Pershimco announces filing of NI 43-101 technical report for Cerro Quema, Panama

Marketwire - Mining and Metals | November 5, 2012 | 12:11 am Precious Metals Canada Gold 

ROUYN-NORANDA, QUÉBEC–(Marketwire – Nov. 5, 2012) – Pershimco Resources Inc. (the “Corporation” or “Pershimco”) (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to announce that it has filed a National Instrument 43-101 compliant technical report in support of the Corporation’s September 20th, 2012 press release which highlighted the updated resource estimate at its 100% owned Cerro Quema Project located in Panama.

The independent technical report has been prepared by P&E Mining Consultants Inc. of Brampton, Ontario, Canada. The Cerro Quema property hosts the La Pava, Quema Quemita and La Mesita gold deposits.

The technical report is available on SEDAR at www.sedar.com and on the Corporation’s website at www.pershimco.ca.

Major highlights include:

  • Pershimco announced on September 20th ‘In-Pit’ National Instrument 43-101 resource estimates totaling 570,100 indicated Au ounces1 & 167,800 inferred Au Eq ounces1;
  • All resources reported are within an optimized pit shell;
  • Indicated oxide gold mineral resources increased from 256,000 to 513,100 Au Oz’s1;
  • Indicated oxide and sulfide resources total 570,100 Au Oz’s1, increasing by 123%;
  • Resources were based on 43,768 meters of drilling in 509 drill holes;
  • After the cut-off date of this estimate, Pershimco drilled an additional 16,000 meters; and
  • Higher grade gold within potential near surface starter pit.

Note 1: Tonnage and grade detail include in Table 1

Based upon this expanded resource estimate, Pershimco will commence work in the short term to produce an updated Preliminary Economic Assessment (PEA) and associated detailed life of mine plan (LOM) on the Cerro Quema Project.

Qualified Persons

The Mineral Resource calculations were completed by P&E Mining Consultants Inc. of Brampton, Ontario, Canada under the direction of Eugene Puritch P. Eng., an independent Qualified Person (Q.P.) under NI 43-101guidelines. The content of this press release was reviewed and approved by Mr. Puritch.

Table 1: Mineral Resource Summary for La Pava, Quema Quemita and La Mesita Zones
Resource Au AuEq Grade
Category (oz) (oz) Tonnes Au (gpt) Cu (%)
In pit Oxide Resource Estimate at 0.15 g/t Au Cut-Off
Indicated 513 100 Nil 20 189 000 0.79 Nil
Inferred 50 600 Nil 4 492 000 0.35 Nil
In Pit Sulphide Resource Estimate at 0.30 g/t Au Cut-off
Indicated 57 000 Nil 2 750 000 0.64 0.24
Inferred 1 30 400 Nil 1 963 000 0.48 0.32
Inferred 2 9 900 76 900 1 470 000 0.21 0.86
Resource Estimate Notes and Parameters released on September 20th 2012

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 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.

 

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