Tuesday 25th October 2016

Resource Clips

Posts tagged ‘Pershimco Resources Inc (PRO)’

Panama holds $200 billion in mineral resources waiting to be mined—Government

January 20th, 2014

by Cecilia Jamasmie | January 20, 2014 | Reprinted by permission of MINING.com

Mining has become one of the fastest-growing sectors in the Panamanian economy, and it is expected to expand even quicker after the government disclosed last week it has identified mineral reserves estimated at $200 billion at current prices.

Zorel Morales, chairman of the Mining Chamber of Panama (CAMIPA) told local paper La Estrella (in Spanish) that mining-related activities jumped 25% in 2013, but with the billions in mineral reserves waiting to be mined, that’s only the beginning.

“So far we have identified 50 billion pounds of copper reserves, 12 million ounces of gold, 25,000 ounces of silver and 250 tons of molybdenum … Of this total, 53% must stay in the country in the form of taxes on income and dividends,” Morales was quoted as saying.

Construction and development of the $6.2-billion copper, gold, silver and molybdenum Cobre Panama mine, on the country’s Atlantic coast, helped expand the mining industry by a third for the quarter.

Expected to become one of the world’s largest open pit copper developments and Panama’s biggest source of exports, the mine’s first shipments are due in 2016, according to Minera Panama, a subsidiary of Canada’s First Quantum Minerals TSX:FM.

Slow take-off

Despite its important mineral reserves, Panama has not experienced a mining boom. There is only one operating mine in the country, the Molejon gold mine, which is also run by a Canadian firm, Vancouver-based Petaquilla Minerals TSX:PTQ.

Apart from the touted Cobre Panama, there are other projects expected to begin operations soon, such as the gold-copper Cerro Quema mine by Canadian junior Pershimco Resources TSXV:PRO and the reopening of the Santa Rosa gold mine, in production from 1996 to 1998.

One of the fastest-growing economies in the world, Panama mostly evaded the global recession, expanding by double digits for four of the past six years.

Reprinted by permission of MINING.com

Pershimco reports Panama Results of 0.91 g/t Gold, 0.06% Copper over 98m

March 22nd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningPershimco Resources Inc TSXV:PRO announced assays from La Pava Deposit of its Cerro Quema Project in southwest Panama. Highlights include

0.91 g/t gold, 4.47 g/t silver and 0.06% copper over 98 metres
(including 0.51 g/t gold, 20.35 g/t silver and 0.09% copper over 16 metres)
0.47 g/t gold, 4.79 g/t silver and 0.04% copper over 159 metres
(including 1.19 g/t gold, 0.47 g/t silver and 0.05% copper over 19 metres)
0.32 g/t gold, 2.14 g/t silver and 1.17% copper over 41 metres
(including 0.92 g/t gold, 6.22 g/t silver and 3.06% copper over 13 metres)
0.84 g/t gold, 0.58 g/t silver and 0.09% copper over 62 metres
0.92 g/t gold, 0.54 g/t silver and 0.02% copper over 27 metres
0.12 g/t gold, 0.52 g/t silver and 1.04% copper over 28 metres

President/CEO Alain Bureau remarked, “We are very satisfied with these latest results which keep increasing the value of the project. With the airborne geophysics exercise that already started and the high-grade copper covellite intercepts at depth, my team is definitely showing that we are heading in the right direction.”

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Pershimco Resources Inc

by Greg Klein

Pershimco reports Panama Assays up to 1.84 g/t Gold over 71m

September 29th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningPershimco Resources Inc TSXV:PRO announced results from its Cerro Quema Project in Panama. Highlights include

1.84 g/t gold, 0.85 g/t silver and 0.2% copper over 71 metres
(including 3.61 g/t gold, 1.54 g/t silver and 0.06% copper over 36 metres)
0.93 g/t gold, 2.02 g/t silver and 0.08% copper over 94 metres
(including 1.58 g/t gold, 0.56 g/t silver and 0.01% copper over 27 metres)
6.48 g/t gold, 2.05 g/t silver and 0.06% copper over 13 metres
2.09 g/t gold, 0.66 g/t silver and 0.18% copper over 27 metres

Cerro Quema is located about 45 kilometres from the city of Chitre and about 190 kilometres from Panama City. The project’s camp is next to the concessions, with road access, water, power and communications.

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Alain Bureau

by Greg Klein