VANCOUVER, Sept. 15, 2011 /CNW/ - (CNSX:ARO) Les Kjosness, President & CEO, is pleased to announce that, further to
the Company's news release of August 3, 2011, Armadillo has entered
into a binding letter agreement to grant an option to acquire a 40%
interest in the Aripuana Property, Amazon Basin, Brazil, to LKH
Investment Group of Seoul, Korea ("LKH"), which was introduced to the
Company by Secured Capital Investment Group of Concord, California.
The letter agreement is between the Company, LKH and the Company's
Brazilian subsidiary, Amazonia Capital e Participaciones Ltda. ("ACP"),
and provides that LKH will earn a 40% interest in the Aripuana property
from ACP by incurring US$30 million in expenditures on the exploration
and development of the property. During the term of the Option, ACP
will conduct all operations on the property, and on the exercise of the
option the parties will operate as a joint venture with ACP as the
Management cautions investors that the transaction remains subject to
any required regulatory approval, any third party consents, and the
entering into of a definitive formal option and joint venture
A finder's fee will be applicable to this agreement.
Armadillo Resources is focused on developing its Brazilian tenures -
Manicore, Aripuana and Carauai - three properties located in the
southeastern portion of Amazonas State which comprise 35 mineral claims
and encompass approximately 671,632 hectares. The primary exploration
targets are for gold with some diamond targets. In total, the Company
owns approximately 1,370,368 hectares of 164 processos minerals
(claims) in the states of Amazonas, Mato Grosso and Rondonia.
On behalf of the Board,
President and Director
The CNSX has neither approved nor disapproved of the accuracy of this
release. This news release may contain forward-looking statements
including but not limited to comments regarding the timing and content
of upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc.
forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements.
SOURCE Armadillo Resources Ltd.
For further information:
Les Kjosness: 604-408-6500
Kirsti Mattson: 778-434-2241 Media