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Pershimco Provides Details on Strategic Exploration and Development Plans for 2013

Pershimco Resources Inc. (the "Company" or "Pershimco") is pleased to provide details on its strategic exploration and development plans for 2013.

Overview

Panama

  • January - June : 14,000 metres of drilling (Reverse Circulation "RC" and Diamond Drilling "DD");
  • July - December : follow-up based on latest results;
  • Ground Induced Polarization ("IP") on Idaida and Pelona;
  • Deep drilling copper campaign;
  • Run of Mine ("R.O.M.") bulk testing (60,000 tons);
  • Continuous Vat Leach ("C.V.L.") bulk testing (60,000 tons); and
  • Roads and main plant site platform construction.

Canada

  • Osisko will pursue exploration on the Courville Gold Project.

Exploration Strategy

At the Company's wholly owned Cerro Quema Project in Panama, the first half of 2013 will be focused on maintaining the same aggressive drilling pace as last year. The first half of the planned 14,000 drill program will involve further resource definition drilling on the Quema/Quemita and La Pava deposits. Meanwhile, following last year's successful airborne geophysics survey, numerous additional targets have been discovered within the Company's 15,000 ha concession package. Pershimco's ground IP team, which completed its work on the Quema/Quemita deposit just before Christmas, has recently begun working on these prospective new targets. The closest Idaida target is being prepared and line cutting will then take place to the East to cover the much larger La Pelona target. Detailed surface mapping and sampling on both anomalies are also planned for these areas. All of the geophysical and other data gathered from these two target areas will provide valuable information to enable the Company to optimize the 7,000 m of drilling planned on these two new targets before mid-year. The attached regional map clearly identifies the different working areas that will be covered in the upcoming months.

In Canada, the Company's partner, Osisko Mining Corporation, has progressed to Phase 2 of the Joint Venture Agreement (see Pershimco press release dated October 28, 2011) and will expand its exploration and drilling efforts over recently located targets within the Courville Gold claim block. Drill rigs are already on their way as ice bridges are being built in the -30 degree Celsius environment.

Development

Pershimco's 2013 development program in Panama will also include two bulk metallurgical tests of 60,000 tons each. One will be focused on C.V.L. tests on the higher grade material, while the second bulk test will evaluate the lower grade, heap leaching process on R.O.M. ore. In parallel with these tests, the Company will mobilize heavy equipment to commence construction of the principle haul road between the La Pava deposit and the plant site platform area. Site preparation will also be completed for the plant site area located between La Pava and Quemita. This work includes cutting and leveling the plant site area to meet design specifications.

Additional information on the 2013 program is also available on the Company's website.

Source: http://www.pershimco.ca/

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