Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

November 17, 2006 08:00 ET

Aquiline Assumes Operations at Navidad

TORONTO, ONTARIO--(CCNMatthews - Nov. 17, 2006) - Aquiline Resources Inc. ("Aquiline" or the "Company")(TSX:AQI) announces that it has completed its due diligence investigations relating to the previously announced Interim Project Development Agreement dated October 18, 2006, with IMA Exploration Inc. and the transfer of the Project has now been completed. Aquiline now has full operating responsibility of the Navidad Project.

Aquiline was awarded ownership of the Navidad Project, Chubut Province, Argentina on July 14, 2006 in a judgement of the Supreme Court of British Columbia. IMA has appealed the judgement, which is scheduled to be heard over three days commencing April 10, 2007. IMA must provide its Factum detailing its grounds for appeal by November 24, 2006.

The terms of the Interim Project Development Agreement provide that the shares (the "Shares") of IMA's wholly owned subsidiaries Inversiones Mineras Argentinas Inc. and Inversiones Mineras Argentinas S.A. (the "Subsidiaries") are to be held in trust pending the completion of the appeal process. Aquiline was given a period of 21 days to conduct its due diligence investigations in respect of the Subsidiaries after which it could elect to require a transfer of the Navidad Claims and related assets instead of a transfer of the Shares. With its due diligence complete, Aquiline has elected to receive a transfer of the Shares. Concurrently, Aquiline has deposited $7.5 million n escrow to partially secure payment of IMA's reimbursable costs. Aquiline has agreed to spend a further $11 million on the development of the Navidad Project during the appeal process.

The Company expects to be able to provide details regarding the exploration and development of the Navidad Project in the near future.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding Aquiline's ultimate success in the litigation with IMA Exploration Inc. are forward-looking statements that involve various risks and uncertainties. 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.

Shares Outstanding: 51,752,145

Contact Information

  • Aquiline Resources Inc.
    Marc C. Henderson
    President & CEO
    (416) 599-4133
    or
    Aquiline Resources Inc.
    Sarah Vaughan-Jackson
    Communications Manager
    (416) 599-4133
    Website: www.aquiline.com