Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

October 05, 2007 08:00 ET

Aquiline Files Response to IMA Application for Leave to Appeal

TORONTO, ONTARIO--(Marketwire - Oct. 5, 2007) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) has today filed with the Supreme Court of Canada the response of its 100% wholly owned subsidiary, Minera Aquiline Argentina SA, to the IMA Exploration Inc. ("IMA") Application for Leave to Appeal the decision of the Court of Appeal for British Columbia concerning ownership of the Navidad deposit in Argentina.

In order to obtain leave to appeal a case to the Supreme Court of Canada, an applicant must satisfy a panel of 3 judges of the Court that the case raises an issue of national importance or that there are conflicting appellate level decisions in two or more Canadian provinces on the issue raised by the appeal, thereby warranting resolution by Canada's highest court. The submission by Minera Aquiline as the Respondent argues that this case does not raise an issue of national importance, because it turned on the specific language of a contractual document, and merely involved the application of settled law. Minera Aquiline notes that both lower courts have been unanimous in their interpretation of the agreement in question. This is a very brief summary of the argument, and all shareholders are referred to the Memorandum of Argument which has been posted to the Company website at www.aquiline.com.

IMA will have the opportunity to file a brief response to Minera Aquiline's filing within 10 days, after which time Aquiline anticipates receiving a decision on the Application for Leave to Appeal in early 2008.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding mineralization contained on the Navidad Project and Aquiline's ultimate success in the litigation with IMA Exploration Inc. are forward-looking statements that involve various risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Aquiline documents filed from time to time with applicable regulatory authorities. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Contact Information

  • Aquiline Resources Inc.
    Marc Henderson
    President and CEO
    (416) 599-4133
    Website: www.Aquiline.com