Pershimco Announces $11.2 Million Strategic Investments by Agnico Eagle Mines Limited & The Sentient Group

Pershimco Resources Inc. (the "Company" or "Pershimco") (TSX
VENTURE:PRO)(FRANKFURT:BIZ) is pleased to announce a non-brokered private
placement (the "Private Placement") totaling $11.2 million by two important and
highly respected partners, Agnico Eagle Mines Limited ("Agnico Eagle") and The
Sentient Group ("Sentient"). 


Agnico Eagle has entered into a subscription agreement for an investment of
$9,306,000 into Pershimco at a subscription price of $0.47 per unit (the
"Unit"). As a result of the transaction, Agnico Eagle will own 9.9% of
Pershimco's issued and outstanding shares on a non-diluted basis. 


Sentient, already a significant shareholder of the Company, has entered into a
subscription agreement for an additional investment of $1,892,692.35 into
Pershimco through the Private Placement. As a result of the transaction,
Sentient will continue to own 16.9% of Pershimco's issued and outstanding shares
on a non-diluted basis. 


Under the terms of the subscription agreements, Agnico Eagle and Sentient will
purchase 19,800,000 Units and 4,027,005 Units respectively, for a total of
23,827,005 Units. Each Unit is comprised of one common share and of one common
share purchase warrant. Each common share purchase warrant will entitle the
holder to acquire one common share of the Company at a price of $0.54 for a
period of two years from the date of issuance. In the event that all warrants
are exercised, an additional $12.9 million in gross proceeds will be raised. 


"We view Panama as an attractive mining jurisdiction. The Cerro Quema project
offers an opportunity to participate in both near term production and
significant exploration potential", said Sean Boyd, President and CEO of Agnico
Eagle. "Pershimco's team should be complimented on the high quality exploration
and development work to date and we look forward to further advancement of this
exciting project", added Mr. Boyd. 


Alain Bureau, President and CEO of Pershimco, added, "Agnico Eagle is a
mission-oriented mining company with a proven track record as exemplary partners
focused on high-potential assets. Our shared vision is to develop our projects
within a framework that utilizes the highest standards to ensure the creation of
a better future for all of our stakeholders, including the communities in which
we operate. We are also proud to be able to count on Sentient's continued
support." 


The closing of the Private Placement is expected to occur on or about January
10, 2014 and is subject to satisfactory completion of due diligence, receipt of
regulatory approval and other conditions. The common shares issuable pursuant to
the Private Placement (including, if applicable, the common shares issuable upon
the exercise of the warrants) are subject to a regulatory four-month hold period
from the issuance date of the Units. Upon closing of the Private Placement,
subject to certain conditions, Agnico Eagle and Sentient will maintain a right
to participate in any future equity offerings by the Company in order to
maintain their pro rata equity and voting rights in the Company. 


Proceeds of these strategic investments will allow Pershimco to accelerate its
regional exploration efforts, pursue the deep drilling campaign on Cerro Quema
and conclude the pre-feasibility study on the gold oxide project. Proceeds will
also be used for general corporate purposes. 


The Company has agreed to pay Minvisory Corp. an advisory fee of $286,120
representing 4% of the first $5 million of the gross proceeds subscribed by
Agnico Eagle and 2% thereafter of the gross proceeds of said subscription. No
other fee or commission is payable by the Company in connection with the Private
Placement.


About Pershimco Resources Inc.

Pershimco Resources Inc. is a mineral exploration and development company listed
on the TSX Venture Exchange and the Frankfurt Exchange with a near-production
oxide gold project in Panama. The Cerro Quema project is composed of multiple
gold oxide deposits within a 15,000 ha extraction permitted concessions package.
The Company is also exploring, within the same concessions, the potential of a
Copper-Gold porphyry at depth. The Company is led by a skilled management team
with extensive experience in the mining sector, as well as a proven track record
of building successful operating mining facilities in the Americas. With strong
support from its shareholders, the Pershimco team is positioned for success. 


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

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

PwC report 

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Alain Bureau, P. Eng.
President and Chief Executive Officer
[phone]
[e-mail]


Elina Chow
Investor Relations
[phone]
[e-mail]