Argentum Completes Property Acquisition from Arco Resources
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/24/12 -- Argentum Silver Corp. (TSX VENTURE: ASL) ("Argentum" or the "Company") announces that it has closed the acquisition of the Lachiguiri and Silacayoapan properties (the "Properties") from Arco Resources Corp. ("Arco") in accordance with a settlement and purchase agreement dated May 9, 2012 (the "Purchase Agreement") (see Argentum's news release dated May 10, 2012). The TSX Venture Exchange (the "Exchange") has formally approved the transaction, which was a Non-Arm's Length transaction under the policies of the Exchange, as Argentum and Arco have a common director and officers.
Under the terms of the Purchase Agreement, Argentum acquired a 100% interest in the Properties in consideration for the payment of $285,000 in cash. In addition, Arco agreed to the cancellation of 1,500,000 common shares of Argentum that were held in escrow under an escrow agreement dated February 15, 2011. The amended and restated option agreement between Argentum and Arco dated February 1, 2011 has been terminated.
About Argentum Silver
Argentum has an option to earn a 100% interest from Soltoro Ltd. in the Coyote silver-gold project and the Victoria property, each located in Jalisco, Mexico. Argentum also owns a 100% interest in the Lachiguiri and Silacayoapan properties, all located in Oaxaca, Mexico. For further information, please go to www.argentumsilvercorp.com.
On behalf of the Board of Directors of Argentum Silver Corp.
Warren McIntyre, President and Chief Executive Officer
Forward-Looking Statements
Statements contained in this news release that are not historical facts constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events, statements with respect to the Transaction and the cancellation of the Escrowed Shares. The words "is expected" or "estimates" or variations of such words and phrases or statements that certain actions, events or results "may" or "could" occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Argentum as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada; business opportunities that may be presented to, or pursued by, Argentum; and any other factors that may cause the Transaction not to be completed. Many of these factors can affect Argentum's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Argentum. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements and those made in our other filings with the securities regulators in Canada. These factors are not intended to represent a complete list of the factors that could affect Argentum. Although Argentum believes that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.
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:
Argentum Silver Corp.
Ian Tootill
Director of Investor Relations
604.661.2110
604.909.1818 (FAX)
ian@argentumsilvercorp.com
www.argentumsilvercorp.com
