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Pershimco Announces NI 43-101 Resource Estimate; Shares Down 10% Mid-Morning

By: MT Newswires
Posted: 9/20/2012 10:25:00 AM
Referenced Stocks: NI

Pershimco Resources Inc. (PRO.V) today reported the completion of its National Instrument ( NI ) 43-101 2012 Mineral Resource Estimate Update at its 15,000 Ha 100% owned Cerro Quema Property, Panama.

The Cerro Quema Property hosts the La Pava, Quema Quemita and La Mesita Zones.

Highlights from the updated Mineral Resource:

- All resources reported are within an optimized pit shell;

- Indicated oxide gold mineral resources increase from 256,000 to 513,100 Au Oz's;

- Indicated oxide and sulphide resources total 570,100 Au Oz's increasing by 123%;

-Inferred resources total 167,800 AuEq(10) Oz's;

-Previous mineral resource calculation (2010) gives a gold discovery rate of 14.7 Oz's per meter drilled;

-Gold discovery rate has increased to 17.5 Oz's per meter drilled;

-The recently drilled 9,020 meters is not included in this mineral resource estimate but will be included in the next resource estimate; and

Four drill rigs are still expanding the two targets : LaPava and Quemita-Quemita.

More than 180,000 shares have been traded so far.