Pershimco Executes a JV Agreement With Dia Bras Providing for an Option to Acquire Up to 70% of San Miguel and La Bamba Silver Properties and Announces 10,000 Metres Drill Program
ROUYN-NORANDA, CANADA–(Marketwire – June 17, 2008) – Pershimco Resources Inc. (TSX VENTURE:PRO)(FRANKFURT:BIZ) (“Pershimco” or the “Corporation”) is pleased to announce that the Corporation has signed the joint Venture Agreement (the “JV”) with Dia Bras Exploration Inc. (TSX VENTURE:DIB) for Pershimco’s San Miguel and La Bamba Properties (the “Properties”) located in the Cusi Silver Mining District in the State of Chihuahua, Mexico.
Pursuant to the terms of the JV, Pershimco will be the operator for all exploration and development of the Properties which will be managed under a 50%-50% jointly-owned Mexican subsidiary named DiaPro Mexicana (“DIAPRO”). After incurring US$1.5 million of expenditures on the Properties, Pershimco shall have the right to acquire immediately an additional 20% in the capital stock of DIAPRO, and indirectly the Properties, at an additional cost of US$1.0 million.
The 10,000m 2008 drill program planning has been finalized for the Properties and will test the depth extension of the silver mineralization to a minimum -500m vertical depth, well below the current -150m vertical mine workings, but based on the historical mine workings to this depth on adjacent properties. Pershimco has secured two drill rigs which are expected to run 24/7 to complete the drill program. Pershimco will be immediately deploying its highly experienced technical team to prepare the site for drilling. This drill mobilization and setup is expected to be completed soon and drilling will commence immediately thereafter. A second specialized geological team is already working underground in order to complete the structural mapping.
Pershimco has access to an operating preparation laboratory which will significantly expedite drill core sample preparation for final assaying in Canada. The objective of the drill program is to delineate NI 43-101 mineral resources on the Properties in the near term.
The San Miguel Property is a historical mine with five underground levels and visually confirmed silver mineralization to a minimum -150m depth. The La Bamba Property is contiguous with the San Miguel Property and also hosts a historical mine with two underground levels with visually confirm silver mineralization to a minimum -100m vertical depth as well as a historical open pit mine. Mineralization has been confirmed at surface through historical workings on the Properties. Underground sampling undertaken in 2006 and 2007 along 0.5m to 1.5m intervals was been completed on the 1st, 3rd, and 5th levels of the San Miguel mine workings and the La Bamba sub-level 1. The underground workings are expected to facilitate any future underground drilling.
The exploration and development work completed to date suggests that a significant silver mineral resource may be present along the 1,000m long by 300m wide San Miguel/La Bamba mineralized trend situated on the Properties. Individual veins trend in several directions, including N-S, NE-SW, NW-SE and sub-horizontal. The veins are generally 10cm to 1m wide and contain silver grades between 200 g/t and up to 3,000 g/t. When wider envelopes are included, silver grades generally remain between 100 g/t and 200 g/ t in intervals up to 40m in width.
This news release has been prepared and reviewed by Mr. Jean Lafleur, P. Geo., Director and Technical Advisor at Pershimco, the Corporation’s Qualified Person under National Instrument (NI) 43- 101 regulations.
Pershimco Resources Inc. (TSX VENTURE:PRO)(FRANKFURT:BIZ) is a Canadian-based resource exploration corporation which holds strategic properties located in State of Chihuahua, Mexico and Quebec, Canada. Pershimco’s strategy is to advance its mid-stage exploration properties towards NI 43-101 compliant mineral resources.
The Corporation will now hold a 50% interest in the highly prospective La Bamba and San Miguel Silver properties located in the Cusi Silver Mining District which has been historically mined over a 20km trend. The Corporation also holds 100% of the polymetallic (copper-gold-silver-zinc) Skarn Magistral Project, also located in the State of Chihuahua, Mexico.
The Corporation holds a 100% interest in the highly prospective Courville Gold Project, located in the Val-d’Or/Malartic Gold Mining Camp in Quebec which has historically produced 25 million ounces of gold.
On behalf of the Board of Directors,
Alain Bureau, President & CEO
The Corporation’s public documents may be accessed at www.sedar.com.
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