Artha Announces its Plan to Drill Pirquitas in Argentina and Private
Placement of $1,200,000
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/12 -- Artha
Resources Corporation (TSX VENTURE:AHC) (the "Company") announces
that it has arranged a non-brokered private placement of up to
24,000,000 units at a price of $0.05 per unit for gross proceeds of
up to $1,200,000.
Each unit will consist of one common share of the Company and one
common share purchase warrant. Each whole warrant will be exercisable
into one common share of the Company for a period of 24 months from
the closing of the offering at an exercise price of $0.07 per share
in the first year and $0.25 per share in the second year.
The net proceeds from the offering are intended to be used to fund
phase one reconnaissance drilling activities at the Company's
Pirquitas properties in the Province of Jujuy, Argentina and for
general working capital purposes. The proposed work program is
expected to cost $1,000,000 and consists of follow-up detailed
mapping at key prospects to refine and extend the current drill
targets, minor infrastructure and access development for drilling and
up to 1,500 meters of diamond drilling. The main area of exploration
will focus on the Noeilla Breccia and the Pirquitas NW Prospects.
Noeilla Breccia is located approximately 2500 metres from Silver
Standard's recent high grade drilling intersections at the Cortaderas
Breccia Project. The Company's recent acquisition of the Community
Agreement and exploration permits allow for the commencement of the
work program immediately following the closing of the Offering.
Exploration completed by Artha suggests the Noeilla Breccia target is
an extension of the same structure that hosts Silver Standard's main
Pirquitas deposit and the Cortaderas Breccia Project. Recent drilling
on this project produced a significant discovery including 78 meters
at 756 g/t silver and 9.8% zinc and 24 meters at 1,764 g/t silver and
"The prospect of drilling the Pirquitas properties is very exciting
for management and our shareholders," says Artha's CEO Charles Straw.
"Given the geology of the project, and proximity to Silver Standard's
operations, there is tremendous potential for a discovery."
Artha was founded by a team of mini
ng industry professionals with a
proven track record in project generation, exploration, mining and
finance. The team's primary goal is to build Artha into a world class
mining company, focused on the discovery, development and mining of
economic minerals deposits globally.
To view the maps accompanying this press release please click on the
following link: http://media3.marketwire.com/docs/AHC1108.pdf
On Behalf of the Board of Directors,
Todd McMurray, President
This press release contains forward-looking information within the
meaning of the British Columbia Securities Act relating to the
Company's expectations, intentions, plans and beliefs.
Forward-looking statements include statements regarding the Company's
exploration, development and drilling of the Pirquitas properties.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual results
to be materially different from any future result expressed or
implied by the forward-looking statements. Factors that may cause
actual results to vary include, but are not limited to, risks
inherent in mineral exploration and development including
environmental hazards, unusual or unexpected geological formations;
risks associated with the estimation of mineral resources and
reserves and the geology, grade and continuity of mineral deposits;
the Company's inability to obtain the required licences, permits and
regulatory approvals required for the exploration and development of
the Pirquitas properties; uncertain political and economic
environments; changes in laws or policies; completion for capital and
skilled workers; and changes in commodity prices and exchange rates.
The Company does not assume the obligation to revise or update these
forward-looking statements after the date of this document or to
revise them to reflect the occurrence of future unanticipated events,
except as may be required under applicable securities laws.
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 press
Artha Resources Corporation
604 648 1530
604 689 2881
Press spacebar to pause and continue. Press esc to stop.