SOURCE: Aquarian Gold Corp.

September 15, 2006 08:30 ET

Aquarian Gold Corp. Agrees to $10 Million Acquisition of Indonesian Coal Properties

TORONTO -- (MARKET WIRE) -- September 15, 2006 -- Aquarian Gold Corp. (PINKSHEETS: AQGC) ("Aquarian") is pleased to announce it has entered into an option agreement whereby for an option payment of $350,000 it will have the right within 90 days to acquire Indonesian coal properties in the Riau coal basin of Sumatra covering 52,000 hectares for a share consideration equivalent to $10,000,000.

The Board of Directors considers this an important strategic move by Aquarian into a growing and stable business sector. The three Sumatran coal basins have been significant producers of coal for over a century and contain the bulk of Indonesia's known coal resources. The growth of the Chinese economy, doubling in size each 6 to 7 years, is being reflected in increasing power demand, a considerable part of which is being met by coal power stations, and Indonesian steam coals are playing an important role in meeting that increase in long-term demand. Indonesia overtook Australia as the world's leading exporter of steam coals during the last year.

Aquarian will begin a program of shallow drilling to expand the existing coal resource on its property. Geological reports outline the potential of the company's tenements as 'world class' and indicate the possibility of very substantial reserves of coal with low overburden and available infrastructure to a navigable tidal river for shipment to markets. The company's objective is to prove up a high-tonnage near-surface resource.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.

Contact Information

  • For More Information Contact:

    Mr. Ian D. Lambert
    Tel. (416) 840-9843