Pershimco Resources Inc.

TSX VENTURE : PRO
FRANKFURT : BIZ


Pershimco Resources Inc.

February 28, 2013 12:10 ET

Pershimco Resources Inc.: Drill Program Returns Additional Positive Results and Extends Mineralization Outside Current Pit Limits

ROUYN-NORANDA, QUEBEC--(Marketwire - Feb. 28, 2013) - Pershimco Resources Inc. (the "Company" or "Pershimco") (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to report the latest assay results from its ongoing Infill and step-out drilling program focused on both expanding resources and upgrading resources from 'Indicated' to 'Measured' category at the Company's 100% owned Quema-Quemita and La Pava deposits.

HIGHLIGHTS:

  • Results confirm the continuity of higher grade gold mineralization within the current oxide gold resource area

  • Significant intercepts:

    • 5m @ 4.08 g/t gold ("Au"); 47m @ 1.23 g/t Au; 10m @ 1.12 g/t Au; 12m @ 1.01 g/t Au; and, 61m @ 0.86 g/t Au, including 40m @ 1.04 g/t Au

  • Significant intercepts in several directions outside the current optimized open pit design indicate potential for further expansion of both gold and copper resources

  • Drilling further expands supergene copper zone below the oxide gold zones. Significant intercept:

    • 18m @ 2.4% copper ("Cu") (incl. 7m @ 5.26% Cu)

In addition to the recent regional drilling results from its new Idaida project (see news release dated February 9, 2013), the Company continues to undertake a systematic resource definition and resource upgrade drilling program at both the Quema-Quemita and La Pava deposits. This drilling is successfully defining continuity of mineralization in both deposits, as well as expanding each of areas of higher grade gold mineralization, the size of the lower grade oxide gold halo and the extent of deeper supergene copper mineralization.

Alain Bureau, P.Eng, Pershimco's President and CEO commented: "The carefully planned technical work being conducted by our resource development team continues to expand the areas of mineralization beyond the current open pit boundaries at both La Pava and Quema-Quemita, showing the strong likelihood that we will be able not only to upgrade our resources, but also to expand the size of our resources and of both of these future open-pits."

Tables 1 and 2 below list new significant gold and copper intercepts at La Pava. Refer to Figure 1 for drill hole location map at La Pava.

LA PAVA DEVELOPMENT DRILLING

Table 1: New Gold Assay Results from La Pava:

DRILL HOLE NO.(1),(2) From
(m)
To
(m)
Length(3)
(m)
Au
(g/t)
Cu
(%)
PDH12025 14 24 10 1.12 0
PDH12036 0 7 7 0.84 0
PDH12037 0 7 7 1.92 0
PDH12038 4 9 5 2.34 0
PDH12038 13 29 16 0.92 0
Incl. 14 19 5 2.01 0
PDH12041 9 61 52 0.4 0
PDH125180b 177 183 6 1.26 0.12
PRH12145 2 8 6 1.72 0
PRH12150 7 31 24 0.71 0
PRH12152 3 15 12 1.01 0
PRH12180 110 165 55 0.34 0
PRH12188 0 5 5 4.08 0
PRH12196 153 161 8 0.41 0.03
PRH12199 8 45 37 0.41 0
PRH12201 2 5 3 0.87 0
PRH12202 3 17 14 0.42 0
PRH12205 0 5 5 0.58 0
PRH12209 40 42 2 1.02 0
PRH12211 3 50 47 1.23 0
Incl. 21 41 20 1.65 0
PRH12213 117 132 15 0.65 0
PRH12221 3 64 61 0.86 0
Incl. 3 43 40 1.04 0
PRH12223 0 6 6 0.9 0
PRH12229 0 8 8 0.68 0
PRH12247 9 12 3 1.3 0
PRH12254 0 15 15 0.62 0

Table 2: New Copper Assay Results from La Pava:

