Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

January 18, 2008 09:40 ET

Aquiline and IMA Extend Deadline on Final Payment to Transfer Navidad Property

TORONTO, ONTARIO--(Marketwire - Jan. 18, 2008) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) advises that Aquiline and IMA Exploration Inc. ("IMA") have agreed to amend the terms of the interim project development agreement (the "IPDA") to allow Aquiline an extension until February 11, 2008 to pay the sum of $11 million (the "Minimum Project Expenditure Amount") owing to IMA thereunder. The IPDA governs the final transfer of Navidad in exchange for the agreed upon Minimum Project Expenditure Amount plus the additional $7.5 million already transferred to IMA by Aquiline. Pending such payment, the shares in the subsidiary companies which hold title to the Navidad property remain subject to the trust conditions as set out in the IPDA. Upon payment to IMA of the Minimum Project Expenditure Amount, the trust will terminate and Aquiline will then hold sole legal and beneficial title to shares and the Navidad property.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding Aquiline's ability to pay to IMA the Minimum Project Expenditure Amount and in respect of the future development of the Navidad property, 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