Arco Terminates Option Agreement With Zodiac on Tres Hermanas Property
November 22 2011 - 5:45PM
Marketwired
Arco Resources Corp. (TSX VENTURE:ARR) ("Arco" or the "Company")
announces that it has terminated its option agreement with Zodiac
Capital Ltd. ("Zodiac") on the Tres Hermanas claims dated March
22nd, 2011 (the "Option"). Zodiac was not able to complete its
financing efforts in time to meet the extended payment deadline
agreed to between the companies.
Zodiac has advised the Company that it has reached agreement
with a UK funds management group and have funds in escrow, however
at this stage, formal closing is subject to continued due diligence
by the financing group. The respective parties are continuing a
non-binding informal relationship, and may consider a new
arrangement on the Tres Hermanas property in the future should
Zodiac complete its financing efforts.
Arco President and CEO Warren McIntyre commented, "Management
understands the challenges in the current capital markets, however
we need to press forward with the exploration and development of
our prospective properties."
About Arco Resources
Arco holds a 100% interest in seven mineral claim blocks, all
located in the State of Oaxaca, Mexico. The Company is focusing 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. 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.
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. Ian Tootill Director of Investor
Relations 604.639.2866 ext. 110 604.662.3904
(FAX)ian@arcoresources.comwww.arcoresources.com