NOVEMBER 12, 2010 - Vancouver, BC, Canada - Aguila American Resources Ltd. (the "Company") (TSXV: AGL)
Mr. John Huguet, President and CEO, is pleased to provide this corporate update.
As previously announced the Company has completed a private placement financing and has issued 12,050,000 common shares to raise gross proceeds of $843,500. The funds will be used for working capital and to implement an aggressive work on the Angostura property in Peru.
The Angostura property comprises one main zone, the Delicia concession, and several exploration concessions which cover the main portion of the Angostura Gold Property.
The Angostura project is located in southern Peru in the Department of Apurimac approximately 430 southeast of Lima and 80 kilometers southwest of the city of Cuzco and can be reached along paved highways and gravel roads. The area is mountainous and elevations on the property vary between 3,300 and 4,100 metres above sea level.
The Company is also pleased to announce the appointment of Mr. Christopher R. Verrico to its Advisory Board. Mr. Verrico has 25 years of mine development / operations experience within BC, Alaska, and the Canadian Territories managing and contracting open pit mining, bulk ore handling and northern infrastructure construction operations. In the past 15 years Mr. Verrico has been focused on scoping resource development opportunities throughout the Americas with key participation in raising more than $100 million of venture capital for, and is a director of, a number of Canadian junior public companies.
In addition, the Company wishes to announce that MineGate Capital Resource Group (MineGate) has been retained as an advisor to the Company. MineGate has helped client companies in the resource sector raise over $65 million in the past 5 years. Said Mr. Michael Townsend, principal of MineGate, "we see the Angostura property as an excellent exploration and development opportunity". MineGate will be offering technical and corporate finance services to Aguila.
Finally, options to purchase 1,591,000 common shares for a term of 3 years at a price of $0.25 have been granted to employees, consultants and directors.
ON BEHALF OF THE BOARD
"John Huguet"
John Huguet, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
