Amarok Resources, Inc., based in Rancho Santa Margarita, CA, announced today a corporate update for their shareholders. Amarok, which underwent a name change and business restructuring earlier this year, is an exploration and development company focused on the acquisition and development of gold and silver projects which demonstrate high probability for near term production. Amarok was formerly known as Ukragro Corporation from October 2008 through Septemeber 2009 when it changed its name to Windsor Park Forex, Inc. in anticipation of a business opportunity that did not progress. On January 29, 2010, the Company again filed an amendment to its articles of incorporation changing its name to Amarok Resources, Inc. and has been executing its new business strategy ever since. All previous employees of the company have either been dismissed or resigned with a new elected Board now controlling the Company.
Earlier this year, Amarok issued press releases to announce that they had concluded raising two million dollars to satisfy the initial capital requirements for the Company to move forward with business developments.
The press release focused on the Rodeo Creek Property in Nevada and the Cueva Blanca Property in Northern Peru. Amarok can earn a 75% interest in the Rodeo Creek Property with an expenditure of $5.5 million over the next three years. Amarok, through an agreement with St. Elis Mines Ltd., has an option to earn a 60% interest, subject to a 1.5% net smelter return royalty, in the Cueva Blanca Gold Property.
Drilling commenced on May 18, 2010 on the Rodeo Creek Property located on the Carlin Trend in Nevada. As of today, three reverse circulation holes have been drill on the south west trending extension of the Flower Fault Structure with samples from two of the holes already sent to the lab for assay. The final sample from the third hole is anticipated to go to the lab for assay in the next few days. The results from the samples are expected from the lab with two weeks.
With regards to the Cueva Blanca Gold Project Amarok has completed its due diligence and is moving forward with the process of planning a detailed exploration program on the property. The letter of intent with Cueva Blanca Gold, a publicly traded company, was announced six weeks ago.
Further developments in the properties and any other corporate changes will be announced as they become available. More information on Amarok is available at the Company website: www.amarokresources.com.