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Pershimco Release Results of Courville Gold Project & Confirm Continuation on the Exploration Program
Published : November 12, 2012
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ROUYN-NORANDA, QUEBEC--(Marketwire - Nov. 12, 2012) - Pershimco Resources Inc. (the "Corporation" or "Pershimco") (News - Market indicators)(FRANKFURT:BIZ) is pleased to provide an update on its ongoing exploration activities completed on the Corporation's Courville Gold project in Abitibi, Canada. The Courville Gold Project is being developed through a Joint Venture with Osisko Mining Corporation ("Osisko"). Based on the positive results returned by the Phase 1 program, Osisko will now commence Phase 2 of the Joint Venture Agreement. The follow-up work program is currently being planned by the exploration team at the Courville Gold Project.

Work completed during Phase 1 of the Joint Venture consisted of the completion of:

  • 1296.5 line kilometer Airborne magnetic and TDEM survey;
  • 52 line kilometer ground Induced Polarization (IP) chargeability and resistivity geophysics survey; and
  • 6,154 meter Diamond drilling program.

The drilling program completed consisted of 24 holes totalling 6,154 m. Of the 24 drill holes, 15 were completed in the northern portion (Jolin) and 9 were completed in the southern portion of the property (Esteville). Highlights of the drilling program are listed in Table 1 below which shows two drill holes (PO12-020 and PO12-024) intersected at significant gold mineralization in the Esteville block. Of particular significance are the results from PO12-020 which returned an intercept close to surface.

Table 1: New Gold results from Courville Gold Project

DRILL HOLE NO. From
(m)
To
(m)
Length
(m)
Gold
(g/t)
PO12-020 6.5 46.5 40 0.59
including 30 40.5 10.5 1.48
PO12-24 137.5 167 29.5 0.5

Both drill holes PO12-020 and PO12-024 were targeting IP chargeability anomalies identified by the ground geophysics program completed. Refer to Figure 1 for drill hole location plan. These drill holes are part of the first phase of work completed by Osisko under the terms outlined in the press release dated October 11, 2011.

Alain Bureau, P.Eng, Pershimco's President and CEO commented: "We are very pleased with the development of the Courville Gold Project. These encouraging drill results validate the initial phase of work completed under the Joint Venture Agreement with Osisko in addition to validating our team's exploration model indicating that the area has significant potential. We are also very pleased Osisko has confirmed its continued participation in the project based on these results and will now commence Phase 2 of the agreement".

Courville Gold Project, a transaction of over $40 M with Osisko

In October 2011, Pershimco received final approval from the TSX Venture Exchange in connection with the Joint Venture Agreement with Osisko on the Courville Gold Project. Under the terms of the Agreement, Osisko can earn a 51% interest in the joint venture by investing $20 million in exploration over a 5-year period. Pershimco also grants to Osisko a second option to earn an additional 19% interest, on or before the seventh anniversary of the Agreement, either by spending an additional $19 million dollars in exploration expenditures or by funding completion of a feasibility study. Osisko will act as operator during the earn-in period and thereafter if Osisko exercises and completes the additional option. Osisko also subscribed to common shares of the capital stock of Pershimco for a total amount of $CAN1.5 million based on a subscription price of $1.00 per common share. Furthermore, Osisko will issue to Pershimco 76,000 common shares of Osisko.

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

Osisko follows strict QA-QC protocol measures in keeping with industry standards and regulatory reporting requirements. All assays reported above were obtained by standard 50-g fire assay with AA or gravimetric finish (method Au-AA24) and a multi-element package applied to selected samples (method ME-ICP 41) at the ALS Chemex laboratories in Val-d'Or, Québec.

Information of scientific and/or technical nature present in this press release have been reviewed and approved by Mr. Carl Corriveau P.Geo. of Osisko Mining Corporation and Mr. Mathieu Piché, Ph.D., geologist for Pershimco. Mr. Corriveau and Mr. Piché are Qualified Persons as defined by National Instrument 43-101.

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.

Figure 1 is available at the following address : http://media3.marketwire.com/docs/Localisation-Forages-Courville.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.

