03:37 PM EST - Aquiline Resources Inc. : announced that it has closed the acquisition of all of the right, title and interest held by Monterrico Metals PLC, in the Pico Machay gold project in Peru. The total purchase price was $7.8 million U.S., of which $1.2 million U.S. was paid on or before closing, and $6.6 million U.S. is outstanding and reflected by the issuance by Absolut of a promissory note in favour of IRI. The note has a two year term, and is payable in eight quarterly installments of $825,000 U.S. each. The note bears no interest, unless there is a default on any of the payments in which case a default interest rate equal to 5% above the floating LIBOR rate will apply to the defaulted payment and the full remaining balance commencing 30 days after the due date of such first defaulted payment. The Pico Machay Gold Project is a high-sulphidation gold deposit located in the Huancavelica Province of Peru. Pico Machay contains an inferred resource of 437,000 ounces of gold in oxide and mixed zones and a further 146,000 ounces in sulfide zones, as stated in the technical report dated October 27, 2006 entitled "Independent Technical Report, Pico Machay Gold Deposit" prepared by Caracle Creek International Consulting Inc. and filed on SEDAR under Absolut Resources Corp. Aquiline Resources Inc.
shares T.AQI are trading up $0.08 at $4.32.
