|October 11, 2011|
Company Terminates Joint Venture Agreement: Aripuana Property, Brazil
|October 11, 2011, Vancouver, BC -- ( CNSX: ARO) Les Kjosness, President & CEO, announces that, further to the Company's news release of September 15, 2011, Armadillo has terminated the letter agreement announced re the granting of an option to LKH Investment Group to acquire a 40% interest in the Aripuana Property, Amazon Basin, Brazil.|
Following a lengthy investigation initiated by Management working in concert with senior business reporters at The Korea Herald, Armadillo has concluded that LKH Investment Group listed as www.lkhigroup-kr.com is not a legitimate business concern.
Management would like to personally thank the reporters of the Korean Herald for their great initiative during the due diligence process of LKH and for the tremendous co-operation provided by both Mr. Lee Kun-Hee, Chairman of Samsung Electronics, and Mr. Koo Ja-Hak, owner of Our Home. It is the latter's name which has been fraudulently used to attract and arrange illegitimate financial transactions in North America and, possibly globally.
During our aggressive due diligence, it has come to Management's attention that LKH may be, in fact, approaching other firms with the same intention of defrauding them for financial gain. Armadillo however, has suffered no financial loss itself in this regard.
The link to the story published will be posted on our website shortly but it can be located at http://www.koreaherald.com/business/Detail.jsp?newsMLId=20111009000137.
On behalf of the Board,
President and Director
For further information:
Les Kjosness: 604-408-6500
Kirsti Mattson: 778-434-2241Media
The CNSX has neither approved nor disapproved of the accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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