VANCOUVER, July 21 /CNW/ - (TSX.V-ARO) Les Kjosness, President & CEO, is pleased to announce Armadillo Resources Ltd. ("the Company") has agreed to purchase a 100% interest in the LD gold property located southeast of Atlin, British Columbia from a privately held group. The Company will make an initial payment of $160,000, an additional $100,000 on September 24, 2010 and a final payment of $240,000 due on the completion of the next flow-through/non flow-through private placement to be participated in by associated parties. There will be a 3% NSR and the Company has the option of purchasing 1% of the NSR for $1,000,000.
Assessment reports filed with the B.C. Ministry of Energy, Mines and Petroleum Resources (EMR) state that from 1983 to 1986 Standard Gold Mines Ltd. (Standard) and Claymore Resources Ltd. (Claymore) worked the west and east portions of the LD gold property, respectively. Both Claymore and Standard reported very high gold grades over relatively narrow zones of quartz veining in trenches, grab samples, and diamond drill core. On the western portion of the LD claims, Standard reported high grade gold values from numerous quartz veins in trenches along a shear structure. (EMR Assessment Report 11511). Several samples returned values in excess of 30 g/t gold including assays of 330.3 g/t gold (9.635 oz/T) and 426.5 g/t gold (15.116 oz/T) from 15 kg bulk samples collected from the trenching.
The information contained in this news release has been reviewed and approved by D.W. Rennie, P. Eng., a Qualified Person as defined by National Instrument 43-101. Mr. Rennie is a Director of the Company.
Please visit www.armadilloresources.com for all our news. Information on the LD property will be posted shortly.
On behalf of the Board,
'Les Kjosness' President and Director
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 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: For further information: Les Kjosness, 604-681-8222; Kirsti Mattson, 604-202-2484 media