DRILL HOLE NO.(1),(2) From
(m)
To
(m)
Length(3)
(m)
Cu
(%)
Au
(g/t)
PDH12025 43 49 6 0.74 0.03
PDH12038 118 122 4 1.58 0.36
PDH12038 133 138 5 0.77 0.35
PDH12041 86 113 27 0.76 0.1
Incl. 88 91 3 2.52 0.13
PDH12042 141 155 14 0.38 0.07
PDH12044 117 124 7 0.44 0.09
PDH12044 345 361 16 0.44 0.08
PDH125180 158 160 2 1.15 0.44
PRH12171 83 93 10 0.95 0.12
PRH12180 155 165 10 0.74 0.47
PRH12199 51 79 28 0.42 0.22
PRH12207 61 80 19 0.79 0.17
Incl. 66 71 5 2.14 0.4
PRH12221 95 121 26 0.41 0.22
PRH12236 89 92 3 0.97 0.26
PRH12250 21 39 18 2.4 0.22
Incl. 21 28 7 5.26 0.28
PRH12255 15 28 13 0.34 0.72
Notes:
1. Drill hole Numbers with prefix 'PRH' are Reverse Circulation (RC) drill holes.
2. Drill hole Numbers with prefix "PDH" are Diamond drill holes.
3. Drill intersections tabulated under 'Intercept' are reported as drilled thicknesses. These intercepts are apparent widths only.

Highlights of the La Pava drilling include:

Ten drill holes located outside or within 10 to 15m of the southern and northwestern sides of the open pit design have intercepted significant new gold and copper mineralization. Two drill holes returned high grade oxide gold intercepts within the central east zone and several drill holes intersected significant widths of oxide gold and supergene copper mineralization in the western area of the open pit design.

These intercepts are considered significant as they represent either step-out drill holes, which identify mineralization outside the current open pit design, or infill drill holes focused on providing better definition and control on mineralization, which would enable the Company to upgrade some of the resources from the current "Indicated" category to the "Measured" category.

(1) Southern Zone

Drill hole PRH12188 intercepted 5m @ 4.08 g/t Au. (Collared approximately 30m outside the current southern margin of the open pit design.)

Drill hole PRH12255 intercepted 13m @ 0.72 g/t Au and 0.34% Cu in the sulphide zone. (Located approximately 25m outside the southern margin of the current pit design.)

Drill hole PRH12247 intercepted 3m @ 1.30 g/t Au. (Located outside the southern margin of the open pit design.)

Drill hole PRH12250 intercepted 18m @ 2.4% Cu and 0.22 g/t Au (incl. 7m @ 5.26% Cu) within the sulphide zone. (Collared 8m north of the southern margin of the open pit design.)

(2) Central East Zone

Two infill drill holes, PRH12211 and PRH12221, returned 47m @ 1.23 g/t Au and 61m @ 0.86 g/t Au (incl. 40m @ 1.04 g/t Au) respectively. These drill results show continuity of both the higher grade and the significant width of the mineralized zone within this area.

(3) Central South Zone

Drill hole PDH12037 intercepted 7m @ 1.92 g/t Au. This is most southern drill hole on section and, as it appears open in that direction, additional step-out drilling further south is required to determine the extent of mineralization.

(4) Western Extension Zone

Drill hole PRH12199 returned 37m @ 0.41 g/t Au from surface and 28m @ 0.42% Cu & 0.22 g/t Au within the sulphide zone.

Drill hole PRH12207 intercepted 19m @ 0.79% Cu (Incl. 5m @ 2.14% Cu).

Both of these drill holes confirm that significant mineralized widths of gold and copper exist in this western extension zone, which remains open.

Tables 3 and 4 below list significant gold and copper intercepts respectively at Quema-Quemita.

Refer to Figure 2 for drill hole location map at Quema-Quemita.

QUEMA-QUEMITA DEVELOPMENT DRILLING

Table 3: New Assay Gold Results from Quema-Quemita:

DRILL HOLE NO.(1) From
(m)
To
(m)
Length(2)
(m)
Gold
(g/t)
Copper
(%)
PRH12178 0 14 14 1.61 0
PRH12200 0 32 32 0.44 0
Incl. 6 29 10 0.67 0
PRH12217 43 68 25 0.36 0
PRH12184 61 63 2 1.46 0.09
PRH12220 72 75 3 1.34 0
PRH12238 22 67 45 0.61 0
PRH12242 56 77 21 0.5 0
PRH12259 2 10 8 3.84 0

Table 4: New Copper Assay Results from Quema-Quemita:

DRILL HOLE NO.(1) From
(m)
To
(m)
Length(2)
(m)
Copper
(%)
Gold
(g/t)
PRH12184 61 63 2 1.46 0.09
PRH12238 77 84 7 0.36 0.86
PRH12238 77 84 7 0.36 0.86
PRH12241 23 42 19 0.53 0
PRH12244 105 114 9 0.51 0.04
PRH12246 23 125 102 0.46 0.05
Incl. 23 52 29 0.92 0.07
PRH12252 39 57 18 0.71 0.44
Notes:
1. Drill hole Numbers with prefix 'PRH' are Reverse Circulation (RC) drill holes.
2. Drill intersections tabulated under 'Intercept' are reported as drilled thicknesses. These intercepts are apparent widths only.

