ROUYN-NORANDA, QUEBEC--(CCNMatthews - Aug. 3, 2006) - PERSHIMCO RESOURCES INC. (TSX VENTURE:PRO) (the "Corporation") wishes to inform its shareholders that the trading halt on its stock is related to a late filing of its financial statements for the year end March 31, 2006 due for July 31, 2006. The delay is solely attributable to a recent change of auditors.
The increased involvement of the Corporation on the international scene, particularly in Mexico, demanded a change of auditors. The Board of Directors has therefore approved a resolution soliciting the services of an auditing firm with international reach.
Within this context, Pershimco Ressources Inc. has retained Samson, Belair, Deloitte & Touche as auditors. The Company was advised by its new auditors that completion of the audit is likely to be finalized within the next few weeks.
"Our mistake for being late was to underestimate the time needed to finalize a change of auditors during the pre-holiday period", says Roger Bureau, president of the Corporation. However, the Company advised l'Autorite des marches financiers of the possibility of a late filing of the financial statements for the year end March 31, 2006 due to the ongoing change of auditors.
As a result, Pershimco Ressources Inc. has formally requested a temporary cease trade order that prohibits certain directors, officers and insiders of Corporation from trading. Due to the present circumstances that are in no way related to the Corporation's financial health, l'Autorite des marches financiers ordered an issuer cease trade order instead.
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