Aquiline expands property position in River Valley
Aquiline Resources Inc AQI
Shares issued 9,160,808 Jan 22 close $0.30
Wed 24 Jan 2001 News Release
Mr. Marc Henderson reports
Aquiline has further expanded its already significant property position in
the River Valley area near Sudbury, Ont., by entering into a letter
agreement with a two local prospectors to acquire 110 claim units in Henry
and James townships. This acquisition further solidifies Aquiline's
position as one of the three principal landholders in the River Valley
intrusion, which is a large layered mafic intrusion that is highly
prospective for platinum group metals (PGM).
The other two landholders of consequence -- Pacific North West Capital
Corp. and Mustang Minerals Inc. -- have both entered into
multimillion-dollar joint venture agreements with major South African PGM
producers, leaving Aquiline as the only junior company in River Valley that
will control and operate its own discovery.
Terms of the acquisition, which are subject to Canadian Venture Exchange
approval, call for Aquiline to make staged payments of cash and shares over
a multiyear period in return for 100 per cent of the property, subject to a
3-per-cent net smelter return. Aquiline has a right to acquire the net
smelter return at any time by making a cash payment of $250,000 per
percentage point. First year payment terms are $12,000 in cash and 25,000
shares. There is no work commitment.
Aquiline plans to conduct preliminary exploration on the property -- which
is essentially unexplored -- during the summer field season. The property
was acquired for its strategic position as it adjoins the joint venture
block held with Mustang where an initial drill program is approaching and
because it overlies a portion of the western limb of the River Valley
intrusion. With this acquisition, Aquiline believes most if not all of the
prospective ground in River Valley is now well held although the company
remains open to the possibility of further opportunistic PGM acquisitions
in Sudbury and elsewhere given the magnitude of the underlying supply
deficit in palladium and the consequent need to explore and discover new
commercial PGM deposits.
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