Pershimco Postpones its Resources Calculation
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 05/17/12 -- Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE: PRO) (FRANKFURT: BIZ) announces that it will postpone the planned update on the mineral resources and geophysics survey conducted on Cerro Quema, Panama, covering 17 km and 100 % owned by Pershimco. The WebCast, scheduled on May 18, 2012 at 11.00 am Eastern Time -08.00 am Pacific Time, will be taking place in order to explain the nature of the delay on the mineral resources calculation.
The Company's engineers and geologists, presently in Panama, will be available tomorrow morning to explain details of this situation. The Corporation remains on track to achieve its objectives of significantly increase the present NI 43-101 compliant resources on its Cerro Quema project. Currently, the management of the Corporation is not satisfied with some elements contained in the mineral resources evaluation. In addition, it will be incorporating new information that is deemed positive to be included in this current resources update. The Corporation is working with its external consultants to present the mineral resources update in the near future. The situation arises from the latest test on a batch of samples which results have been carefully reviewed. As the Corporation will be working towards pre-feasibility with this new resources calculation, it has been decided to rerun 1,700 essays out of the 40,000 essays used in this resources calculation using a special protocol adapted to the hydroscopic gold nature of the deposit.
Pershimco wishes to inform its shareholders that this will not affect in any way the initial NI 43-101 reported in January 2010 but will rather increase the quality of the asset being developed at this moment.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resources and exploration corporation listed on the TSX Venture Exchange and the Frankfurt Exchange. The Corporation 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 Corporation 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 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" statement.
Contacts:
Alain Bureau, P. Eng.
President and Chief Executive officer
(819) 797-2180
ressources@pershimco.ca
Richard Leroux
Investor Relations
(514) 993-4510
info@pershimco.ca
