Pershimco Adds Strategic Claim Package in the Courville Gold Project Area
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 07/27/11 -- PERSHIMCO RESOURCES INC. (the 'Company' or 'Pershimco') (TSX VENTURE: PRO)(FRANKFURT: BIZ) is pleased to announce the signature of the Letter Agreement (the 'Agreement') with Laurentian Goldfields Ltd (TSX VENTURE: LGF) (the 'Vendor'), an arm's length party, to acquire an eventual 100% interest in one hundred (100) claim blocks (collectively the 'Property') surrounding Pershimco's Courville Gold Project of the Val-d'Or-Malartic Gold Mining Camp. All claim blocks of the Property are located approximately 45 km north from Val-d'Or (Quebec) and contiguous with the Courville Gold Project and represent 4409 hectares. The Agreement is subject to the regulatory approvals.
Under the terms of the Agreement, Pershimco can earn up to 100% interest in the Property subject to a 2% Net Smelter Returns ('NSR') Royalty where Pershimco can buy-back 1.0% of the NSR for $1 million. Pershimco shall be entitled to repurchase the other 1.0% net smelter returns royalty in consideration of and subject to filing on SEDAR of a feasibility study for commercial production in an amount equivalent to five million dollars ($5,000,000) or, under the Vendor's decision to be paid five dollars ($5.00) per ounce of gold in reserves (proven and probable) present plus one dollar ($1.00) per ounce of gold in resources (measured and indicated) on the Property and published in said feasibility study. In order to complete the earn-in, Pershimco has agreed to pay in cash plus invest in exploration work in order to complete the 100% earn-in subject to a 2.0 % NSR as per following:
a. paying Laurentian:
i. $200,000 on the execution of the Letter Agreement;
ii. an additional $300,000 on or before July 15, 2012; and
iii.an additional $300,000 on or before July 15, 2013;
b. incurring Expenditures:
i. in the amount of $250,000 on or before July 31, 2012;
ii. in the additional amount of $250,000 on or before July 31, 2013; and
iii.in the additional amount of $500,000 on or before July 31, 2014.
Under a separate letter agreement, Pershimco will have an option to earn 100% of Laurentian's interest in the Ouellet Property Agreement ('Ouellet Agreement') including 6 additional contiguous claims, and will assume all obligations of Ouellet Agreement option (see Vendor's news release dated June 9, 2011), until such time as it has satisfied earn-in requirements, or terminated the option.
About Pershimco Resources Inc
Pershimco Resources Inc. is a Canadian-based resource and exploration corporation listed on the TSX Venture Exchange (symbol PRO.V) and the Frankfurt Exchange (symbol BIZ). The Company holds several mining properties in Canada and South America including the recently acquired Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d'Or Gold Mining Camp. The Company is managed by skilled, reputable people with extensive mining exploration and development experience. The Pershimco Team and our investors are the key to our success.
The Corporation's documents are available on www.sedar.com.
For more information, please visit the Corporation's website at www.pershimco.ca.
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' statements.
The location map of Laurentian Goldfields Inc properties optioned by Pershimco in the vicinity of the Courville Project area is available at the following address: http://media3.marketwire.com/docs/Pershimco_0727.pdf
Contacts:
Alain Bureau, P. Eng.
President and Chief Executive Officer
1 (819) 797-2180
ressources@pershimco.ca