Argent's activities are presently focused within the oil and gas industry. Argent  has signed a letter of intent to purchase two private Alberta-based oil and gas companies, SmallOil Empire Ltd. and Niaga Energy Corporation.

 

Argent Resources Ltd.              [AOQ:TSX-V] 

The option agreement between Teck Corporation and the Company concerning six exploration projects in Mexico expired on August 30, 1999 and related loan agreements also became due on that date. Subsequent to this date, the Company was unable to cure the defaults within the required time period and the option agreement was terminated. The Company was unable to complete the financing required to meet these contractual obligations due to very poor market conditions during the 2Q99. 

Argent actively sought viable new projects or business opportunities. Consequently, like many other natural resource juniors it headed into cyber dot.com space during the year 2000. This culminated in a reverse takeover with Lute Linux.com in January, 2001. Since then Argent has agiley moved from cyberspace by vending their interests in Lute Linus.com Corp and On-Track in July, 2001 and heading into the oil & gas sector in August 2001.

Had optioned a 100% interest in 6 properties at or near the drilling stage from Teck Resources. Teck receives 300K Argent shares and retains a 60% back-in right at prelim feasibility stage. Argent required to spend $1.3M on exploration by 10/1/99. Teck partially supporting exploration through very low-interest loans to Argent and via agreement to participate in future financing. VSE approved deal and also accepted for filing a series of loan agreements between Teck and Argent. Properties included the following:

Savanarola, Chihuahua. A polymetallic prospect located 50 km S of Chihuahua City. (Subject to 3% nsr.)

Cinco de Mayo, Chihuahua. A Santa Eulalia look-alike CRD replacement deposit target in northern Chihuahua. (Subject to 5% npi)

Adargas, Chihuahua. A polymetallic Ag-Pb-Pb skarn replacement prospect near Jimenez. (Subject to 5% npi.)

San Francisco, Sonora. A Cu-Au porphyry system in northern Sonora.

La Mision, Sonora. A Cu prospect adjacent to the Suaqui Verde and Cuatro Hermanos deposits.

Promontorio, Sonora. A porphyry Cu prospect located in the eastern part of the state.

Press Release 29Oct99
CSW 5Feb99
GCN #MBD December, 1998