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| | February 16, 2010
Kaituma Project Advances And Argus Builds Board
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| | February 16, 2010 - Vancouver, BC, - Argus Metals Corp. (TSX.V:AML) (the "Company") announces that preparations for drilling on the Kaituma East Project has begun. The Company also announces the appointment of Mr. Simon Clarke as a Director of the Company and Mr. Terry Tucker as an Advisor to the Board. Alan C. Savage has resigned from the Board of Directors of the Company; however he will continue to support the Company through his position on the Advisory Board.
The Kaituma East PL S53/2009 has been granted by the Guyana Government giving the Company title to gold and radioactive minerals on 4,094 hectares of prospective ground in northwest Guyana, immediately adjacent to the port town of Port Kaituma. The PL S53/2009 covers approximately 4 kilometres of the Kaituma radiometric anomaly and the strike extension of the gold-in-soil "Anomaly#3" on PL S35/2005. The Company is actively soliciting drill contract bids, and preparing camp logistics to advance this project through drilling within the first quarter of 2010.
Mr. Simon Clarke brings 20 years of corporate finance experience to his role as Director at Argus Metals Corp. Mr. Clarke is an Executive Vice President at First Capital Management Ltd.; a Calgary based corporate finance and merchant banking firm and a Managing Director of the FCI Energy Opportunities Fund. Mr Clarke is also a Founder of, and Advisor to, Osum Oil Sands Corp., a Calgary based oil sands company, and a Founder and Director of Underground Energy Inc., a California based oil and gas company. Mr. Clarke also previously served as a Director of Doublestar Resources Ltd, a Canadian mineral resource company.
Simon qualified as a corporate and securities lawyer in the UK in 1990 before moving into investment banking in London in 1994. In 2000, he came to Vancouver with Deloitte and Touche in corporate finance and then moved into industry in 2002 focusing primarily on energy, energy technology and resources. Simon helped raise a total of approximately $190 million in equity for several companies in these sectors prior to joining First Capital Management in 2007.
The Company would like to take this opportunity to thank Alan C. Savage for his commitment and work as a Director of the Company, and looks forward to his continued involvement as an Advisor to the Board.
Mr. Terry Tucker was most recently the President, CEO and Director of StrataGold Corporation. Terry brings was instrumental in building the Kaituma and Hyland projects. His strong business and governmental relationships in Guyana and the Yukon will strengthens the Company's ability to operate in these jurisdictions. He was previously was Vice President of Exploration for Expatriate Resources Ltd. (now Yukon Zinc Corporation), President and CEO of Nickelodeon Minerals Inc. (1997-2000) and Project Geologist for Westmin Resources Ltd. (1992-1997) where he was directly responsible for the discovery of the Wolverine Deposit in the Yukon which is currently in production development
"The experience and expertise that both Mr. Clark and Mr. Tucker bring to the Argus team will be instrumental as we advance both the Kaituma and Hyland opportunities for our shareholders. I believe we have all the pieces in place to efficiently and effectively define our uranium and gold opportunities and eagerly await our upcoming drill program", states Michael Collins, President of Argus Metals Corp.
The Company also announces the grant of incentive stock options under the Company's stock option plan to directors, officers and consultants of the Company to purchase up to an aggregate of 240,000 treasury shares. The options are exercisable at a price of $0.205 per share for a period of five years, and are subject to the policies of the TSX Venture.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins
President and CEO
For further information, please contact:
Argus Metals Corp.
350-580 Hornby Street,
Vancouver British Columbia, Canada V6C 3B6
Telephone: (604) 687-2471
Facsimile: (604) 687-2472
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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