Vancouver, British Columbia - Artha Resources Corporation (TSX.V: AHC) announces that pursuant to the Option Agreement with Cardero Resources Corp. the Company has sought to advise Cardero that it is seeking a 12 month extension to the Option Agreement through Force Majeure as a result of an Intervening Event on the Pirquitas Property, Jujuy Province, Argentina.
From May 2011 to May 2012, Artha was not able to access the Pirquitas Property due to permitting issues and constraints which were out of the Company's control. Pursuant to the agreement, a party will not be liable for its failure to perform any of its obligations thereunder due to a cause beyond its control (the "Intervening Event") and all the time limits imposed by the Agreement will be extended by a period of equivalent to the period of delay resulting from the Intervening Event.
Artha has advised Cardero that it is relying on the provision of Section 32 in not performing its obligations to incur the required Expenditures by July 14, 2013 and it confirmed that at all times during the Intervening Event, the Company was willing and able to perform its obligations under the Agreement and took all reasonable steps to gain the necessary permit.
The Company has further advised Cardero that it has not breached the terms of the Agreement and the Agreement remains in full force and effect. Furthermore the Company is willing and able to perform its obligations under the Agreement, once it receives consent of Cardero to the extension thereof and the Option Agreement remains in force.
Corporate Update.
Artha recently executed a non-binding Letter of Intent with a specialist technology metals company who is seeking to develop a high-tech metals streaming business. Artha is in the final stages of completing due diligence on the potential transaction and anticipates making a further market announcement in the near term regarding this very exciting opportunity for our shareholders.
On Behalf of the Board of Directors,
"Todd McMurray"
President
For Information Contact:
Todd McMurray
President, Director
Email: todd@artharesources.com
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