Arak Resources Ltd. (TSXV:AAC) in negotiations to acquire 100% interest in a gold property located in Ecuador from Monterra S.A. Management of Arak Resources announced that the Company is in the process of formalising a share purchase agreement with Monterra, whereby Arak Resources, subject to regulatory approval, proposes to acquire three wholly owned subsidiary companies that collectively own a 100% interest in a gold property located in Ecuador. Subject to due diligence, conditions precedent and regulatory approvals, the proposed purchase price for the three subsidiary companies payable to Monterra will be paid by the issuance of shares of Arak which will subsequently be distributed to Monterra shareholders. Upon completion of its negotiations with Monterra, Arak Resources will issue a further press release in respect of the Transaction disclosing all material information.