Pershimco completes 30,000 meters of drilling on Cerro Quema with positive results

ROUYN-NORANDA, QUEBEC–(Marketwire – Dec. 14, 2012) – Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to announce that it has completed its objective of 30,000 meters of drilling for 2012 with positive results. Some 3,403 m of oxide and sulphide drill results from infill and expansion drilling are presented here.

Highlights

  • Results of this last round include 32 drill holes, mainly Reverse Circulation, adding 3,333 meters to the ongoing exploration program;
  • Present results originated from 3 drills rigs focused on the La Pava deposit and one drill rig positioned on the Quema/Quemita deposit;
  • Total meters drilled for November were 3,403 meters, meeting drilling objectives;
  • Four new drill holes completed in the La Pava deposit have confirmed continuity of gold mineralization outside of the current optimized open pit design. Three drill holes were located on the western and north-western areas and one drill hole located in the southern area which intercepted higher grade;
  • Additional infill drilling confirms continuity of mineralization;
  • Drill hole PRH-12238 intercepted 62 meters of gold mineralization outside of current optimized pit design at the Quema/Quemita deposit; and
  • Pershimco now has an additional completed 19,955 meters of drilling which have not been incorporated into its most recent NI 43-101 report

Gold Oxides:

At the La Pava deposit, drill hole PRH-12221 returned from surface a long oxide gold intercept of 61m @ 0.86 g/t Au with silver credits at 5.03 g/t. At the Quema/Quemita deposit, drill hole PRH-12238 returned 62m @ 0.63 g/t Au with silver credits of 5.57g/t.

Copper / Gold Sulphides:

At the La Pava deposit, deeper drilling completed in PDH-12207 intercepted a sulphide mineralization which returned 17m @ 0.86% copper with gold credits of 0.18g/t. Drill hole PDH-12041 returned 31m @ 0.70% Cu ending in mineralization due to technical issues. This drill hole is scheduled to be extended.

Information generated by these drill holes are summarized in Table 1 below:

Table 1

DRILL HOLE NO. From
(m)
To
(m)
Length
(m)
Au
g/t
Ag
g/t
Cu
%
Target
PDH-12025 1 33 32 0.68 1.74 0.15% La Pava
Including 7 24 17 0.94 1.32 0.13% La Pava
Including 13 24 11 1.09 1.52 0.15% La Pava
PDH-12025 43 59 16 0.04 5.59 0.40% La Pava
Including 43 48 5 0.03 5.42 0.85% La Pava
PDH-12025 57 58 1 0.22 23.40 1.02% La Pava
PDH-12041 2 60 58 0.38 1.55 0.03% La Pava
Including 20 26 6 0.73 1.20 0.01% La Pava
PDH-12041 86 116.8 30.8 0.10 0.61 0.70% La Pava
PRH-12145 2 8 6 1.72 0.40 0.06% La Pava
PRH-12145 163 169 6 0.09 0.23 0.48% La Pava
Including 164 165 1 0.12 0.40 1.20% La Pava
PRH-12188 0 1 1 18.60 0.20 0.10% La Pava
PRH-12188 4 5 1 1.53 0.10 0.02% La Pava
PRH-12201 0 7 7 0.49 0.40 0.01% La Pava
PRH-12207 62 79 17 0.18 0.71 0.86% La Pava
PRH-12209 39 42 3 0.78 0.23 0.03% La Pava
PRH-12215 2 8 6 0.35 0.10 0.02% Quema
PRH-12216 0 9 9 0.31 0.12 0.04% La Pava
PRH-12217 43 68 25 0.36 7.61 0.06% Quema
PRH-12219 0 33 33 0.25 0.94 0.02% La Pava
PRH-12220 72 75 3 1.34 0.10 0.07% Quema
PRH-12221 3 143 140 0.47 5.03 0.12% La Pava
Including 3 64 61 0.86 4.82 0.03% La Pava
Including 35 43 8 1.77 5.95 0.04% La Pava
Including 71 86 15 0.26 11.50 0.04% La Pava
Including 94 108 14 0.29 6.93 0.49% La Pava
PRH-12223 0 10 10 0.68 0.42 0.02% La Pava
PRH-12229 0 9 9 0.63 0.29 0.09% La Pava
PRH-12229 94 99 5 0.06 0.10 0.32% La Pava
PRH-12232 140 144 4 0.35 1.30 0.21% La Pava
PRH-12236 89 92 3 0.26 0.27 0.97% La Pava
PRH-12237 82 90 8 0.30 0.96 0.36% La Pava
PRH-12238 22 84 62 0.63 5.57 0.07% Quema
Including 37 49 12 0.92 2.48 0.03% Quema
Including 77 83 6 0.94 28.07 0.27% Quema
1. Drill hole Numbers with prefix "PDH" are diamond drill holes.
2. Drill hole numbers with prefix "PRH" are reverse circulation (RC) drill holes.
3. Drill intersections tabulated under "Intercept" are reported as drilled thicknesses. These intercepts are apparent widths only.

Based on the positive results of the 2012 field season, the exploration team is now planning the 2013 exploration and drilling program. Details of the 2013 exploration program will be announced shortly.

For the remaining 2012 field season, the Corporation will continue its resource definition drilling at the La Pava and Quema/Quemita deposits in addition to commencing the initial validation drilling at the nearby Idaida target. The surface rights have been acquired for two nearby drill targets (Idaida and Pelona) and the construction of drill access roads has initiated.

The Induced Polarization (Ground IP geophysics program) which commenced several weeks ago is advancing rapidly with 50% of the program now complete over the Quema/Quemita deposit and surrounding area. Upon completion, the geophysics team will commence the IP ground geophysics programs on the Idaida and LaPelona target.

Quality Assurance / Quality Control ("QA/QC")

Drill core from the diamond and reverse circulation (RC) drill holes are transported by Pershimco technical personnel from the drill site to the core and sample prep facility on site. Once there, geologists and qualified technicians log, sample tag and half-split the core in 1 meter lengths using stationary saws. Individual sampled meter intervals of split core and RC chips are then put in tagged and sealed plastic bags with a standard, duplicate and blank inserted every 15 samples. The prepared samples are then sent to the Activation Laboratories (Actlabs) sample preparation facilities in Panama. Individual samples are inventoried by Actlabs personnel, dried, finely crushed to 70% at <2 mm, then pulverized to 85% at <75 μm, and riffle-split to 150 grams. Prepared samples are then placed into sealed 5-gallon plastic containers and shipped by courier services to the Activation Laboratories main facilities in Ancaster (Ontario, Canada) for assaying using a multi-element ICP method and fire assay method with atomic absorption finish for Gold, Silver and Copper. Over limit assays are done on samples with results greater than to 2.5 g/t. The new protocol also includes that samples be dried at 125 degree Fahrenheit just before crushing and also immediately before pulverizing.

The information contained in this press release has been reviewed and approved by Mr. John Kapetas, B.Sc. Hons, MAusIMM, MAIG, a Qualified Person under NI 43-101 rules and standards.

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.

Maps are available at the following address: http://file.marketwire.com/release/PRO_MAPS1214.pdf

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.