TORONTO, ONTARIO -- 04/01/08 --
Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX: AQI) is pleased to announce the completion of the previously announced amalgamation of Absolut Resources Corp. ("Absolut") and 41310 Yukon Inc., a wholly-owned subsidiary of Aquiline (the "Amalgamation"), as announced on October 2, 2007 and as principally described in Absolut's management information circular dated February 6, 2008.
Pursuant to the Amalgamation, Aquiline acquired all of the issued and outstanding shares of Absolut in consideration for the issuance of 3,376,139 common shares of Aquiline to the former Absolut shareholders. Absolut shareholders received one Aquiline share for every nine Absolut shares held on April 1, 2008 which was the effective date of the Amalgamation. Outstanding warrants and options to purchase Absolut shares at the effective date were exchanged for warrants and options to purchase Aquiline shares on the basis of the same exchange ratio.
Effective at the opening of trading on April 2, 2008, the common shares of Absolut will be halted from trading pending delisting from the TSX Venture Exchange.
Marc Henderson, President and CEO of Aquiline commented, "We are pleased to conclude this acquisition, which gives us another South American asset at an advanced stage of development. The Pico Machay Gold Project in Peru is proceeding on schedule with completion of a Feasibility Study that forms part of a permit submission expected in the second quarter this year. A new resource estimate on Pico Machay is also being finalized for publication."
Also effective today, Aquiline is pleased to announce the appointment of Mr. Harry Burgess of Micon International Limited ("Micon") to the Board of Directors of Aquiline. Mr. Burgess is a Senior Mining Engineer and Vice President with Micon, and has held senior operating positions with both base metals and gold mining companies. This appointment expands the Aquiline Board to six directors, four of whom are non-executive directors as follows:
Blaise Yerly, Chairman (non-executive)
Marc Henderson, CEO and director
Martin Walter, Executive Vice President and director
David Constable, director (non-executive)
John Sutherland, director (non-executive)
Harry Burgess, director (non-executive)
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.
Contacts:
Aquiline Resources
Marc Henderson
President and CEO
(416) 599-4133
Website: www.Aquiline.com
