- Option to earn 100% of the six (6) claim groups, Jolin East, Pascalis Lake, Jenson, Carpentier, Laflamme and Rise Properties from Tres-Or Resources and Sementiou Inc
Mar. 30, 2011 (Marketwire Canada) --
ROUYN-NORANDA, QUEBEC -- PERSHIMCO RESOURCES INC. (the "Company" or "Pershimco") (TSX VENTURE:PRO) (FRANKFURT:BIZ) is pleased to announce an Option Agreement (the "Agreement") with Tres-Or Resources Inc (TSX-V: TRS) and the privately held Sementiou Inc. (a service contractor) (the "Vendors") to acquire an eventual 100% interest in six (6) 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 between 40km and 50 km from Val-d'Or (Quebec) and within 10 km, in places contiguous with, the Courville Gold Project.
Under the terms of the agreement, Pershimco can earn up to 100% interest in the Property subject to a 2% Net Smelter Return ("NSR") Royalty where Pershimco can buy-back 1.0% of the NSR for $1 million and retains the first right of refusal to buy-back the remaining 1% NSR. The Property under option is held 50-50 between Tres-Or Resources Inc. and Sementiou Inc. In order to complete the earn-in over a 3 year period, Pershimco has agreed to pay $50,000 and issue 50,000 shares subject to Board and regulatory approvals. Pershimco has also committed to expend $500,000 in exploration work over a 24 month period. In addition, 12 months after signing of the final agreement, Pershimco will pay an additional $50,000 and issue 50,000 shares, and in 24 months, a further $100,000 cash and issue 100,000 common shares, and Pershimco has agreed to expend a further $500,000 in exploration work in order to complete the 100% earn-in subject to a 2.0 % NSR.
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.
A map is available at the following address: http://media3.marketwire.com/docs/CartePers.pdf
Pershimco Resources Inc.
President and Chief Executive Officer