Pershimco Resources Inc.
Alain Bureau, P. Eng.
President and Chief Executive officer
+1 (819) 797-2180
ressources@pershimco.ca
or
Pershimco Resources Inc.
Richard Leroux
Investor Relations
+1 (514) 993-4510
info@pershimco.ca
www.pershimco.ca
Data and Statistics for these countries : Canada | Panama | All
Gold and Silver Prices for these countries : Canada | Panama | All
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Pershimco Resources

PRODUCER
CODE : PRO.V
ISIN : CA76126F1053
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Annual reports of Pershimco Resources
2008 Annual Report
2007 Annual Report
Financings of Pershimco Resources
6/6/2011Finalizes a Private Placement of $6,000,000 With Strategic P...
5/12/2011Completes a $ 3M Financing
2/2/2010announces the second closing of its private placement
1/13/2010announces the first closing of its private placement
12/21/2009 announces it intent to proceed with a private placement...
12/17/2009announces the closing of its flow-through private placement
12/9/2009Private Placement
Option Grants of Pershimco Resources
2/15/2011Grant of 250,000 stock options
Nominations of Pershimco Resources
3/14/2013Announces Resignation of Senior Officer
4/8/2011Appoints Serge Biron to lead the Pershimco Exploration Team ...
3/7/2011Appoints Jean Robitaille as Director
Project news of Pershimco Resources
7/25/2013(Cerro Quema)Gains Support for Deeper Geologic Potential at Cerro Quema P...
6/18/2013(Cerro Quema)Exploration Results Support Deeper Geological Potential at P...
12/14/2012(Cerro Quema)Completes 30,000 Meters of Drilling on Cerro Quema With Posi...
11/12/2012(Courville)Release Results of Courville Gold Project & Confirm Continu...
2/22/2012New press release. Pershimco Resources
9/21/2010(Cerro Quema)TECHNICAL REPORT ON THE CERRO QUEMA PROJECT
5/20/2011(Cerro Quema)Pershimco Advances Drilling and Sampling at Cerro Quema
5/19/2011(Cerro Quema)Advances Drilling and Sampling at Cerro Quema
4/26/2011(Courville)and Abitex Set Up Strategic Alliance to Develop the Courvill...
3/30/2011(Cerro Quema)Reports on the Progress of the 2011 Exploration Campaign in ...
11/18/2010(Cerro Quema)INTERSECTS 128 METERS GRADING 1.41 G/T GOLD AT THE CERRO QU...
9/22/2010(Cerro Quema) Files its NI-43-101 technical report in relation with the d...
Corporate news of Pershimco Resources
9/25/2013Provides Update on Annual Shareholders' Meeting
8/28/2013Former Codelco Director, Jorge Bande, to Be Nominated at Per...
8/22/2013Confirms Third Significant Copper-Gold System with 73 m @ 1....
8/13/2013(Cerro Quema)Buys Back 70% of Cerro Quema NSR
7/31/2013Pierre Bureau Joins Pershimco's Team as Project Management C...
7/31/2013Pierre Bureau Joins Pershimco's Team as Project Management C...
5/23/2013Announces Corporate Changes
3/20/2013Reports Average 92.8% Gold Recovery from Oxide Metallurgical...
2/28/2013Drill Program Returns Additional Positive Results and Extend...
2/19/2013Continues to Extend Mineralised Trend by Drilling Oxydes and...
2/6/2013Provides 2013 Exploration and Development Strategy Update
1/10/2013Panama Government Approves Pershimco's Environmental Addendu...
11/5/2012(Cerro Quema)Announces Filing of NI 43-101 Technical Report for Cerro Que...
10/18/2012Reports Additional Results 155m @ 0.46g/t Gold and 0.72% Cop...
9/25/2012Corporate Update and Results of the Annual Meeting of Shareh...
9/20/2012Announces 'In-Pit' NI 43-101 Resource Estimate Totalling 570...
9/13/2012Intercepts 36m @ 1.54 g/t Gold & 18m @ 1.47% Copper
10/6/2011News Release
7/12/2011(Cerro Quema)Now Extends the LaPava Gold-Copper Target More Than 500 Metr...
6/15/2011First Drill Results on New Zones Show Positive Potential Ups...
4/5/2011Appoints Serge Biron to Lead the Pershimco Exploration Team ...
3/1/2011News Release
11/11/2010CLOSING OF A $1,000,000 FINANCING
10/7/2010ADDITION TO THE TEAM: DR. MICHAEL DRUECKER,
5/4/2010Corporate Update Q-1 2010
3/2/2010extension of due diligence period for proposed Cerro Quema p...
2/24/2010Becomes a major player in the abitibi's golden vallee
11/17/2009Increases its presence through the acquisition of 96 claims
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