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Pershimco Resources Announces Completion of C$30,000,000 Bought Deal Offering

ROUYN-NORANDA, QUEBEC--(Marketwire - Feb. 29, 2012) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Pershimco Resources Inc. (TSX VENTURE:PRO)(FRANKFURT:BIZ) ("Pershimco" or the "Company") announced today that it has completed its previously announced bought deal private placement offering of common shares. The Company issued an aggregate of 30,000,000 common shares at a price of C$1.00 per common share raising gross proceeds of C$30,000,000, including the exercise of the full underwriters' option of C$3,000,000. The underwriting syndicate was co-led by Clarus Securities Inc. and GMP Securities L.P., and includes PowerOne Capital Markets Limited and Jennings Capital Inc.

The common shares are subject to a four-month and one day hold period under applicable Canadian securities laws which expires on June 30, 2012.

The Company has received approval from the TSX Venture Exchange for the listing of the common shares sold and issued under the private placement, subject to satisfying certain listing conditions of the TSX Venture Exchange.

Pershimco plans to use the net proceeds of the offering to fund exploration and advancement of the Company's Cerro Quema Project in Panama and for general corporate purposes.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the issuer and its management, as well as financial statements.

About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resources and exploration corporation listed on the TSX Venture Exchange and the Frankfurt Exchange. The Corporation holds several mining properties in Canada and South America including the extraction permitted Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d'Or Gold Mining Camp, developed in partnership with Osisko Mining Corporation. The Corporation is managed by skilled and reputable people with extensive mining exploration and development experience. The Pershimco Team and our investors are the key to our success.

The Corporation's documents are available on www.sedar.com

Please visit the Corporation's website at www.pershimco.ca

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.

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.

Contact Information

Alain Bureau, P. Eng.

President and Chief Executive Officer

+1 (819) 797-2180

ressources@pershimco.ca