roger Bureau, President and CEO of Pershimco Resources Inc. "This is an important milestone in the growth of Pershimco Resources Inc. and we look forward to working with the MineralFields Group as we develop our holdings in the Province of Quebec."

ON BEHALF OF THE BOARD OF DIRECTORS

"Roger Bureau"

ROGER BUREAU, PRESIDENT AND CHIEF EXECUTIVE OFFICER

About MineralFields Group.

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assents under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. For more Information about the MineralFields Groups is available at www.mineralfields.com.

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.

Please visit us on the web at www.pershimco.ca

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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