Pershimco Reports Average 92.8% Gold Recovery from Oxide Metallurgical Testing

Pershimco Reports Average 92.8% Gold Recovery from Oxide Metallurgical Testing 
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 03/20/13 -- Pershimco
Resources Inc. (the "Company" or "Pershimco") (TSX
VENTURE:PRO)(FRANKFURT:BIZ) is pleased to report metallurgical test
results from its 100% owned Cerro Quema gold deposit in Panama.
Bottle roll tests using composites from the surface oxide resources
confirmed this material is highly leachable, providing further
evidence supporting the positive economic potential of the gold oxide
project.  
Highlights 


 
--  Average recovery from the first 14 bottle roll tests of oxide material
    is 92.8%; 
--  Recoveries varied from 86.1% to 97.2% after 48 hours, for nominal feed
    size at 100% minus 0.25" and 0.5"; 
--  To date, the leach kinetics indicate the bulk of the recovery potential
    is regularly reached within 18-24 hours; and 
--  Recovery differential for composite PO-08 tested at both 0.25" and 0.5"
    is very low: 87.5% vs. 87.1%. 

 
This first batch of metallurgical tests indicating consumption for
cyanide and lime, for the tested oxide composites, is at the low end
of typical values in most cases, with PO-17 being an outlier (to be
checked for sulphur content). 
All of the bottle roll recoveries for the 13 oxide composites tested
surpassed 85%, with results commonly above 90% (see Table 1). As
expected, the 14th composite, PS-07, a sample taken from the lower
sulphide zone, achieved a recovery of 50%. As with some of the other
sulphide samples tested but awaiting solution assays, the resulting
cyanide and lime consumption for treating these samples is an order
of magnitude higher than what is required with the oxide samples.  
The Company expects additional results shortly as well as
conventional and pulsed column leach test results being prepared at
McClelland Laboratories Inc., in Nevada.  
While historical metallurgical results have also demonstrated good
gold recoverability from the oxide material, Pershimco's technical
team recognizes the need for additional metallurgical testing using
more contemporary laboratories and incorporating greater control
methodologies.  


 
  Table 1. Summary Metallurgical Results, Scoping Bottle Roll Tests, Cerro  
                                    Qu
ema                                   
----------------------------------------------------------------------------
MLI                                     NaCN             Au
                                                           
Test                        Feed       Conc.      Recovery,
                                                           
#          Composite        Size         g/L              %
-----------------------------------------------------------
CY-31          PO-08      12.5mm        0.50           87.1
CY-33          PO-14      12.5mm        0.50           95.1
CY-37          PS-07      12.5mm        0.50           50.0
CY-22          PO-01       6.3mm        0.50           86.1
CY-1           PO-02       6.3mm        0.50           93.3
CY-2           PO-03       6.3mm        0.50           90.0
CY-3           PO-04       6.3mm        0.50           93.2
CY-4           PO-05       6.3mm        0.50           96.9
CY-6           PO-07       6.3mm        0.50           94.7
CY-7           PO-09       6.3mm        0.50           94.1
CY-8           PO-10       6.3mm        0.50           96.2
CY-15          PO-17       6.3mm        0.50           94.1
CY-16          PO-19       6.3mm        0.50           94.3
CY-5           PS-05       6.3mm        0.50           97.2
CY-24          PO-08       6.3mm        0.50           87.5
 
MLI                         gAu/mt ore                    Reagent Req.
          ----------------------------                                
Test                        Calculated                       kg/mt ore
                                      --------------------------------
#         Extracted     Tail      Head                NaCN        Lime
----------------------------------------------------------------------
CY-31          0.74     0.11      0.85                0.07         0.9
CY-33          0.58     0.03      0.61      less than 0.07         1.6
CY-37          0.02     0.02      0.04                1.35        13.4
CY-22          0.68     0.11      0.79      less than 0.07         2.0
CY-1           0.28     0.02      0.30                0.22         3.4
CY-2           0.09     0.01      0.10                0.10         3.4
CY-3           2.07     0.15      2.22      less than 0.07         2.3
CY-4           0.95     0.03      0.98      less than 0.07         1.0
CY-6           1.08     0.06      1.14      less than 0.07         1.0
CY-7           1.76     0.11      1.87      less than 0.07         2.6
CY-8           1.00     0.04      1.04      less than 0.07         2.8
CY-15          0.16     0.01      0.17                0.90         7.7
CY-16          0.99     0.06      1.05      less than 0.07         1.2
CY-5           1.76     0.05      1.81                0.15         2.9
CY-24          0.70     0.10      0.80      less than 0.07         1.0

 
Note: Composite nomenclature indicates whether the composite
represents material from La Pava (Px) or Quema-Quemita (Qx), with "x"
identifying the composite as either made of oxides (x=O) or sulphides
(x=S). 
Quality Assurance / Quality Control ("QA/QC")  
Sample selection was based upon the drill hole database assay
results, enabling samples to be chosen from both shallow and deep
mineralized intercepts from many different parts of both the La Pava
and Quema-Quemita ("QQ") deposits. Samples were taken mostly from the
oxide zones with a few from limited sulphide intercepts that provided
sufficient sample weight.  
A total of 30 composites were created by mixing material from groups
of drill holes in particular areas, with each composite representing
a specific area in the orebody and only including either oxide or
sulphide mineralization. Of the 30 composites, 22 were extracted from
holes in La Pava (7 from drill core samples), of which 17 were from
the oxide zone and 5 from the sulphide zone. The other 8 composites
were taken from QQ, all from oxides and all made up of reverse
circulation ("RC") cuttings only. Thus far, the small amount of
diamond drilling conducted at QQ, which included stopping any holes
once they exited the oxide zone, has limited the amount of core
available for testing.  
McClelland Laboratories Inc. ("MLI") finalized the preparation of the
composites
, from the individual samples obtained (2.35 wet tonnes, in
134 drums), dried and crushed the samples to the desired size
distribution for testing, and extracted a head sample for assaying.
As of late February 2013, MLI had completed bottle roll testing, with
assaying results pending, and has charged the first leach columns.
The initial results from the bottle roll tests are described in this
press release.  
The information contained in this press release has been reviewed and
approved by Mr. John Kapetas, B.Sc. Hons, MAusIMM, MAIG and Mr.
Pierre Lacombe, Eng. both Qualified Persons under NI 43-101 rules and
standards.  
About Pershimco Resources Inc.  
Pershimco Resources Inc. is a Canadian-based resources and
exploration company listed on the TSX Venture Exchange and the
Frankfurt Exchange. The Company holds several mining properties in
Canada and South America, including the advanced and extraction
permitted Cerro Quema 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 Company 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 Company's documents are available on www.sedar.com.  
Please visit the Company'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" statement. 
Contacts:
Alain Bureau, P. Eng.
President and Chief Executive Officer
+1 (819) 797-2180
ressources@pershimco.ca 
Richard Leroux
Investor Relations
+1 (514) 993-4510
info@pershimco.ca