Aberdeen Acquires 9.80% Stake in Quinto Minihttps://biz.yahoo.com/ccn/071220/200712200433213001.html?.v=1
Aberdeen Acquires 9.80% Stake in Quinto Mining
Thursday December 20, 8:35 am ET
TORONTO, ONTARIO--(Marketwire - Dec. 19, 2007) - ABERDEEN INTERNATIONAL INC. ("Aberdeen" or the "Company") (TSX VENTURE:AAB - News) is pleased to announce that it has acquired a 9.80% interest in Quinto Mining Corporation ("Quinto")(TSX VENTURE:QU - News) As part of a 10 million unit private placement, Aberdeen acquired 5.0 million units with each unit consisting of one common share and one 1/2 common share purchase warrant at a price of $0.65 per unit. The warrants are exercisable for two years at $1.00.
ADVERTISEMENT
Consolidated Thompson Iron Mines Ltd ("Consolidated")(TSX:CLM - News) also participated in the Private Placement acquiring 5.0 million units for a 9.80% interest in Quinto. Bruce Humphrey, Chairman of the Board of Consolidated is to join the Board of Quinto.
Stan Bharti, Chairman of Aberdeen stated " We believe that bulk commodities such as iron ore will continue to enjoy tremendous growth over the next few years. The acquisition of a significant stake in Quinto demonstrates that we believe much value still exists in the Labrador iron ore camp".
Quinto has a 100% interest in the Peppler Lake Iron Project situated approximately 450km north of Bai-Comeau and only 13 km's NW of the Cartier Railway (CRC) wide gauge heavy duty railway linking the Mount-Wright iron ore mine to the year-round deep-sea port at Port-Cartier. The project has a historic resource of 250,000,000 tonne iron ore grading 28% Fe. This historic resource was confirmed in a 2006 43-101 complaint technical report compiled by Bumigene. The Peppler Lake Iron Project also has a number of satellite properties which were drilled in 2007 to explore enhancing the size of the current resource. Watts, Griffis and McQuat of Toronto, Ontario are currently working on an updated NI-43-101 report and revised mineral resource estimate.
George Faught, CEO of Aberdeen stated " Iron Ore continues to be one of the most sought after commodities globally. As development in the Labrador iron camp continues to grow, particularly with Consolidated Thompson rapidly progressing towards production, our investment in Quinto should benefit substantially".
Both George Faught, CEO of Aberdeen and Stan Bharti, Chairman also acquired 185,000 units collectively in the private placement.
About Aberdeen International Inc: