Payment for MALARTIC option received from Dundee Precious Metals Inc.
ROUYN-NORANDA, July 18, 2018 - Pershimex Resources Corp. (« Pershimex » or the « Corporation ») (TSX VENTURE:PRO) The Corporation is pleased to announce that on June 29, 2018, it received from Dundee Precious Metals Inc. (“DPM”) the first anniversary payment of $60,000 and 15,000 shares in the capital of DPM pursuant to terms the option agreement (the “Agreement”) between the Corporation and DPM in respect of the Malartic property (see press release of May 23, 2017). Under the terms of the Agreement DPM was also required to have made $500,000 in exploration expenditures on the Malartic property. As of March 31, 2018, DPM had completed more than $ 1.1 million in work on the property.
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The exploration work undertaken on the Malartic property has included: prospecting, mapping, structural analysis, geochemistry and geophysics have accelerated the schedule of work and make a first drilling campaign. This first scout drilling campaign of about 2,000 meters include very encouraging grades in the holes MLDD003 (10 m at 1,4 g/t including 2 m at 5,5 g/t Au) and MLDD007 (3,3 m at 7,15 g/t Au including 1,6 m at 11,6 g/t Au) see below for the location map of the drill holes. Following receipt of these results, Pershimex and DPM will continue field work on the Malartic property throughout the summer of 2018.
Robert Gagnon, President and Chief Executive Officer of the Corporation, said: "We are very pleased with the first phase of work completed on the Malartic property. The first drilling phase, undertaken just before the first anniversary of the agreement revealed two new gold showings, even in a mature mining camp.
Pershimex Resources Corp. – Short overview
-Holds more than 800 claims in the Abitibi-Témiscamingue.
-Partner with Dundee Precious Metals on the Malartic property.
-Partner with Chalice Gold Mines on the Forsan property.
This press release was prepared by Robert Gagnon, Geologist, President of Pershimex, and Qualified Person under NI 43-101.
For more information:
Robert Gagnon, President and Chief Executive Officer
Tel.: (819) 797-2180
Caution
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The facts set out in this press release that are not historical facts are "forward-looking statements" and readers are cautioned that such statements are not a guarantee of success and that future developments and results may be different from those projected in these forward-looking statements.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/af53e231-30e5-4a51-8bb6-ef5d44cd351a