Ballad Gold returns Cerro Penascudo to Golden Arrow
2008-02-19 09:20 ET - News Release
Also News Release (C-GRG) Golden Arrow Resources Corp
Mr. Anthony Beruschi of Ballad Gold reports
ARGENTINA UPDATE
As a result of legislation suspending exploration and mining activity in a geographic area that includes the Cerro Penascudo gold and silver property in Chubut province, Argentina, and uncertainty regarding if and when this legislation will cease to be in effect, Ballad Gold & Silver Ltd. is returning the Cerro Penascudo gold and silver property back to Golden Arrow Resources Corp. and cancelling its option to acquire an interest from Golden Arrow.
Ballad had worked to gain access for exploration at Penascudo after two surface rightholders challenged Ballad's rights to explore in November, 2005. After a lengthy process Ballad received a declaration from the Director of Mines refusing the surface owners' objections and allowing Ballad access to further explore at Penascudo in May, 2006. On June 30, 2006, the Chubut government passed legislation that effectively suspended exploration and mining activity for the geographic area covering the Cerro Penascudo gold and silver property.
Ballad wishes to thank Golden Arrow and especially Joe Grosso for their support, encouragement and co-operation while it held its option on Cerro Penascudo and dealt with delays. The company considers the property to be prospective but is unable to justify further payments given the uncertainty on access to explore and develop the property.
We seek Safe Harbor.
