Pershimco and Dia Bras Outline New Higher Grade Silver Zone at the San Miguel Mine, Cusi Mining District, Mexico
CHIHUAHUA, MEXICO–(Marketwire – July 10, 2008) – PERSHIMCO RESOURCES INC. (TSX VENTURE:PRO) (FRANKFURT:BIZ) (“Pershimco”) and DIA BRAS EXPLORATION INC. (TSX VENTURE:DIB) (“Dia Bras”) (the Joint Venture or “JV”) are pleased to announce the discovery of a new silver zone outlined by underground chip sampling at the historical San Miguel Mine, located on the San Miguel and La Bamba Properties (the “Properties”) in the Cusi Mining District, State of Chihuahua, Mexico.
The new zone, termed El Convento Chimney, is a higher grade silver, zinc and lead target with significant gold. This new zone adds, with the known La Bamba and San Miguel zones, a third chimney in the silver mineralized system.
Dia Bras previously chip sampled the 410 m long 5th Level in 2007, located approximately 150 m below surface along the San Miguel / La Bamba mineralized corridor. A total of 91 chip-channel samples were taken from the “back” or top of the 5th Level drift across the silver-sulphide mineralization at approximately 5 m intervals along the entire 410 m drift and the 25 m long cross-cut (chip-channel assay results for silver are given in the appended Table 1). The 410 m drift averaged 103 g/t silver; whereas the crosscut averaged 168 g/ t silver over a 25 m length.
The JV, operated by Pershimco, undertook structural mapping and selective channel sampling program on the 5th Level to verify and validate the recent and historical underground work (assay results from channel samples are given in the appended Table 2). Results of this sampling are as follows:
– the hanging wall section of the 75 degrees plunging El Convento Chimney averaged 0.27 g/t gold, 209 g/t silver, 0.55% zinc, 0.06% copper and 0.65% lead over 1.70 m (samples N5-23 and 24);
– the El Convento Chimney graded 0.62 g/t gold, 297 g/t silver, 6.53% zinc, 0.42% copper and 8.62% lead over 1.50 m (sample N5-25); and
– the footwall of the El Convento Chimney averaged 0.96 g/t gold, 311 g/t silver, 3.64% zinc, 0.16% copper and 3.77% lead over 1.50 m (samples N5-26 and 27).
Samples from the El Convento Chimney represent an area of approximately 535 m2. The potential to extend to a vertical depth of -500 m based on the known silver mineralization in the Cusi Mining Camp appears promising, thus potentially increasing significantly the known mineralized structure. Further work will be required to define a National Instrument (NI) 43-101 compliant mineral resource. There is no certainty that any future work would demonstrate viable Mineral Resources.
Pershimco’s President and CEO, Mr. Alain Bureau, P. Eng., states “The latest underground work by the JV is showing the potential for higher grade silver-rich chimneys in three areas of the Properties extending from the La Bamba open pit, within the San Miguel underground workings, to the north of La Bamba, and now a new area termed El Convento Chimney further to the north, covering a distance of more than 600 m. We are also quite surprised with the significant content of gold and base metals as we go deeper.”
Dia Bras President and CEO, Mr. Daniel Tellechea, states “The work undertaken under the auspices of the new JV partnership with Pershimco demonstrates the favourable potential of the La Bamba-San Miguel area and could add significant resources in the future to the resource base of the Cusi project of Dia Bras.”
This news release has been prepared and reviewed by Mr. Jean Lafleur, P. Geo., Director and Technical Advisor at Pershimco, the Company’s Qualified Person under National Instrument (NI) 43-101 regulations.
About Pershimco Resources Inc
Pershimco is a Canadian-based resource exploration company which holds strategic properties located in State of Chihuahua, Mexico and in Quebec, Canada. Pershimco’s strategy is to advance its mid-stage exploration properties towards NI 43-101 compliant Mineral Resources.
The Company hold a 50% interest in the highly prospective La Bamba and San Miguel Silver properties located in the Cusi Silver Mining District. Pershimco has the option to increase its interest in the project to 70% based on a new agreement signed with its partner Dia Bras. Pershimco also holds 100% of the polymetallic (copper-gold-silver-zinc) Skarn Magistral Project, also located in the State of Chihuahua, Mexico.
