Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

November 27, 2006 07:41 ET

Aquiline Commences Drilling at Navidad

TORONTO, ONTARIO--(CCNMatthews - Nov. 27, 2006) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) is pleased to announce that drilling has begun at its Navidad silver project in Chubut Province, Argentina. Aquiline recently took over operatorship at Navidad and is managing the project pursuant to an interim project development agreement with IMA Exploration Inc., pending an appeal court hearing in British Columbia challenging the Company's legal victory last July which awarded ownership of Navidad to Aquiline (see the Company's news releases dated July17, 2006 and October 19, 2006). The Company recently executed a 7,000 meter drilling contract with Connors S.A and will be looking to add a second diamond drill rig on the project early in 2007.

The resumption of operations at Navidad follows a four month hiatus when no active exploration or development work was carried out on the project. The July 14, 2006 legal decision was rendered in the middle of the Phase Four drill program at Navidad and consequently 42 drill holes from that drill campaign remain unreleased. Aquiline is completing the required quality control/quality assurance work on those holes and expects to release the results to the market in within the next 10 days.

FORWARD LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements regarding Aquiline's ultimate success in the litigation with IMA Exploration Inc., its ability to add a second drill rig on the Navidad project in early 2007 and to release drill hole results within the next 10 days 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.

Contact Information

  • Aquiline Resources Inc.
    Martin J. Walter
    Director & Vice President of Exploration
    (416) 599-4133, Toronto, Canada
    or
    Minera Aquiline Argentina
    John Chulick
    Exploration Manager
    54 2940 432 704
    Jacobacci, Rio Negro, Argentina
    Website: www.AquilineResources.com