Aguila American Signs Community Agreement Proceeds with Drill Permitting
VANCOUVER, BRITISH COLUMBIA, May 9, 2011 (Marketwire via COMTEX) -- Aguila American Resources Ltd. ("Aguila") or (the "Company") (TSX VENTURE:AGL) - Mr. John Huguet Reports:
The Company is pleased to announce it has received a Preliminary Access Agreement legalized by three authorised representatives of the local community situated nearest its Angostura gold project. This agreement formally allows Aguila to proceed with drill permitting for the advancement of its 100% owned, Angostura gold project. The initial term of the agreement is for one year where the Company has agreed to maximize local employment, assist in certain community enhancements such as access road and other basic infrastructure improvements and the provision of safety equipment for the community's informal miners along with basic safety training. The community is obligated to respect the terms and conditions of the agreement with the Company and to ensure appropriate internal coordination within sectors of the community for realization of the environmental impact study.
The community overwhelmingly passed a vote resulting in 61 - 4 in favour of upholding the formal Preliminary Access Agreement presented by the Company.
Much of the agreement is focussed around assisting the community in gaining control of the escalating illegal mining activity in the area and formalizing that activity to the benefit of the community while informing its members on the nature and form of the contemplated drilling activities. The Company is committed to consulting with and educating community members in an effort to involve them to the fullest extent in the process of exploration and the delineation of an economic resource while fostering full input into the necessary socio-economic and environmental studies, assessments and subsequent project planning. The majority of the mineralized zone and its potential on strike extensions lay in previously unoccupied areas that are partially bordered by marginal subsistence farm lands where coexistence with the limited competing interests are felt to be mitigatable.
John Huguet, Aguila American's President, states, "We are very pleased that after many years of impasse to finally achieve a mutually productive agreement with the nearest community at Angostura. This agreement will enhance the community and officially gives the Company a green light to proceed with exploration and development at our very prospective gold project. Aguila will endeavour to be leaders in stewardship of the environment and to set an excellent example, to the citizens in the surrounding area."
On behalf of the Board of Directors,
John Huguet, President & CEO
Aguila American Resources Ltd.
Aguila American Resources Ltd. is a publicly traded, natural resource development company involved in the exploration and development of mineral properties. Exploration plans are set to focus on the Angostura Gold Prospect in Southern Peru. This prospective gold exploration property is located approximately 430 kilometres southeast of Lima and 180 kilometres southwest of the city of Cuzco in the Department of Apurimac. Angostura covers approximately 3,800 hectares and is comprised of eight exploration concessions.
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SOURCE: Aguila American Resources Ltd.
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John-David A. Belfontaine
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(604) 909-2303 or Toll free (866) 296-2195
Aguila American Resources Ltd.
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INDUSTRY KEYWORD: Manufacturing and Production/Mining and Metals
SUBJECT CODE: BUSINESS CONTRACTS