News released again. Great to read it again.More shares, more money, more drilling and exploration done on someone else`s behalf.
Great to be a shareholder of this undervalued company.
Man this stock has had so many joint ventures and news releases this last year.
Cant wait to see where the share price will be in a few years when gold and silver are at new highs and many of these projects are producing.
Going to be a great ride.
GLTA.
C.S.
Pershimco to Acquire Las Minitas Silver Project in Sonora, Mexico
May 14, 2007 (M2 PRESSWIRE via COMTEX News Network) --
Market Gainer is quickly emerging as the one stop shop for international small-cap investors looking to stay a step ahead of the markets. Activity on the Toronto Venture market has brought this company to the attention of our research team. PERSHIMCO RESOURCES INC. (TSX VENTURE:PRO), is responding to the attention of investors. Our goal is to create a community of international investors who consistently and effectively capitalize on the enormous gains the small-cap Canadian and American exchanges offer.
PERSHIMCO RESOURCES INC. (TSX VENTURE:PRO; FSE:BIZ) wishes to announce that it has signed a Letter of Intent to acquire a 75% direct property interest in the 8.22 km2 Las Minitas Silver-gold Project in Sonora, Mexico, held by Tara Gold Resources Corporation (OTC:TRGD; FSE:T8N). The Las Minitas Project is located in the western foothills of the Sierra Madre Occidental, and situated near mineral deposits owned by Agnico Eagle, Gammon Lake and Coeur D'Alene, 250 km SWW of Pershimco's La Bamba and San Miguel properties, accessible via 30 km of secondary roads north from the intersection of Highway 15 connecting Navojoa and Alamos to the village of Las Minitas.
A qualifying technical report was completed in September 2006 by M. H. Sandidge, P. Geo., titled "Technical Report, National Instrument (NI) 43-101 Qualifying Property Report, Las Minitas Project, Sonora, Mexico". Highlights from the report include:
- The Las Minitas mineralization consists of a silver-gold bearing quartz vein stockwork system within Tertiary dacitic tuffs;
- The report outlined a pre-NI 43-101 resource of 13.53 million tonnes @ 260 g/t silver and 0.31 g/t gold (War Eagle Mining, 1994) within 3 mineralized zones. The estimate cited is historical in nature. There has not been sufficient work to classify the historical estimate as compliant NI 43-101 Mineral Resources; nor is Pershimco treating the historical estimate as current mineral resources. The historical estimate should not be relied upon.
- The report also stated that exploration work outside the areas of known mineralization is limited to non-existent, such that the size, shape, and the general character of the mineralization throughout most of the property are not well understood;
- The report recommended a minimum exploration program to increase the level of knowledge of mineralization at Las Minitas and to advance the known mineralization from the previous drilling program to a higher level of confidence compliant with NI 43-101. The program included:
- geological mapping, rock chip sampling and analysis to outline the areas of mineralization;
- CSAMT (Controlled-Source Audio-Frequency Magneto-Telluric) geophysical survey across the known and unknown mineralized areas to delineate linear vein-type mineralized structures at depth; and
- In-fill drilling program over the known mineralized areas, delineated and extending from the 1994 drilling program, to outline Mineral Resources.
Property deal terms
Pershimco could earn a 75% direct property interest by making cumulative payments of US$ 1.83 million, staged exploration work for a total of US$ 5.2 million, property payments for US$ 3.20 million and issuing 750,000 shares of Pershimco to Tara Gold Resources Corporation; 500,000 of which will be issued at the signing at a deemed price of C$ 1.25 per share for a total of C$ 625,000 and the remainder.
There is also a finder's fee payable in units equivalent to 5% of the consideration offered by Pershimco after conversion into Canadian dollars representing 222,678 units at a deemed price of CDN. $1.25. Each unit is comprised of one common share and one share purchase warrant. Of the CDN. $1.25 price, CDN.$1.249 is allocated towards the share and CDN. $0.001 is allocated towards the share purchase warrant. Each warrant entitles the holder thereof, for a period of 24 months following the date of the issuance of the share purchase warrant, to purchase one common share at an exercise price of CDN. $1.65 per common share. An additional finder's fee includes 5% of the shares issued by Pershimco representing another 37,500 common shares at a deemed price of CDN. $1.25 per share for a total of CDN. $46,875.
The deal is subject to a 45-day due diligence period.
Alain Bureau, V.P. Operations and Special Projects said, " Our management team is very excited about today's announcement since the acquisition fits into our Company's strategic objectives of giving the best value per share on every project (...) This week's Coeur d'Alene Mines, Bolnisi Gold and and Palmarejo Silver and Gold merger valued at US$ 1.1 billion is another example of the added value given to the Palmajero / Bolnisi Palmarejo Project, which is one of the highest-quality primary silver projects in the world capable of producing 12 million ounces of silver and 110,000 ounces of gold annually, and is located less than 90 km E of Las Minitas. Pershimco firmly believes in following their path and continue the initial geological work done by Tara Gold using a Palmajero / Bolnisi approach, focusing on rapidly adding more mineral resources to this project ".
The information in this news release has been prepared and reviewed by Mr. Jean Lafleur, P. Geo., Director and Technical Advisor to Pershimco, the Company's Qualified Person under NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS Alain Bureau, VP OPERATIONS AND DIRECTOR
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian based junior resource and exploration company trading under the symbol PRO on the TSX Venture Exchange and BIZ on the Frankfurt Stock Exchange. The Company holds 100% of several mining properties including the Courville Gold Project, near the Val-d'Or Gold Mining Camp, The Company has an option to acquire 100% of a number of Canadian and Mexican properties in the State of Chihuahua, Mexico, including the Cu-Zn skarn Magistral Project. Pershimco's wholly owned La Bamba and San Miguel Project, in the Cusi Mining District is under option to Dia Bras Exploration (TSX-V: DIB). The Company's strategy is to advance its exploration properties towards metal reserves and eventual production, which also covers the exploration and development of the Courville Gold Project.
About Tara Gold Resources Corp.
Tara Gold Resources Corp. is a growth-oriented precious metals exploration and development company with existing production plants. Management's strategy is to become a significant gold and precious metals producer by re-initiating and increasing production levels at La Currita, Lluvia de Oro and Picacho, and developing the San Miguel, La Millionaria, Pilar De Mocoribo and Las Minitas projects in Mexico. Tara continues to acquire advanced-stage projects and/or producing mines in one of the most prolific precious metal districts in the world. For more information, please visit the Company's web site at: https://www.TaraGoldResources.com.
During afternoon trading shares are up 16% to $1.00 with over 1 million in volume. The Market Gainer Research Team will continue to gauge the short and long term affects that this announcement will have on the company
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