My understanding is that AQI made an inquiry of IMA as to the validity of their claim on Navidad. IMA did not respond, but instead, said AQI's inquiry resulted in IMA losing a financing deal and threatening a lawsuit. AQI responded that there was no lawsuit filed by IMA, and they still awaited answers from IMA. Nothing since then. Many astute observers have queried that if AQI's questions did not have a basis in truth, then IMA would surely have sued, rather than simply name-calling. AQI, it has been speculated, would not press the issue either, until Navidad was proven to be WORTH the pressing. Below is a brief sequence of some of the events.
Some, like Michael Bidder, have insisted that IMA has a world-class property, and AQI is simply blowing smoke. Others would definitely question WHY would they do this? If they had no compelling proof, why would they risk such a manuever? Also, if AQI were spreading false innuendos about IMA, why would they not sue? The argument that lawsuits cost money and waste time is not, IMO, a legitimate one. Only time will tell, but many, like me, have placed our bets on the logic of the situation, and not on our loyalty to any particular company. I owned equal parts in both IMA and AQI, but in early November, after examining the situation, I sold all IMA and put it into AQI. If you look at the charts, that was a very advantageous decision up until about 3 weeks ago when IMA traded way up while AQI remained flat. Now, both are at equal rises percentage wise since November. Only time will tell what the outcome will be. I believe AQI would have to be complete crooks -- and very stupid ones at that -- in order to imply totally false accusations (for the record, AQI has not accused IMA of anything -- they have simply asked questions). Logically, I do not see this as a possibility, so the alternative reality would be that IMA acquired Navidad in a way which would allow AQI to stake a claim to it in some manner. If this turns out to be the case, AQI would skyrocket in price, and IMA would tank. You be the judge until the truth comes out.
globeinvestor.com
Then came this from AQI:
Press Release Source: Aquiline Resources Inc.
Aquiline responds to IMA on Navidad claims
Wednesday October 8, 6:55 pm ET
Trading on TSX Venture Symbol: AQI
TORONTO, Oct. 8 /CNW/ - Aquiline Resources Inc. acknowledges the disclosure dated October 6, 2003 by IMA Exploration Inc. ("IMA") in respect to the Navidad claims in Patagonia, Argentina.
While surprised at the tenor of IMA's news release, Aquiline confirms that it directed an inquiry letter to IMA management that requested an explanation of IMA's acquisition activity in Chubut Province, Argentina. This letter was signed by Aquiline's Vice-President, Exploration and was sent only after a careful examination of the facts was first undertaken by Aquiline's board of directors. This investigation began some time ago and concluded late last week when Aquiline officers visited the regional exploration office in Rawson, the provincial capital of Chubut Province.
In order to dispel the allegations asserted in IMA's release of October 6, 2003 related to the Company's correspondence, Aquiline believes that the principles of corporate governance and transparency are best served by dissemination of said correspondence in its entirety. While Aquiline's letter was intended to be confidential and not part of the public domain, IMA's apparent public response to the Company's request for information concerning Navidad dictates that full disclosure is the best policy. Accordingly, the text of Aquiline's letter is as follows:
IMA Exploration Inc.
Suite 709 - 837 West Hastings Street
Vancouver, British Columbia
V6C 3N6
Attention: Mr. Joseph Grosso, President, CEO
Dr. Gerald Carlson, P. Eng. - Chairman and Director,
Mr. William Lee, B. Comm., C.A. - Chief Financial Officer
and Director
Dear Sirs:
Re: Navidad Project Claims Chubut, Argentina
As you are aware, earlier this year Aquiline Resources Inc. completed an acquisition of the Calcatreu Gold Project in Patagonia, Argentina. This transaction was completed during the month of July, 2003 by way of an acquisition of all of the shares of Minera Normandy Argentina, S.A. (now known as Minera Aquiline Argentina S.A.) ("Minera").
You may also be aware that the former owner of the shares of Minera was Newmont Mining Corporation ("Newmont"). In order to make this purchase, Aquiline entered into a Confidentiality Agreement with Newmont and Minera, pursuant to which Aquiline agreed to use the confidential information only for the purpose of evaluating the proposed purchase transaction and to keep confidential all information presented by Newmont or Aquiline during the bidding process for the purchase of Minera and for a period of two years thereafter.
