Arco and Silex Ventures Close Qualifying Transaction
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/22/11 -- 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