Aberdeen International Inc.
TSX : AAB

Aberdeen International Inc.

April 23, 2008 17:00 ET

Aberdeen International Reports Favourable Progress On Its South African Gold Royalties

TORONTO, ONTARIO--(Marketwire - April 23, 2008) - ABERDEEN INTERNATIONAL INC. ("Aberdeen" or the "Company")(TSX:AAB) is pleased to provide its shareholders with an update on its South African gold royalties following news issued by both Simmer and Jack Mines Limited ("Simmers") and First Uranium Corp ("First Uranium") on April 17th, 2008 and April 21st, 2008 respectively.

Simmers CEO Gordon Miller stated on April 17th, 2008 that Simmers will file updated Independent Technical Reports on the Buffels mine in May 2008 that "confirms (sic) significant growth opportunities that will substantially enhance Simmers' long-life gold assets".

Key elements of the Simmers news release on Buffels that will positively affect Aberdeen's gold royalty include:

- Increased Life of Mine ounces of 22.7% from 5.0 million oz to 6.2 million oz.

- Increased Inferred resource of 150% from 3.0 million oz to 7.8 million oz.

- Re-commissioning of the Buffels North plant to treat 19 million tones of low grade broken ore adding 35,000 oz per year production over seven years. Aberdeen currently holds a security interest over the North Plant.

- Commencement of definition drilling program and 3D seismic surveys aimed at exploiting the world class shaft infrastructure at Strathmore to convert approximately 35 million conceptual ounces to compliant resources.

George Faught, Aberdeen's President and CEO, stated "we are delighted with the recent announcement that Simmers will vigorously pursue opportunities for organic growth at Buffels. We have felt that Simmers needed to expand its exploration and development program to exploit the full potential of Buffels given the improved gold price outlook." The announced increase in the life of mine resource ounces and the related lift in gold production should have a meaningful impact on the valuation, not including the possible incremental impact the development of the Strathmore project could have."

The Strathmore conceptual resource referred to by Simmers CEO Gordon Miller lies within a 4.5 km radius around the centre of the existing Strathmore shaft system and falls primarily in the Hartebeestefontein claim and would add incremental value to our Royalty with a total life of mine production of approximately 11.9 million ounces of gold subject to the 1% Net Smelter Royalty.

Gordon Miller, also confirmed that the current operation of the Tailings Recovery Project (Mine Waste Solutions) remains unaffected by the power situation in South Africa and that the average annual life-of-mine production has increased from 126,000 oz to 130,000 oz.

Clearly the news from both Simmers and First Uranium provides a positive impact on the valuation of our gold royalties. Further, our royalty is a revenue level interest and is not impacted by the escalating South African power rates. Aberdeen will review in detail the Independent technical reports once they have been released for both Simmers and First Uranium, and we will update our royalty valuation model at that time.

At current gold prices Aberdeen currently receives a gold royalty of 4.75% on all production on the Buffels underground mine and First Uranium's Tailings recovery project.

Aberdeen expects to call for conversion of the US$10 million Royalty Loan facility into Simmers shares at R0.80 per share later this year. If the Simmers shareholders do not approve the loan conversion to equity, then the loan will mature on December 31, 2008 and a 1% life of mine gold royalty will come into effect on both the Buffels underground mine and First Uranium's Tailings Recovery Project. Aberdeen would also be entitled to a 1% royalty on any gold produced from the greater Buffels Area comprising Twelve claims including the Hartebeestefontein 422IP claim.

About Aberdeen International Inc:

Aberdeen is a publicly traded global investment and merchant banking company focused on small cap companies in the resource sector. Aberdeen will seek to acquire significant equity participation in pre-IPO and/or early stage public resource companies with undeveloped or undervalued high-quality resources. Aberdeen will focus on companies that: (i) are in need of managerial, technical and financial resources to realize their full potential; (ii) are undervalued in foreign capital markets; and (iii) operate in jurisdictions with moderate local political risk. Aberdeen will seek to provide value-added managerial and board advisory services to companies. The Corporation's intention will be to optimize the return on its investment over an 18 to 24 month investment time frame.

Aberdeen International Inc.

Please visit the Company's web site at www.aberdeeninternational.ca or write us at smoore@aberdeeninternational.ca.

Cautionary Notes

Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the valuation of the royalty, future plans for the royalty, assumptions underlying royalty valuations, the Company's plan of business operations; and anticipated returns. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • Aberdeen International Inc.
    George Faught
    President and CEO
    (416) 861-5887
    or
    Aberdeen International Inc.
    Stan Bharti
    Executive Chairman
    (416) 861-5876
    Website: www.aberdeeninternational.ca