We understand that all other companies that expressed an interest in submitting a bid for the shares and assets of Minera went through a similar process with Newmont, and signed similar Confidentiality Agreements. Upon signing such Confidentiality Agreements, all interested parties were afforded access to confidential information of Newmont and Minera.
After completing the acquisition of Minera in July of 2003, it became apparent that IMA Exploration Inc. had staked a very substantial land position in the Chubut Province of Argentina, including the claims referred to as the Navidad Project. We are presently investigating the dates of registration of IMA Exploration Inc.'s Navidad Project Claims within Chubut Province. In addition, we are researching the co-ordinates of IMA's "discovery" announced publicly on February 3, 2003 in relation to specific, detailed technical data that may have been available as part of the information package provided to prospective bidders for Calcatreu. We note with interest the timing of IMA's "discovery" announcement, which took place some 48 hours after public confirmation that Newmont had entered into a disposition transaction concerning Calcatreu - its sole remaining asset in Argentina.
We wish to point out that in acquiring the shares of Minera, Aquiline also acquired all assets of Minera, including, without limitation, all regional data compiled at considerable expense across the Chubut and Rio Negro Provinces, Argentina. This data was compiled by Minera staff for the sole use and benefit of Minera.
We are specifically interested in learning from you how it is that you came to stake the Navidad Project Claims during this time frame. In particular, we seek evidence from you that you obtained any information which you relied upon for the purpose of staking the Navidad Project Claims independently of the information and data which you obtained through the bid process from Newmont and Minera, and which was subject to the Confidentiality Agreement which you signed. While we continue to conduct our own investigation into the staking by you of the Navidad Project Claims, we would like to receive a written response to this letter within seven (7) days from this date.
Pending receipt of an explanation from you as to what events and methods led to the staking and discovery of the Navidad Project Claims, we reserve all of our rights which we have acquired through the acquisition of Minera to the enforcement of the terms of the Confidentiality Agreement and any other rights which Minera has at law respecting the potential misuse by any bidder of any confidential information obtained by such bidder from Minera through the bidding process leading up to the acquisition by us of Minera, as set out above.
We look forward to receiving your timely written response to this letter.
Yours very truly,
Aquiline Resources Inc.
Per:
Martin Walter
Vice-President, Exploration
cc. Newmont Mining Corporation
It should be noted that in view of IMA's release of October 6, 2003 Aquiline is still awaiting an appropriate response on the factual basis for IMA's program of land acquisition in northern Chubut Province.
On the Calcatreu Project in neighboring Rio Negro Province, Aquiline is in the final stages of preparation for an upcoming second phase drill program designed to further delineate and expand the gold resource on its large 730 km(2) property. This drilling is expected to commence on or before November 1, 2003, approximately two weeks later than the commencement date originally planned and announced on August 5, 2003. The resource calculation currently being prepared by Micon - a development also announced on August 5th - is nearing completion and is expected to be available next week prior to the Company's Annual Meeting scheduled for October 16, 2003.
Then came Claude's first thoughts:
"Looks like Aquiline think that IMA used confidential info to discover and acquire Navidad. Will see if there is some truth here."
Then came this:
Aquiline Resources Inc AQI
Shares issued 17,781,521 Oct 14 close $0.95
Wed 15 Oct 2003 News Release
See (IMR) News Release
Mr. Joseph Grosso reports
LEGAL ACTION COMMENCED AGAINST AQUILINE
IMA Exploration has initiated a legal action in the Supreme Court of
British Columbia against Aquiline Resources claiming damages, an injunction
and costs for injurious falsehood, interference with contractual relations,
interference with economic interests, defamation, and negligence arising
out of the defendant's issuance and publication of a letter sent to IMA on
the same day that IMA was to have closed a bought-deal financing. As a
direct consequence of that letter, IMA's shares lost value and the
financing was cancelled.
The company will proceed with the planned exploration program on Navidad,
as well as other properties, as previously scheduled. IMA Exploration has a
strong treasury in excess of $4-million to finance its exploration
objectives.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com
Then AQI came out with a press release basically stating that NO lawsuit had been filed, and their original questions to IMA still stood, and that they had not received any answers to the original inquiry.
Then SILENCE. |
