ROUYN-NORANDA, QUEBEC--(Marketwire - Aug. 4, 2011) - PERSHIMCO RESOURCES INC. (the "Company" or "Pershimco") (TSX VENTURE:PRO) (FRANKFURT:BIZ) is pleased to announce to their shareholders that it has engaged itself to enter into an option agreement with Abitex Resources Inc ("Abitex") (TSX VENTURE:ABE) for the Jolin gold project claims ("Jolin") in the Abitibi region, where Pershimco is exploring a large land package prospective for gold and base metals in Courville and Carpentier townships. The final agreement with Abitex will be subject to final regulatory approvals
The Jolin gold project claims are located approximately 50 km northeast of Val-d'Or in the Abitibi belt of northwestern Quebec and sits in the middle of the northern part of the East Courville Gold Project. The 37 Jolin claims provide exploration potential for the Pershimco project.
Under the terms of the agreement, Pershimco can earn up to 100% of the right, title and interest in the claims subject to the following:
- Pay Abitex $750,000 upon signing and following regulatory approval;
- Issue to Abitex 2 million common shares of the capital stock of Pershimco ("Common Shares") over a two year period as follows:
500,000 shares at signing and following regulatory approval;
500,000 shares no later than six months from signing;
400,000 shares no later than twelve months from signing;
300,000 shares no later than eighteen months from signing;
300,000 shares no later than twenty four months from signing;
- Pay Abitex a $10/oz royalty on any future gold production from the Jolin property.
Pershimco will have the option to acquire the royalty at anytime between the filing of a feasibility study and the start of commercial production for $5 per ounce of reserves (proven and probable) and measured resources and for $2.50 per ounce of indicated resources.
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.