ROUYN-NORANDA, QUEBEC--(Marketwire - Nov 5, 2012) - Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO)(BIZ.F) 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.
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.
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|
|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.