Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.
Absolut Resources Corp.
TSX VENTURE : ABS

Absolut Resources Corp.

March 06, 2008 12:20 ET

Absolut Receives Shareholder Approval for Amalgamation

TORONTO, ONTARIO--(Marketwire - March 6, 2008) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) and Absolut Resources Corp. ("Absolut") (TSX VENTURE:ABS) are pleased to report the voting results of the special meeting of shareholders of Absolut held today to consider the previously announced amalgamation of Absolut and 41310 Yukon Inc., a wholly-owned subsidiary of Aquiline (the "Amalgamation"). The Amalgamation received overwhelming support from the Absolut shareholders with over 80% of the votes at the meeting cast in favour and is expected to be completed by the end of the month.

Based on the volume-weighted average trading price of Absolut shares during the five day period ended March 4, 2008, the exchange ratio for Absolut shares has been fixed at 9:1. Absolut shareholders will receive one Aquiline share for every nine Absolut shares held on the effective date of the Amalgamation. Applying this calculation and subtracting the 3,025,000 shares of Absolut held by Aquiline, the number of Aquiline shares to be issued would be 3,034,472 shares representing dilution of approximately 5.3% to Aquiline, based on all warrant and option exercises known to date. Outstanding warrants and options to purchase Absolut shares at the effective date will be exchanged for warrants and options to purchase Aquiline shares on the basis of the same exchange ratio.

Marc C. Henderson, President and CEO of Aquiline commented, "We are pleased to obtain shareholder approval of this transaction, and to welcome the Absolut shareholders who will soon become Aquiline shareholders. The acquisition of Absolut delivers a second gold asset and allows us to structure a gold division within Aquiline at an opportune time given the record high gold prices being established."

Upon completion of the Amalgamation, Aquiline will make a further announcement detailing the permitting timeline for the Pico Machay project in Peru, as well as new management to be added as a result of this transaction.

ABOUT AQUILINE RESOURCES

Aquiline Resources Inc. is an exploration and development company advancing one of the world's largest undeveloped silver deposits (Navidad), as well as a gold deposit (Calcatreu), both in Argentina. Calcatreu is currently being explored with the objective of expanding the resource to one million gold-equivalent ounces. The Company's core strategy is to acquire advanced stage high-grade precious metal deposits within the Americas.

ABOUT ABSOLUT RESOURCES

Absolut Resources Corp. is a Peruvian-focused gold exploration and development company based in Toronto, Canada. Absolut strongly believes in an international best practices approach, and implements this on all its social and environmental decisions. Absolut has implemented a quality control program to ensure best practice.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding the ability of Aquiline and Absolut to complete the proposed Amalgamation and the ability of Aquiline to expand the resources at Calcatreu to one million gold-equivalent ounces are forward-looking statements that involve various risks and uncertainties, some of which are disclosed under the heading "Risk Factors" in the management information circular of Absolut dated February 6, 2008 sent to Absolut shareholders 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