Pershimco and Abitex Set Up Strategic Alliance to Develop the Courville Gold Project in Abitibi

Tue Apr 26, 2011 8:31am EDT

* Reuters is not responsible for the content in this press release.

  ROUYN-NORANDA, QUEBEC, Apr 26 (MARKET WIRE) -- 
PERSHIMCO RESOURCES INC. (the "Corporation" or "Pershimco") (TSX VENTURE:
PRO)(FRANKFURT: BIZ) is pleased to announce the signing of a Letter of
Intent ("LOI") allowing the formation of a strategic alliance with Abitex
Resources Inc. ("Abitex") (TSX VENTURE: ABE) on the Courville Gold
Project in the Val-d'Or - Malartic Gold Mining Camp in northern Quebec.

    Through the terms of the alliance, Pershimco will acquire a 20% interest
in the Jolin Gold Property as it is added to its Courville Gold Project
forming a Joint Venture (the "JV") in the new consolidated Courville Gold
Project (the "Project") (refer to www.pershimco.ca website for a Project
location map). The mineral claims hosting the Jolin Gold Property sit
contiguous to the north of the Project land package. In the JV, Pershimco
will retain 80% interest in all its JV's original claims as Abitex will
acquire 20% interest on Pershimco's land package. The JV's final
agreement with Abitex will be subject to final regulatory approvals.

    Pershimco will manage and operate the Courville Gold Project being
developed under the new JV with Abitex. 

    Mr. Alain Bureau, P. Eng., President and CEO of Pershimco, stated: "The
strategic alliance between Pershimco and Abitex will allow both parties
to unlock the full potential of the 16 km by 6 km prospective gold
corridor covering the new consolidated East Courville Gold Project. Our
plan is to fast track our exploration efforts." Mr. Bureau also added:
"The mineralization footprint is believed to be similar to the lower
grade and higher tonnage gold system, such as Osisko's Canadian-Malartic
Gold Deposit in the Malartic segment of the Val-d'Or-Malartic Mining
Camp. Pershimco's Dr. Mathieu Piche, Ph.D., P. Geo., and Mr. Jean
Lafleur, M.Sc., P. Geo., will lead Pershimco's Exploration Team. Both
individuals were instrumental in the original database compilation and
bulk gold interpretation of the Canadian-Malartic Gold deposit for
McWatters Mining in 2002-2003." 

    Mr. Jean Lafleur, M.Sc., P. Geo., Director of Pershimco added: "For the
last year, Pershimco has been adding smaller land positions surrounding
its Courville Gold Project by purchasing individual and blocks of mineral
claims. The Courville land package now represents more than 200 km(2) of
continuous and prospective land holdings along the gold bearing
Porcupine-Destor Deformation Zone and its subsidiary faults. Pershimco
has already compiled all of the historic works, prospected, mapped,
sampled and assayed, as well as completed ground geophysical surveys over
the southern mineral claims. Over 100 km of IP surveys have been
completed this winter and added to the existing database managed by Dr.
Piche. This database now includes close to 700 technical reports
outlining all of the exploration work completed by Pershimco and others
that include more than 1,100 maps, from geophysical, geological,
litho-geochemical surveys, bulk sampling and metallurgical test work, as
well as from 700 drill holes and 18,400 gold assays."

    The East Courville Property

    The Courville property is located in Courville Township, QC approximately
50 km northeast of Val- d'Or near the town of Belcourt. 

    The project hosts the TIC (Thibodeau Intrusive Complex) and also various
known gold anomalies including the historical Pershing-Manitou gold mine.
Pershimco has significantly progressed in the exploration of the
Courville Property by means of geophysics, geochemistry, RC and Core
drilling indicating interesting mineralization at shallow depth and bulk
tonnage potential. Several metallurgical tests have been performed using
bulk sampling methods. The first bulk of 14,000 tons yielded 786.75
ounces of gold, equivalent to a grade of 1.93 g/t Au. The second bulk, of
2,500 tons of siliceous material, realized at the Xstrata's Horne
operations yielded grades of 1.011 g/t Au and 5.2 g/t Ag. 

    The Jolin Gold Property

    The Jolin property is located in Courville and Carpentier Townships,
adjacent to the North to Pershimco's East Courville property.

    Abitex' Jolin property is host to the historic Jolin gold deposit. More
than 150 drill holes totaling over 30,000 meters have been completed on
the deposit over the years, including over 8,000 meters by Abitex since
2005. The deposit consists of structurally controlled quartz vein systems
hosted mainly by quartz-feldspar porphyry intrusive (QFP). Abitex
intersected visible gold in the Main vein zone at a vertical depth of
2,200 feet (750m), more than 1,000 feet (300m) below the previous deepest
drilling of the deposit, demonstrating the strength and continuity of the
structures and mineralization. Past work was concentrated on the Main
vein zone but secondary gold intersections are recognized in the porphyry
outside this zone, suggesting potential for discovery and/or definition
of a larger tonnage, lower grade gold deposit. 

    A non-compliant historical resource estimate completed in 1996 suggested
the Jolin deposit hosts Indicated Resources totaling 190,000 tons grading
6.6 g/t Au and Inferred Resources totaling 250,000 tons grading 8.2 g/t
Au (Geoconseil Marcel Vallee Inc, 1996) down to the 1,200 foot level
(400m). This resource estimate predates and does not conform with
National Instrument 43-101. The resource therefore cannot be relied upon
and should only be seen as an historical reference to the potential of
the project.

    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 Corporation 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 Corporation 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 information contained in this news release has been reviewed and
approved by Mr. Jean Lafleur, M.Sc., P. Geo., Director and Technical
Advisor at Pershimco, the Corporation's Qualified Person under NI 43-101
regulations. 

    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.

Contacts:
Pershimco Resources Inc.
Alain Bureau, P. Eng.
1-819-797-2180
ressources@pershimco.ca

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