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Rouyn-Noranda, Quebec - MARCH 22, 2016 - Ressources Pershimco Inc. (the 'Company' or 'Pershimco') (TSX-V: PRO; FSE: BIZ) and its wholly owned subsidiary Minera Cerro Quema S.A. ('
MCQSA') are pleased to announce that the Government of Panama has approved, by Ministerial Resolution, exoneration of taxes on all local and imported goods and services for all work performed on the Cerro Quema mining concessions ('the ITBMS exoneration.') The ITBMS exoneration also includes all contractors participating in the development of the Cerro Quema Gold Project (the 'Project.') This ITBMS exoneration has a positive impact on the project's net present value ('NPV') and internal rate of return ('IRR'). The exoneration includes exemption from import duties, covering practically all supplies and equipment required for the construction and operation of the mine.
Octavio Choy, Pershimco's VP Latin America, commented: 'This exoneration also clearly demonstrates the level of priority this project has for the Azuero region and the positive approach the Panamanian government is taking towards its plan to make the mining sector a pillar of its economy within the next years.'
The Company is currently reviewing the impact it might have on the main assumptions included in the Prefeasibility Study. Nevertheless, for the Project, the Company expects that this new exoneration would have a significant positive direct impact on the NPV and IRR.
This ITBMS exoneration signed with the Ministry of Economy and Finances of Panama also represents a significant savings in construction and operation costs of the mine. The Project represents the largest operating company in the region and one of the largest investments in the province. MCQSA has also been an active player in the economic development of the Los Santos province maintaining a close relationship with the local communities. MCQSA continues to reinvest in the Azuero Region through education programs, worker training programs and special cooperation programs with hospitals as well as a number of sustaining local economic activities.
About Pershimco Resources Inc.
Pershimco Resources Inc. (TSX-V: PRO; FSE: BIZ) is a mineral exploration and development company with a near-term gold oxide production scenario and a copper-gold porphyry target at its 100%-owned Cerro Quema Project in Panama. Cerro Quema's sizable concession boasts paved road access, no indigenous communities and the most favorable climate for mining in the country. Pershimco is currently in the last stage of the permitting process for its proposed gold oxide heap leach operation.
Additionally, the Cerro Quema Project has proven to have significant exploration upside with resource expansion potential in over multiple oxide targets identified along a 17 km trend, gold and copper in the sulphide system below the oxide caps, as well as porphyry indicators along a 12 km strike length that highlights the potential for a nearby copper-gold porphyry system. With strong shareholder support, Pershimco aims to achieve cash flowing status in 2017 to continue uncovering the value of Cerro Quema. Please refer to the Cerro Quema Project - Pre-Feasibility Study on the La Pava and Quemita Oxide Gold Deposits, available on the Company's website, and filed on SEDAR on August 22, 2014 as well as to the press release of July 8, 2014.
The Company's documents are available on www.sedar.com.
Please visit the Company's website at www.pershimco.ca.
For more information, please contact:
Alain Bureau, P. Eng.
President and Chief Executive Officer
Tel. : +1 (819) 797-2180
[email protected]
Elina Chow
Investor Relations
Tel. : +1 (416) 845-8495
[email protected]
Statements made in this press release, including those regarding the closing and the use of proceeds of the private placement, Agnico Eagle Mines Limited and The Sentient Group's expected holdings of common shares following the private placement or management objectives, forecasts, estimates, expectations, or predictions of the future may constitute 'forward-looking statements', which can be identified by the use of conditional or future tenses or by the use of such verbs as 'believe', 'expect', 'may', 'will', 'should', 'estimate', 'anticipate', 'project', 'plan', and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Pershimco's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Pershimco believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Pershimco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
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.
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