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

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Pershimco Resources Inc. (the "Company" or "Pershimco") (TSX
VENTURE:PRO)(FRANKFURT:BIZ) announces the closing of its previously announced
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"). 


The Company issued an aggregate of 23,827,005 units at a subscription price of
$0.47 per unit (the "Unit"), for gross proceeds of $11.2 million. Each Unit is
comprised of one common share and of one common share purchase warrant. Each
common share purchase warrant entitles 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. The common shares and warrants issued
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 expiring May 29, 2014. 


As a result of the transaction, Agnico Eagle now owns 9.97% and Sentient
continues to own 16.9% of Pershimco's issued and outstanding shares on a
non-diluted basis. Subject to certain conditions, Agnico Eagle and Sentient
maintain a right to participate in any future equity offerings of Pershimco in
order to maintain their pro rata equity and voting rights in the Company. 


Proceeds of these strategic investments 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 paid 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 was paid by the Company in connection with the Private Placement.


The securities referred to in this news release have not been registered under
the United States Securities Act of 1933 (the "Act"), 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 registration under the Act or an applicable exemption
from the registration requirements of the Act. 


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 

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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]