Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

December 20, 2007 10:45 ET

Aquiline Resources Inc.: Supreme Court Rules in Favour of Aquiline

TORONTO, ONTARIO--(Marketwire - Dec. 20, 2007) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) advises that the Supreme Court of Canada has today dismissed with costs the application for leave to appeal brought by IMA Exploration Inc. ("IMA") in IMA Exploration Inc. and Inversiones Mineras Argentinas S.A. v. Minera Aquiline Argentina SA. Aquiline has therefore been determined to be the sole beneficial owner (the "Ultimate Owner") of the Navidad silver deposit. IMA has no further recourse and its appeal has been terminated.

Aquiline has held all of the equity shares (the "Shares") of the companies that own the mineral claims representing the Navidad property since October 18, 2006 in its capacity as trustee pursuant to the terms of the interim project development agreement (the "IPDA") dated October 18, 2006 made between Aquiline, Minera Aquiline Argentina S.A., IMA, IMA Latin America Inc., Inversiones Mineras Argentinas Inc. and Inversiones Mineras Argentinas S.A. The IPDA provides that upon Aquiline being determined to be the Ultimate Owner:

(i) the parties will cause the sum of $7.5 million plus interest accrued thereon, currently being held in trust by a trustee, to be delivered to IMA by no later than December 31, 2007 (being five business days from the date hereof);

(ii) Aquiline will pay to IMA by no later than January 22, 2008 (being 20 business days from the date hereof) the sum of $11 million, provided however that Aquiline is entitled to set off its legal costs (as determined by agreement or taxation) against such amount; and

(iii) on the date upon which the last of the payments contemplated in subparagraphs (i) and (ii) above is made, the trust shall terminate and Aquiline shall then hold sole legal and beneficial title to the Shares and the underlying Navidad property.

Marc Henderson, President and CEO, commented "The Supreme Court response today eliminates any remaining uncertainty over title to Navidad. We wish to thank the shareholders for their support during the legal process, and look forward to focusing on the further growth and development of this world class asset."

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding Aquiline's future development of the Navidad property are forward-looking statements that involve various risks and uncertainties, as disclosed under the heading "Risk Factors" 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

  • Aquiline Resources Inc.
    Marc Henderson
    President & CEO
    (416) 599-4133
    or
    Aquiline Resources Inc.
    Flora Wood
    Vice President Investor Relations
    Email: flora@aquiline.com
    Website: www.Aquiline.com