Vancouver, BC -- December 12, 2008, Pediment Exploration Ltd. (TSXV: PEZ) ("Pediment" or the "Company") is pleased to welcome Chris Babcock to the position of Mine Development in charge of its San Antonio project. Mr. Babcock has 24 years of experience in the mining industry, 17 years being in Mexico or on Mexican projects. He was most recently the President of Castle Gold Corp. and previous to that was the President of Morgain Minerals Inc. Mr. Babcock was the Manager of Mexico for Alamos Gold during the early development of the Mulatos project. He was also involved in the initial development of the La Colorada project, which the Company just purchased. His involvement in the early 1990's for Eldorado Gold included completing a bulk heap leach test and the design, construction and initial operations of the commercial heap leach facility. Mr. Babcock's experience in the development and operation of gold mines will greatly assist the Company in its efforts to develop the San Antonio project.
In addition, the Company announces a total of 1,240,000 incentive stock options, under its Share Option Plan, which were granted to certain employees, consultants and directors of Pediment have been cancelled. 400,000 of the incentive stock options were priced at $1.88 and 840,000 were priced at $3.00. The Board of Directors has agreed to cancel these options to ensure that there is a pool of options available to reward and motivate employees, potential employees and consultants and directors and officers for their contribution toward the success and goals of the Company. The Company has granted, under its Share Option Plan, incentive stock options to certain employees, consultants and directors of Pediment to purchase up to an aggregate of 1,900,000 common shares. The options will be exercisable for a period of five years from the date of grant at a price of $0.60 per share.
Finally, the Company confirms that, pursuant to a Share Exchange Agreement dated June 22, 2005 between the Company and El Dragon Minerals, LLC et al , (the "El Dragon Agreement") the Company has issued 2,500,000 common shares (the "Bonus Shares") to the former shareholders of the Company's subsidiary Minera Pitalla S.A. de C.V. In accordance with applicable securities laws, the shares will be subject to a four-month hold period. Under the El Dragon Agreement, the Bonus Shares are issuable on the satisfaction of a condition that more than one million ounces of gold or gold equivalent resource be discovered on three or fewer Pitalla projects, with at least 500,000 ounces on a single project. A NI 43-101 report on the San Antonio project commissioned by Pediment reported an Inferred Resource of 1.45 million ounces of gold. Based on that report and an additional independent review of the project the Company has determined that that condition has been satisfied.
Additional details on the El Dragon Agreement are set out in the Company's public disclosure filings on SEDAR (www.sedar.com), including the Company's February 9, 2005 Information Circular and its October 6, 2005 news release. The El Dragon Agreement has been accepted by the TSX Venture Exchange.
Pediment's president Gary Freeman commented "We're thrilled to have someone of Chris' stature and experience spearheading the San Antonio project and moving it forward. We're equally pleased to be able to fulfill the original El Dragon agreement. The bulk of the shares being issued will go to close associates of the company who continue to be active and supportive shareholders. I look forward to continuing to build the sort of company they originally envisioned to the benefit of all Pediment's shareholders and other stake holders."
For additional information please contact Gary Freeman at (604) 682-4418.
On behalf of the board,
Gary Freeman, President and CEO
