Arco and Silex Ventures Close Qualifying Transaction
February 22 2011 - 9:00AM
Marketwired
Arco Resources Corp. (TSX VENTURE: ARR) ("Arco" or the "Company")
announces that the qualifying transaction with Silex Ventures Ltd.
(now called Argentum Silver Corp. ("Argentum")) referred to in our
news release dated February 7, 2011 has now closed. Arco has
granted Argentum the right to acquire up to a 100% interest in
three of Arco's claim blocks, including the Lachiguiri property
(together, the "Properties"), all located in Oaxaca, Mexico. On
closing, Arco received a cash payment of $100,000 and was
reimbursed for tax payments of 241,811 Mexican Pesos paid on the
Properties in January of 2011. Arco also received 2,500,000 common
shares of Argentum. These are subject to the TSX Venture Exchange's
Tier 2 Value Security escrow agreement, with 10% of the shares
released from escrow on February 15, 2011 (the "Closing Date") and
an additional 15% every six months from the Closing Date for three
years.
Trading in Argentum's stock on the TSX Venture Exchange will
commence today.
About Arco Resources
Arco holds a 100% interest in seven mineral claim blocks, all
located in the State of Oaxaca, Mexico. The Company has begun to
focus its efforts on its Taviche and Predilecta claim blocks, each
of which has had historical production of gold and silver. The
Company has optioned its Lachiguiri, Silacayoapan and Nino Perdido
properties to Argentum Silver Corp., and has an agreement in
principle to option a 100% interest in its Tres Hermanas property
(to Zodiac Capital Ltd.). For further information on the Company
please go to www.arcoresources.com. Follow Arco on Facebook.
On behalf of the Board of Directors of Arco Resources Corp.
Warren McIntyre, President and Chief Executive Officer
Arco Resources Corp.
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. Arco relies upon litigation
protection for forward-looking statements.
Neither 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.
Contacts: Arco Resources Corp. Warren McIntyre President and
Chief Executive Officer 604 639 2866 604 662 3904 (FAX)
www.arcoresources.com