Finalization of Phase 1 and partial restoration of the Pershing-Manitou mine site

VAL-D’OR, Quebec, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Pershimex Resources Corporation (« Pershimex » or « the Corporation ») (TSX VENTURE : PRO) announces that it has just received the final payment for the sale of the pile of mineralized material from the site of the former Pershing-Manitou mine. This payment, together with the completion of the partial restoration work, successfully concludes the first phase of the current project on the Courville property.

Following discussions with a partner in the region, all the of the material (2000 tons) was transported to the milling site in early August 2020. Due to the low tonnage to be processed, it was jointly decided that the Corporation would proceed with the sale of its mineralized material rather than a contract treatment. This solution ensures that the actual content of the mineralized material and the metallurgical balance cannot be produced in detail. According to the Corporation's restoration agreement with the Quebec Ministry of Natural Resources, Pershimex was to share its information with the Government. In the absence of the inability to produce the requested complete documents, the Corporation will have to provide an explanatory report to the Government, for the restoration to be considered final. It should also be noted that an annual monitoring of vegetation must be done for a period of 3 years from this year. All these requirements must be respected for the site to be considered completely restored. All of the Corporation's approach to government are well-received and demonstrates the seriousness of our approach to the advancement and implementation of a promising and innovative mining project on our Courville property.

With the completion of this first phase, Pershimex has been able to transform an orphan mining site under the responsibility of the Québec Government into a significant business opportunity for our Corporation and all stakeholders. Indeed, the operation allowed us to restore the access road for heavy transport. The removal of the pile of material has resulted in a direct access to the former Pershing-Manitou mine shaft and the main outcrop of the mineralized zone contained in the surface crown pillar.

Another important fact to mention is that we were able to turn into ore what was until now considered waste material. The profits generated by the sale of the ore ($25,000) reduce the costs of the work carried out. The entire Phase 1, will have cost only a few thousand dollars and will have allowed the key elements of Phase 2 to be put in place, namely; a refreshment of access infrastructure, a detailed understanding of gold mineralization, direct access of the surface crown pillar and strong relationships with key stakeholders such as the Ministry of Environment, the Ministry of Natural Resources, the Municipality of Belcourt and several mining producers.

Robert Gagnon, President and CEO of the Corporation, stated: "With the conclusion and the success of Phase 1, we are able to begin Phase 2 of our ambitious project to extract the surface crown pillar of the former Pershing-Manitou mine. We have enough money in the bank account with more than $1.5 million to begin engineering work and obtain the necessary permits to complete the phase 2. »

This press release was prepared by Robert Gagnon, a professional geologist and president of Pershimex, a qualified person under Regulation 43-101.

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