Argo Update on Near-Term Oil
Production
Toronto, CANADA -- February 14,
2023 -- InvestorsHub NewsWire -- Argo Gold Inc. ("Argo")
(CSE:
ARQ, OTCQB:
ARBTF and XFRA, XSTU,
XBER: A2ASDS) is
pleased to announce that the near-term oil production at the Sparky
oil wells is on track for before Spring break-up at Lindbergh and
post Spring break-up at Lloyd.
Surface installations at Lindbergh are in progress for drilling to
commence and be completed prior to Spring break-up. Argo's
37.5% participation in the Lindbergh oil well is expected to yield
55 to 70 barrels oil/day to Argo. At the second Sparky oil
well, Argo is participating for 18.75% and Argo's share of oil
production is estimated to be 30 to 40 barrels of oil/day.
As announced on February 1, 2023, Argo is currently completing a
private placement of 12,000,000 shares at a price of $0.10 per
share, for gross proceeds of up to $1,200,000. The proceeds
of the financing will be used for; participation in the Sparky oil
wells, advancement of the Nisku Oil Farm-ins, and general corporate
purposes.
Finder's fees may be payable to qualified individuals pursuant to
which the finder may receive a finder's fee equal to 8% of the
gross proceeds of the financing attributable to such finder.
About Argo Gold
Argo Gold is a Canadian mineral exploration and development
company. Information on Argo Gold can be obtained from SEDAR
at www.sedar.com
and on Argo Gold's website at www.argogold.com.
Argo Gold is listed on the Canadian Securities Exchange (www.thecse.com)
CSE:
ARQ as well as
OTCQB:
ARBTF and XFRA, XSTU,
XBER: A2ASDS.
For more
information please contact:
Judy Baker, CEO
(416) 786-7860
jbaker@argogold.ca
www.argogold.com
NEITHER THE
CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER
HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY
OF THIS RELEASE.
Forward-looking
Information Cautionary Statement
Except for statements of historic
fact, this news release contains certain "forward-looking
information" within the meaning of applicable securities law.
Forward-looking information is frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the
opinions and estimates at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those anticipated in the forward-looking statements including, but
not limited to the financing not being completed in its entirety,
or at all, delays or uncertainties with drilling and surface
preparation work, and not achieving hoped for exploration
success. There
are uncertainties inherent in forward-looking information,
including factors beyond the Company's control. The
Company undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions
should change except as required by law. The
reader is cautioned not to place undue reliance on forward-looking
statements. Additional
information identifying risks and uncertainties that could affect
financial results is contained in the Company's filings with
Canadian securities regulators, which filings are
available.