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Absolut Resources Corp. (TSX-V: ABS) advises
that Aquiline Resources Inc., a party in the process of amalgamation
with Absolut (see press release October 2, 2007), has taday made the following announcement:
Supreme Court
Rules in Favour of Aquiline Resources
TORONTO, Ontario: 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 share (the “Share”)
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 Minera Argentinas Inc. and Inversiones
Mineras Argentinas
S.A. The IPDA provides that upon Aquiline being determined 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 hold sole
legal and beneficial title to the Shares and the underlying Navidad
property.
Marc
Henderson, President and CEO, comments “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.
For inquiries
please contact:
Daniel Noone
President
& CEO
Phone 416 214
4654
Fax 416 599
4959
The TSX
Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
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