Press release from Marketwire
Pediment and Argonaut Extend Time for Completion of Business Combination Transaction
Monday, November 22, 2010
Pediment and Argonaut Extend Time for Completion of Business Combination Transaction09:00 EST Monday, November 22, 2010TORONTO, ONTARIO--(Marketwire - Nov. 22, 2010) - Argonaut Gold Inc. (TSX:AR) ("Argonaut") and Pediment Gold Corp. (TSX:PEZ)(OTCBB:PEZGF)(FRANKFURT:P5E) ("Pediment") announce that they are amending the deadline for the completion of their business combination transaction from December 23, 2010 to January 31, 2011. This amendment is being implemented to allow the parties to confirm the impact of certain proposed legislative changes and to complete the required disclosure for their proxy circulars. The other terms and conditions of their October 18, 2010 business combination agreement remain in unchanged and in force.Amendments have been proposed to the local environmental laws in the State of Baja California Sur (the "BCS"), Mexico which may adversely affect Pediment's ability to secure a building licence for the development of its San Antonio Project as currently envisioned. The contents and enforceability of the proposed legislation, remain unclear. Pediment and Argonaut are cooperating in an active investigation of the matter to reach a definitive understanding of the pending legislation. Based on the information received to date, they understand that that the legislative amendments as originally proposed remain subject to approval of the governor and a possible re-examination by BCS lawmakers.Forward Looking InformationThis news release contains forward looking statements of Argonaut and Pediment, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of applicable Canadian provincial securities legislation. Forward-looking statements are statements which are not historical facts, including, without limitation, statements regarding the proposed acquisition of Pediment by Argonaut, the proposed amendments to the laws affecting mining projects in Mexico and the likely impact of those proposed amendments on Pediment's business and prospects. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from Argonaut's or Pediment's expectation are in the documents filed by Argonaut and Pediment, respectively, from time to time with the Toronto Stock Exchange and provincial securities regulators, most of which are available at www.sedar.com. Other than as required by applicable securities legislation, Argonaut and Pediment disclaim any intention and assumes no obligation to revise or update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason. FOR FURTHER INFORMATION PLEASE CONTACT: Nichole CowlesArgonaut Gold Inc.Investor Relations Manager(775) 284-4422 x firstname.lastname@example.orgThe Toronto Stock Exchange has not reviewed or accepted responsibility for the adequacy or accuracy of this news release.