ROUYN-NORANDA, QUEBEC--(CCNMatthews - May 4, 2006) - RESSOURCES PERSHIMCO INC. (TSX VENTURE:PRO) is pleased to announce that, on May 3rd, it concluded a non-brokered private placement in accordance with an exemption provided for under Regulation 45-106 respecting Prospectus and Registration Exemptions. The proceeds will be used to finance its exploration project at the San Miguel silver mine, in the Cusi mining camp in northern Mexico. This financing should be sufficient given that some infrastructure already exists on site and that the mine was rehabilitated in the fall of 2005. The financing includes 22 units ($220,000) at a price of $10,000 each representing a total of 550 000 common shares and 550 000 warrants.
Each unit consists of twenty-five thousand common shares of Pershimco's share capital priced at $0.40 each and twenty-five thousand warrants. Each warrant entitles its holder to purchase one common share of Pershimco at a price of $0.40 for a period of eighteen months following the closing date, or on November 3, 2007.
"This financing was made possible by the high level of foreign investor interest in this region. The price paid per share was more than reasonable, as the share price was about $0.20 when the private placement was negotiated," stated Roger Bureau, President of Pershimco. The company now has 24 million shares outstanding on a fully diluted basis.
Based on the results obtained and released in January 2006, the company is confident that this property has near-term economic potential, given the high silver grades obtained in 23 samples, as confirmed by Andre Liboiron, geologist and a qualified person under Multilateral Instrument 43-101.
Management of Ressources Pershimco Inc. is already organizing additional funding of in excess of $1 million, either through public offerings or private placements, to enable it to fully exploit the known potential of this property in the near term. The company does not expect to have difficulty raising these funds given current favourable market conditions.
Additional information is available on the company's website at www.pershimco.ca.
Forward-looking Statements: With the exception of historical data, the statements made in this press release may contain elements subject to certain risks and uncertainties. Actual events and results could could differ materially from the forecasts and expectations expressed by the company.
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