Pershimco Releases Additional Positive Results on the Quemita Target With 100 Meters Grading 1.02 g/t Gold Equivalent at the Cerro Quema Project (Panama)
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 08/12/11 -- PERSHIMCO RESOURCES INC. (the 'Company' or 'Pershimco')(TSX VENTURE: PRO)(FRANKFURT: BIZ) is pleased to announce additional assay results from the 2011 exploration campaign at the Company's Cerro Quema Gold-Copper Project (the 'Project') in Panama. The new assay results at the Quemita Target yielded 100 meters at 1.02 g/t Gold Equivalent, 64 meters at 2.05 g/t gold Equivalent and 47 meters at 1.43 g/t Gold Equivalent.
The new assay results are from the Quemita Target located 3 kilometers east of the LaPava Target along three North-South sections perpendicular to the Cerro Quema Gold-Copper Trend (refer to the table below for complete interval assays). They include Section 552975 (the first section) at the western end of the Quemita Target for holes PRH-11001, PRH-11002 PDH-11502 and PRH-11003 PDH-11503; Section 553050, 75 meters east of the first section for PRH-1104, PRH-11005, PRH-11006 PDH-11506 & PRH-11007; and Section 553100, 125 meters east of the first section for PDH-11008.
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Core
FROM TO Length G/T G/T % G/T Gold
DDH # (m) (m) (m) Gold Silver Copper Equivalent COMMENTS
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QUEMITA TARGET
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PRH-11001
PDH-11501 0 100 100 0.60 12.13 0.08 1.03 oxide zone
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PRH-11002
PDH-11502(i) 0 77 77 0.91 3.20 0.03 1.04 oxide zone
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supergene
77 86 9 0.08 1.09 0.15 0.38 zone
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PRH-11003
PDH-11503(i) 0 10 10 3.99 2.22 0.07 4.17 oxide zone
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supergene
23 60 37 0.19 0.92 0.25 0.67 zone
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PRH-11004(i) 0 74 74 0.67 0.45 0.01 0.71 oxide zone
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PRH-11005 0 66 66 1.31 1.38 0.03 1.39 oxide zone
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PRH-11006
PDH-11506 0 64 64 1.89 4.65 0.03 2.05 oxide zone
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PRH-11007 0 47 47 1.27 1.69 0.06 1.43 oxide zone
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PRH-11008 4 84 80 0.66 0.75 0.02 0.71 oxide zone
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Notes:
The current Gold Equivalent grades were calculated using the last 200 days
average prices of US $1,436 / oz Gold, US $33 / oz Silver and US $4.20 / lb
Copper, and were not adjusted for metallurgical recoveries as these remain
uncertain.
(i) Previously released by Pershimco.
Alain Bureau, P. Eng., President & CEO stated 'While our exploration focus is on the LaPava Target area we are very pleased with these results on Quemita which could allow Pershimco to add significant gold ounces to the project. The drilling also highlighted several higher gold grades at surface which again is very positive from an open-pit scenario along the Cerro Quema Trend.'
Pershimco presently has two drill rigs fan-drilling with 3 angled holes per set-up along the northern segment of the LaPava Target in order to rapidly bring the mineralization towards NI 43-101 compliant mineral resources. All access roads and drill site platforms have been prepared for the drill rigs along the LaPava Target's northern slope.
Quality Assurance / Quality Control ('QA/QC')
Drill cores from diamond and RC drill holes are transported by Pershimco technical personnel from the drill sites to the Cerro Quema Core Shack. There, qualified geologists and technicians log, sample tag and half-split the core in 1 m lengths using a saw. The individual sampled intervals of half-split core are then inserted in tagged plastic bag, and sent to the Activation Laboratories (Actlabs) sample preparation facilities in Panama. Individual samples are inventoried by Actlabs personnels, dried, finely crushed to 70% at less than 2 mm, then pulverized to 85% at less than 75 um, and riffle-split to 150 grams. There is 1 Standard and 1 Duplicate at every 5 meters and 1 Blank at every second 5 meters interval. Samples are then inserted in sealed 5-gallon plastic pails then shipped by courier to the Activation Laboratories main facilities in Ancaster (Ontario, Canada) for assaying using the Muti-element ICP Method and the Pyro-analysis Method with Atomic Absorption Finish for Gold, Silver and Copper. Re-assays are done on samples with results greater than to 2.5 g/t Gold and greater than 10,000 ppm Copper.
The information contained in this news release has been reviewed and approved by Mr. Jean Lafleur, M. Sc., P. Geo., Vice-President Exploration and Director, a Qualified Person under NI 43-101 rules and standards.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resource and exploration corporation listed on the TSX Venture Exchange (symbol PRO.V) and the Frankfurt Exchange (symbol BIZ). The Corporation holds several mining properties in Canada and South America including the recently acquired Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d'Or Gold Mining Camp. The Corporation is managed by skilled, reputable people with extensive mining exploration and development experience. The Pershimco Team and our investors are the key to our success.
The Corporation's documents are available on www.sedar.com
Please visit the Corporation'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' statements.
Contacts:
Alain Bureau, P. Eng.
President and Chief Executive Officer
1 (819) 797-2180
ressources@pershimco.ca