Business
Panthera Exploration Inc.Issues Corporate Update
Panthera Exploration Inc.Issues Corporate Update
About this update from Argentina Lithium & Energy Corp.
[{"type":"text","content":"\nPanthera Exploration Inc.Issues Corporate Update\n\n\n Jun. 3, 2009 (TheNewswire.ca) -- Panthera Exploration Inc. (the \"Company\")(PNX-TSX.V; PNXLF-OTC; OAY-Frankfurt) announces that it has entered into a binding property transfer agreement to sell its four (4) Peruvian property concessions and its 51% interest in the Mogote property (collectively, the \"Properties\") to Golden Arrow Resources (TSXV:GRG) Corporation (\"Golden Arrow\"). The Properties have been written down by the Company to a nominal amount. This transaction is subject to regulatory approval.According to the terms of the agreement, Golden Arrow will purchase from the Company the Properties for a consideration of US$150,000 and a 1% net smelter returns royalty reserved to the Company (one half of which may be purchased by Golden Arrow for US$1 million).The prevailing current economic conditions have inflicted a severe blow to the viability of the Company's operations in Peru. The substantial accumulated corporate debts resulted in an operation that could not be sustained. Furthermore, the ongoing maintenance requirements for the concessions in Peru required significant financial payments of $107,000 before the end of June 2009. Due to the current weak financial position of the Company, it would have been unable to make these property payments, and the concessions would have lapsed. Management had to make the difficult decision of ceasing operations in that country and liquidating its assets. Golden Arrow will assume all of the ongoing property maintenance requirements of the Properties.This transaction is part of a wider re-organisation plan to settle all of the Company's outstanding debts, exceeding $400,000. The Board continues to aggressively pursue a comprehensive debt reduction plan.ON BEHALF OF THE BOARD\"Nikolaos Cacos\"__________________________________Mr. Nikolaos Cacos, President & CEOFor further information please contact, Nikolaos Cacos at 1-800-901-0058 or 604-687-1828, or fax 604-687-1858, or by email [email protected], or visit the Company's web site at http://www.ameraresources.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 the accuracy of this release. 2009Copyright (c) 2009 Thenewswire.ca - All righ...