IMA vs. Aquiline lawsuit

[Anonymous]

Seems like a lot is riding on Aquiline's claim to Navidad, but I don't hear much about the case. When will it be decided, and how do think IMA's stock will be affected by the outcome?

[silver100]

Dont own any shares yet I have followed IMA in the past. What lawsuit claim has come about? Interesting to hear more. Is it hurting the shares any?

[Anonymous]

As I understand it, Aquiline is try to take the Navidad property in Argentina away from IMA by claiming IMA used confidential info to stake the property back in '03. I think the lawsuit is holding down IMA's stock, and certainly it is holding back IMA's development plans. It's hard for an individual like me to get info on the lawsuit, in Canadian court.

[Proteus]

Resource Investor (http://www.resourceinvestor.com/) has been covering the trial. You can call up their stories by using the search feature and entering the terms "aquiline" and "ima", then sort the results by date when they pop up. You can also get the most recent stories by searching via Google News (http://news.google.com/).

The trial is coming to a close soon and the ruling is expected after the first of the year. I'm not a lawyer, so I don't really have an informed opinion regarding the likely outcome. But just about any ruling that does not include a constructive trust would be a victory for IMA.

[Chris Mullen]

http://www.goldreview.com/index.php?itemid=13143

"Aquiline also announces that the court action in the Supreme Court of British Columbia, Canada (Registry File No. S041353) against Vancouver based IMA Exploration Inc. will be concluded today. The trial commenced on October 11, 2005 and was in session for a total of 32 days, which included five days of closing arguments. The trial is expected to determine ownership of the potentially world-class Navidad Silver Project in Chubut Province, Argentina and judgement will be reserved with a decision likely sometime in 2006."

[silver1000]

Is this trial over yet? Whoever wins could really start moving up if they get control of the property.

[silver1000]

http://biz.yahoo.com/iw/080118/0350255.html

Press Release Source: Aquiline Resources Inc.


Aquiline and IMA Extend Deadline on Final Payment to Transfer Navidad Property
Friday January 18, 9:40 am ET


TORONTO, ONTARIO--(MARKET WIRE)--Jan 18, 2008 -- Aquiline Resources Inc. ("Aquiline" or the "Company") (Toronto:AQI.TO - News) advises that Aquiline and IMA Exploration Inc. ("IMA") have agreed to amend the terms of the interim project development agreement (the "IPDA") to allow Aquiline an extension until February 11, 2008 to pay the sum of $11 million (the "Minimum Project Expenditure Amount") owing to IMA thereunder. The IPDA governs the final transfer of Navidad in exchange for the agreed upon Minimum Project Expenditure Amount plus the additional $7.5 million already transferred to IMA by Aquiline. Pending such payment, the shares in the subsidiary companies which hold title to the Navidad property remain subject to the trust conditions as set out in the IPDA. Upon payment to IMA of the Minimum Project Expenditure Amount, the trust will terminate and Aquiline will then hold sole legal and beneficial title to shares and the Navidad property.
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FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding Aquiline's ability to pay to IMA the Minimum Project Expenditure Amount and in respect of the future development of the Navidad property, are forward-looking statements that involve various risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Aquiline documents filed from time to time with applicable regulatory authorities. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.



Contact:
Contacts:
Aquiline Resources Inc.
Flora Wood
Vice President, Investor Relations
(416) 599-4133
Email: flora@aquiline.com
Website: http://www.Aquiline.com



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Source: Aquiline Resources Inc.