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Press Release Source: Aquiline Resources Inc.
Aquiline completes Calcatreu acquisition
Friday July 11, 5:15 pm ET
Trading on TSX Venture Symbol: AQI
TORONTO, July 11 /CNW/ - Aquiline Resources Inc. is pleased to announce that it has completed the transaction announced January 29th, 2003 with Newmont Mining Corporation (NYSE: NEM - News) and Newmont LaSource Developpement, an affiliate of Newmont Mining Corporation (collectively "Newmont"), to acquire Newmont's Calcatreu gold project in Argentina.
Pursuant to the terms of the transaction, Aquiline has acquired Newmont's Argentinean subsidiary, Minera Normandy Argentina S.A ("Minera Normandy"), and additional mineral exploration rights for a combination of cash, future production royalties and a back-in arrangement on certain of the mineral claims that comprise the 73,000 hectare Calcatreu land package. The total cash consideration in the transaction is US $2,135,000 of which US $100,000 has been paid and the balance represented by a vendor take back mortgage subject to the following payment schedule:
1 month after closing : US $ 30,000
6 months after closing : US $105,000
12 months after closing : US$100,000
18 months after closing : US$200,000
24 months after closing : US$300,000
30 months after closing : US$450,000
36 months after closing : US$850,000
Aquiline further announces that the drilling program at Calacatreu announced on June 11, 2003 has now been completed. A total of 14 holes were drilled (10 reverse circulation - 4 diamond core holes) and all material has now been shipped to ALS Chemex's lab in Mendoza, Argentina for processing. Assays are pending.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information
contact: Marc C. Henderson, President, Tel: (416) 599-4133
Or visit our web site at www.AquilineResources.com |
