Aquarian Gold completes acquisition of Riau coal properties

Canadian firm Aquarian Gold Corp. announced Wednesday the completion of its commitments to acquire a 52,000-hectare coal tenement in the Indragiri Hulu regency, Riau province.

?We are extremely pleased to complete this transaction. Furthermore, we have a commitment to our shareholders as well as the investment community for high level disclosure and communication, and for that reason we are looking forward to discussing our progress and developments with our shareholders and the investment community,? Chairman of Aquarian Gold, Andrew Bell, said in a statement.

Aquarian has previously entered into an option agreement whereby for an option payment of $350,000 it will have the right within 90 days to acquire the coal tenement for a share consideration equivalent to $10,000,000.

Aquarian said Wednesday its resolution dated February 8, 2007 approved the issuance of 41,000,000 restricted common shares as consideration shares to satisfy the sum of $10,000,000 in connection with the acquisition.

According to Aquarian?s website, earlier exploration has indicated the presence of over 2.5 million tons of medium calorific, low ash/sulphur content bituminous coal in the only small area tested, located in the north of the concession. (Robert)