Highlights of the Quema-Quemita drilling include:

Two drill holes collared outside the current optimized open pit design at Quema-Quemita have intercepted significant mineralization.

Four drill holes located close to the perimeter on the south-western and central north sections of the open pit design have all intercepted significant gold oxide and/or supergene copper mineralization, providing new targets for future resource definition and upgrade drilling.

As is the case with drilling in the La Pava deposit, these intercepts at the Quema-Quemita deposit are considered significant as, in addition to increasing the overall resource, they represent either step-out drill holes, which have identified mineralization outside the current open pit design, or infill drill holes focused on providing better definition and control on mineralization aimed at upgrading the resource from the current 'Indicated' category to the 'Measured" category.

(1) North Central Zone

Drill hole PRH12252 returned 18m @ 0.71% copper and 0.44 g/t gold within the sulphide zone. (Intersected between the central and eastern open pit designs, this result provides support that, with additional drilling, these two pits show potential to be merged into one larger pit.

Drill hole PRH12246 returned 102m @ 0.46% copper (Incl. 29m @ 0.92% copper) in the sulphide zone. This wide drill hole, located 130m west of PRH12252 near the northern flank of the open pit limit, has demonstrated continuity of mineralization in a northerly direction, where it remains open.

(2) South Central Zone

Drill holes PRH12259, PRH12238 and PRH12178 returned oxide gold intercepts of 8m @ 3.84 g/t gold; 45m @ 0.61 g/t gold; and 14m @ 1.61/g/t gold respectively. All drill holes are collared near the southern perimeter of the open pit design highlighting continuity of mineralization in these areas. Additional drilling is planned to establish the extent of gold mineralization in this area south of the current open pit design.

Drill hole PRH12241 intercepted 19m @ 0.53% copper within the sulphide zone. Located approximately 50m outside the southern perimeter of the current open pit design, mineralization remains open in this direction.

(3) South Eastern Zone

Drill hole PRH12200 has returned an oxide gold intercept from surface of 32m @ 0.44 g/t gold (incl. 10m @ 0.67 g/t gold). This drill hole is located on the southeastern perimeter of the current open pit design, where further drilling will be required outside the current pit with the potential to increase the overall gold resources.

Quality Assurance / Quality Control ("QA/QC")

Drill core from the diamond and reverse circulation (RC) drill holes are transported by Pershimco technical personnel from the drill site to the core and sample preparation facility on site. Once there, geologists and qualified technicians log, sample tag and half-split the core in 1 meter lengths using stationary saws. Individual sampled meter intervals of split core and RC chips are then put in tagged and sealed plastic bags with a standard, duplicate and blank inserted at regular intervals. The prepared samples are then sent to the Activation Laboratories (Actlabs) sample preparation facilities in Panama. Individual samples are inventoried by Actlabs personnel, dried, finely crushed to 70% at <2 mm, then pulverized to 85% at <75 μm, and riffle-split to 150 grams. Prepared samples are then placed into sealed 5-gallon plastic containers and shipped by courier services to the Activation Laboratories main facilities in Ancaster (Ontario, Canada) for assaying using a multi-element ICP method and fire assay method with atomic absorption finish for Gold, Silver and Copper. Over limit assays are done on samples with results greater than to 2.5 g/t. The new protocol also includes that samples be dried at 125 degree Fahrenheit just before crushing and also immediately before pulverizing.

The information contained in this news release has been reviewed and approved by Mr. John Kapetas, B.Sc. Hons, MAusIMM, MAIG, a Qualified Person under NI 43-101 rules and standards.

About Pershimco Resources Inc.

Pershimco Resources Inc. is a Canadian-based resources and exploration company listed on the TSX Venture Exchange and the Frankfurt Exchange. The Company holds several mining properties in Canada and South America, including the extraction permitted Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d'Or Gold Mining Camp, being explored in partnership with Osisko Mining Corporation. The Company is managed by skilled and reputable people with extensive mining, exploration and development experience. The Pershimco Team and its investors are the key to its success.

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

Please visit the Company'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" statement.

Figures 1 and 2 are available at the following address: http://media3.marketwire.com/docs/Figures_1_2_0228.pdf

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