Panama Government Approves Pershimco's Environmental Addendum for the Next 5 Years

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ROUYN-NORANDA, QUEBEC--(Marketwire - Jan 10, 2013) - Pershimco Resources Inc. (the "Company" or "Pershimco") (TSX VENTURE:PRO)(BIZ.F) is pleased to report that the Government of Panama, through the Autoridad Nacional del Ambiente (ANAM), approved the addendum of the Environmental Management Plan or Programa de Adecuacion y Manejo Ambiental (PAMA) that was presented earlier this fall which includes a 5 year multi-stage development plan for Pershimco''s Cerro Quema Project (the "Addendum").

The Addendum was presented and evaluated by Panamanian environmental authorities which included a thorough site visit to the project from the government''s authorities. The Adden dum now allows Pershimco, through its subsidiary Minera Cerro Quema S.A., to adopt a development strategy that will enhance the value of the project.

  • With the approval of the Addendum, Minera Cerro Quema S.A. now has the capacity to process up to 5,000 tons per day of oxide minerals for the extraction of the Pava deposit, including the possibility of the extraction Quema/Quemita deposit.

  • The Addendum provides a 5-year multi-stage development plan to increase the resource, evaluate the potential and bring Cerro Quema into full production. The development plan coincides with Pershimco''s corporate strategy to progress rapidly into developing this asset.

  • Larger ''in-pit'' gold resources have been registered on the project showing a halo of lower mineralization surrounding pods of high-grade material. The Addendum will allow Pershimco to work on a revised timeline bringing forward the optimum open pit extraction sequence for mining, providing additional value to the project.

  • The Addendum allows for additional metallurgical tests and bulk sampling to be conducted through a pilot facility, which will be done concurrently with the construction of infrastructures for the larger sized processing facilities.

  • The Addendum provides the framework to allow both Pershimco and the Panamanian authorities to cooperate in the creation of world-class project within the country.

Mr. Alain Bureau, President and Chief Executive Officer of Pershimco commented on the Addendum: "This is truly an important milestone for Minera Cerro Quema''s environmental team. We are clearly convinced that hard work, sustained by a close cooperation and transparency with the Panamanian authorities, has been a key element in having this addendum accepted. The addendum brings an automatic value to the project as we worked diligently towards creating the best mining package every step of the way. Our objective is to efficiently invest our shareholders'' capital in order that each ounce we discover mitigates risk and is easily mined."

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. Skilled and reputable people with extensive mining, exploration and development experience manage the Company. The Pershimco Team and its investors is 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.

Contact:
Alain Bureau, P. Eng.
President and Chief Executive Officer
+1 (819) 797-2180
ressources@pershimco.ca
Richard Leroux
Investor Relations
+1 (514) 993-4510
info@pershimco.ca

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