Vancouver, British Columbia, January 21, 2011 - Armadillo Resources Ltd (CNSX - ARO) is one of the latest new listings on the Canadian National Stock Exchange, better known as the CNSX. The company has retained its listing on the TSX Venture Exchange, under the same symbol.
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On January 9, 2009, Armadillo signed an Option and Royalty Agreement with Silver Phoenix, another CNSX company, to acquire up to a 70% interest in the Waverley-Tangier property in the Revelstoke Mining District of British Columbia.
The old underground workings, which are quite extensive, date back to 1897 and 1898, when Gold Fields of British Columbia, an English company, operated the property. The mines closed down in 1890 and were idle until 1918, when a new company took them over. Work done from 1918 to 1921 includes some 200 feet of tunnelling. Assays at that time reported 10% lead, 1% zinc and .5 ounces of silver per tonne.
Les Kjosness, President & CEO of Armadillo, recently announced, subject to regulatory approval, the final letter of intent has been signed regarding the 100% acquisition of the Amazon Basin project in north central Brazil. As previously reported, the letter of intent was originally signed October 18, 2010 with Rusheen Handels AG, a private company based in Zurich, allowing Armadillo to acquire a 50% interest in the issued units of Amazonia Capital E Participants Ltda., a private company based in Brazil. Amazonia is 99% owned by Rasheen Handels AG and one percent by Kym Keaves of Brazil.
The Company will assume 100% of Amazonia's expenses, the responsibility to complete a $1.5 million initial exploration program and issue 25,000,000 common shares to the Rhusheen Handels Group. There will be a 1.5 million share finder's fee associated to this acquisition.
The company also announced the closing of a $1,950,000 private placement.
For more information please visit their website at www.armadilloresources.com (http://www.armadilloresources.com/) or call Les Kjosness, President of Armadillo, at 604-408-6500.
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