AQI 2000-03-01 (provided courtesy of Canadian Corporate News.)
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Aquiline completes private placement and debt settlement; Exploration underway on East Bull Lake platinum/palladium project
TORONTO, ONTARIO--Aquiline Resources Inc. announces that it has
completed the private placement announced January 11, 2000. A
total of 950,000 units were sold at $0.15 per unit for total
proceeds of $142,500. Each unit consists of one common share and a
share purchase warrant. Two share purchase warrants entitle the
holder to purchase an additional common share at a price of $0.25
per share for one year.
Separately, the Company completed the debt settlement agreement in
the amount of $20,000 by the issuance of 133,333 shares at a
deemed price of $0.15 per share.
Proceeds of the private placement will be used to fund continuing
exploration of the Company's platinum/palladium projects in the
Sudbury area where the year 2000 field program is now underway.
Work is currently focused on the Parisien Lake project which is
under option from Mustang Minerals and Freewest Resources. The
Parisien Lake project is located within the southern half of the
East Bull Lake layered mafic intrusive and hosts the same
prospective stratigraphy as Mustang's Bullfrog discovery located
some 5km to the west. Previous surface sampling and trenching work
on the property carried out by both Freewest and the Ontario
Geological Survey has identified combined Pt, Pd, and Au values of
up to 5.8 g/t and the current exploration program will consist of
a detailed Induced Polarization (IP) Survey followed by a diamond
drilling program that will commence by the latter half of March.
Additional details with respect to this drilling will be provided
upon commencement of the program.
Aquiline also intends to be active this year on the River Valley
projects, which are located in the River Valley Intrusive located
north east of Sudbury. In the fall of 1999 before freeze-up,
Aquiline completed an initial field program at River Valley
consisting of linecutting, mapping, and soil and rock sampling.
Samples were collected along broadly spaced lines across the
presumed contact of the intrusive with its surrounding country
rocks. Results indicate several areas of elevated PGM values in
both rocks and soils, which may be indicative of contact
mineralization. Follow-up work is planned for the spring of 2000.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Marc C. Henderson, President
Tel: (416) 599-4133.
The CDNX has neither approved nor disapproved the contents of this
release.
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