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| | November 09, 2009
Argus Holds Agm And Signs Binding Lois On Hyland And Kaituma Projects
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| | Vancouver, B.C., November 9, 2009 -- Argus Metals Corp. (the "Company") announces that all items put before the Company's shareholders at its Annual General Meeting held on the 4th of November, 2009 were passed. Michael Collins, Paul D. Gray, Nancy Curry and Alan Savage were re-elected to the Board of Directors; and Davidson and Co. were re-appointed as Auditors.
In addition, the Company announces the signing of letters of intent ("LOIs") with Victoria Gold Corp. ("VIT") for the purchase of 100% interests in the Hyland Gold Project, Yukon Canada and the Kaituma Uranium/Gold Project, Guyana.
The Hyland Gold Property has the potential for a large sediment-hosted gold deposit similar to the multi-million ounce deposits in the Carlin District in Nevada and the Telfer deposit in Australia. The Hyland property consists of 299 quartz claims and covers over 40 square kilometres prospective for gold mineralization, including a 14 kilometre long structural fault zone which hosts a partly defined zone of oxide gold mineralization, and in which numerous largely unexplored gold-in-soils geochemical anomalies are clustered.
Percussion drilling and trenching in 1987 and 1988 defined an historic, non-National Instrument 43-101 compliant, shallow oxide gold resource* estimated at 3.2 million tonnes grading 1.1 grams per tonne gold. The oxide gold resource is located immediately south of the core of a large aeromagnetic anomaly corresponding to a 2 to 3 kilometre long zone of highly anomalous gold and arsenic soil geochemistry.
* The reliability of the historical data is unknown but considered relevant by Company management. The historical data is non NI43-101 compliant and should not be relied upon. It is the Company's intention to verify the historical data and confirmation work may produce results that differ substantially from the historic results.
Under the terms of the LOI (of which a final agreement is subject to regulatory approval), the Company has the option to earn a 100% interest in the Hyland Gold Project by making cash payments totalling $175,000 CAD, issuing 800,000 AML shares and completing $2,250,000 CAD in work commitments over 3 years. The Hyland Gold Project will be subject to a 2.5% capped NSR with a provisional buyback of 1.5% for $1,000,000 CAD).
The Kaituma Uranium/Gold Project is a Syenite/Leucogranite hosted uranium prospect located within 5 kilometres of the deep water port of Port Kaituma in Northwest Guyana, South America. The Kaituma project represents an un-drilled uranium and gold exploration target with the potential to host a large scale, low grade bulk tonnage uranium deposit similar to the Rossing South deposits in Namibia. Prospecting, geological, geochemical and geophysical surveys have been conducted on the Kaituma project by various workers including BHP and Cogema that have delineated a broad radiometric anomaly over 8 kilometres in length and up to 1 kilometre in width, a portion of which has been confirmed by a 2007 soil geochemical and trench program.
The uranium mineral rights to the western portion of the Kaituma uranium anomaly (within PL S35/2005 totalling 4,634 hectares [11,450 acres]) is subject to a court challenge by Pharsalus Inc., a subsidiary of Takatu Minerals Limited. The Guyanese Supreme Court previously ruled in favour of Stratagold Guyana, a subsidiary of VIT, with respect to the precedent mineral rights of PL s35/2005, however Pharsalus has chosen to make their one allowable appeal, which is currently before the Guyanese courts.
Under the terms of the LOI (of which a final agreement is subject to regulatory approval), the Company has the option to earn a 100% interest in the Kaituma Project by making cash payments totalling $125,000 USD and issuing 1,100,000 AML Shares. The project will be subject a 2% NSR with a provisional buy back of 0.75% of the NSR for $1,250,000 USD. VIT will retain a right to maintain a 9.9% equity interest in the Company through participation in future fundraising.
Paul D. Gray P.Geo., a Director of the Company is a Qualified Person as defined by National Instrument 43-101, , has read and approved the contents of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins
President and CEO
For further information, please contact:
Argus Metals Corp.
350-580 Hornby St,
Vancouver BC, V6C 3B6
Telephone: (604) 687-2471
Facsimile: (604) 687-2472
Website: www.argusmetalscorp.com
Neither the 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 news release.
FORWARD LOOKING INFORMATION DISCLAIMER
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable securities legislation, including statements concerning our plans to raise private placement funds and settle debts. Each of these activities involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Risks include delays in obtaining or failure to obtain required TSXV or shareholder approvals. There is no assurance the Company will be able to raise any equity financing. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise. |
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