ROUYN-NORANDA, QUEBEC--(Marketwire - March 29, 2012) - PERSHIMCO RESOURCES INC. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to announce the nomination of Mr. Octavio Choy, as Country Manager covering its operations in Panama. Octavio Choy is the former General Manager of Petaquilla Copper Ltd. in Panama and served on the Advisory Board for Petaquilla Minerals Ltd.
Serving as an important link in the transaction between Inmet and Petaquilla Copper Ltd., Mr. Choy served as a liaison between government officials and shareholders in order to maintain a mutual understanding while serving the company's interests. He established strong business affiliations with Chinese refineries and collaborated with the CEO to attain equity and debt financing for the mining project. He also served on the transition team of the Inmet take-over bid for Petaquilla Copper, now known as Minera Panama. Octavio Choy was also V.P. of Commercial Operations for Petaquilla Minerals Ltd. He worked in partnership with operations executives and staff to create short and long-term strategic plans. He recruited and created construction teams for the process plant and managed cost control and budget plans.
Mr. Choy brings over a decade of precious metals and mining experience to the Corporation; the past 7 years of which have seen him grow and lead two different start-up companies to their ultimate sale and positive return for investors. He has a solid track record of exploration and development success with a strong background in risk management and economic analysis.
A dual citizen of Panama and the United States, and 5-year resident of the Cocle region of Panama, Mr. Choy brings a strongly beneficial domestic network to the Corporation. He is a well-known philanthropist and an entrepreneur in the manufacturing and biotechnologies industries, with a thorough understanding of the business process. His years of experience in the metal business, including project finance and international trade, has broadened his network and maintains connections worldwide.
Mr. Alain Bureau, President and Chief Executive Officer of Pershimco, declares: "The addition of Mr. Choy as Country Manager will emphasize the corporation's desire to achieve growth and value for its shareholders as our presence in Panama is increasing rapidly."
The Board has granted 100,000 incentive stock options to Mr. Choy from the Corporation's capital stock, exercisable for up to 5 years at a price of $1.42 per share. The options granted will vest as per the Corporation's corporate rules and will be subject to applicable regulatory hold periods.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resources and exploration corporation listed on the TSX Venture Exchange (symbol PRO.V) and the Frankfurt Exchange (symbol BIZ). The Corporation holds several mining properties in Canada and South America including the extraction permitted Cerro Quema advanced project in Panama and the Courville Gold Project in the Val-d'Or Gold Mining Camp being explored in partnership with Osisko Mining Corporation. The Corporation is managed by skilled and reputable individuals with extensive mining exploration and development experience. The Pershimco Team and its investors are the key to its success.
The Corporation's documents are available on www.sedar.com
Please visit the Corporation's website at www.pershimco.ca
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" statement.
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.