The Company 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. The Company trades on the TSX Venture Exchange under the symbol “PRO”.
For further information on Pershimco, visit www.pershimco.ca
About Dia Bras Exploration Inc
Dia Bras is a Canadian mining and exploration company focused on precious and base metals in Mexico. The Company is committed to developing and adding value to its assets – the Bolivar copper-zinc project and the Cusi silver mining camp in the renowned Sierra Madre mining district of northern Mexico and La Enganosa copper-silver property in the State of Jalisco. The Company trades on the TSX Venture Exchange under the symbol “DIB”.
In fiscal 2008, Dia Bras focus is on increasing its Mineral Resources through an aggressive $5.5 million exploration program at the Bolivar and Cusi projects. In addition, the Company intends to maintain its pilot mining at Bolivar, to initiate a feasibility study on this project and start up the pilot mining at Cusi.
For further information on Dia Bras, visit www.diabras.com
The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements reflecting the Company’s objectives, estimates, expectations and the impact of acquisitions on the Company’s financial performance. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from the Company’s projections or expectations.
Table 1: Assay results from the 5th Level drift and cross-cut channel sampling at the San Miguel Mine, Cusi Mining District, Mexico.
——————————————————————– —— DRIFT____________CHANNEL SAMPLE______AVERAGE INDIVIDUAL____________AVERAGE ________________ NUMBERS (total)__________SAMPLE LENGTH__________ WEIGHTED ____________________________________________________(m)__GRADE (Silver g/t) ——————————————————————– —— 5th Level Main Drift__73918 to 73992 (75)__________________ 1.6________________ 103 ——————————————————————– —— 5th Level Cross-cut__ 73901 to 73916 (16)__________________ 1.5________________ 168 ——————————————————————– —— __________________AVERAGE GRADE________________________________________113 ——————————————————————– —— (i) Assaying and analyzed at the Malpaso Mill Laboratory owned by Dia Bras. Table 2: Assay results from Pershimco’s selective chip-channel sampling on the 5th Level at the San Miguel Mine, Cusi Mining District, Mexico. ——————————————————————– —— SAMPLE #____________GOLD______SILVER____ ZINC______ COPPER____________LEAD ____________________ g/t________ g/ t________%____________%______________ % ——————————————————————– —— N5-22______________0.09________37.0____ 0.50________Trace____________1.23 ——————————————————————– —— N5-23______________0.21______ 125.0____ 0.20________ 0.02____________0.55 ——————————————————————– —— N5-24______________0.31______ 276.0____ 0.83________ 0.09____________0.72 ——————————————————————– —— N5-25______________0.62______ 297.0____ 6.53________ 0.42____________8.62 ——————————————————————– —— N5-26______________0.08________34.0____ 1.69________ 0.06____________1.21 ——————————————————————– —— N5-27______________1.13______ 365.0____ 4.02________ 0.18____________4.27 ——————————————————————– —— N5-28______________0.11________50.0____ 0.27________Trace____________0.15 ——————————————————————– —— N5-29______________0.17______ 105.0____ 1.32________ 0.08____________1.75 ——————————————————————– —— N5-30______________0.06________78.0____ 0.15________ 0.04____________0.22 ——————————————————————– —— (i) Sample preparation was done at the Laboratorios Mineros del Norte SA de ____CV, in Chihuahua, Mexico, a division of Techni-Lab SGB Abitibi Inc. ____Samples were bagged, tagged and sealed in the field. Samples were then ____transported to Chihuahua for drying, crushing and pulverizing. A more ____or less 500 g fraction of the crushed sample was split using a riffle ____splitter, producing a -10 mesh crushed samples which were sorted and a ____200 to 300 g portion was taken for pulverization to 80% at -200 mesh to ____be packed, tagged, and shipped to the Techni-Lab SGB Abitibi Inc., in ____Ste-Germaine-Boule (Quebec, Canada) for assaying. Samples were then ____analyzed using the Fire-Assay method for gold, silver, copper, zinc and ____lead. Laboratory standards, blanks and duplicates were added to the ____sample batches.
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