Silver Hedge of the Decade?
Silverfox Analysis/321 Gold
Nov 21, 2006
In the summer of 2002 Newmont opened a data room to sell its Calcatreu gold deposit in Patagonia. IMA Exploration (IMR) and Aquiline Resources (AQI) were two parties which looked into buying Calcatreu. One of them, IMA, obtained regional exploration data not given to other prospective purchaser AQI been collated with a view to expanding Calcatreu.
This data revealed a massive silver anomaly 40 kilometres from Calcatreu. Newmont had not proceeded on the data as silver had been of secondary interest and, following the merger with Normandy, at the time Newmont was focusing attention away from Argentina (literally, "land of silver").
Despite a confidentiality agreement forbidding bidders from using confidential data other than for the purposes of evaluating Calcatreu, IMA went ahead and staked the silver deposit, which it called Navidad.
Shortly thereafter, Aquiline Resources concluded the purchase of Calcatreu, including the regional data, and queried IMA's staking of Navidad. 
.Ps...die kauften nachdem IMA fuendig wurde mit Hilfe der Daten,sonst haetten sie Calcatreu wahrscheinlich nie gekauft,und somit sich spaeter Navidad billigst einzuverleiben, IMO
Nun haltet AQI jedoch nur den Trust ueber das Gebiet.
Der Haken ist das IMA ein confidental agreement gebrochen hat aber Newmont diese Daten nur IMA und nicht AQI gegeben hat was Newmont's Schuld ist IMO.
War das Gebiet/Land von Navidad mit eingeschlossen beim Kauf von Calcatreu ?.... dann sollte es nun AQI gehoeren die Calcatreu gekauft haben von Newmont. Die Kosten der bisherigen Exploration sollten dann IMA erstattet werden im Fall der Alleinbesitz ist bei AQI.
Henderson (Mr. Litigation) von AQI der mehr im Gericht sitzt als im Office tat das was er am liebsten tut nachdem er Lunte roch und IMA die Ore fand :
Litigation ensued, and in July 2006 Aquiline won a constructive trust over 100% of Navidad in the Supreme Court of British Columbia. IMA appealed, and the appeal is due to be heard from April 10th-12th 2007.
Navidad is a measured and indicated 300+ million ounce silver deposit. Prior to the judgment in July, drilling was disrupted by the court case, although Aquiline has recently raised significant funds to resume drilling under the terms of a trust agreement with IMA.
It is thought that the Navidad area could contain significantly more silver than the current resource calculation; potentially up to a billion ounces.
In any event, it is one of the if not the, world's premier pure silver exploration deposits. There are only a few silver mining companies in the world with silver resources greater than Navidad's current resource estimate. Whoever holds Navidad will be a major takeover target.
The court case hinged on the definition of confidential information and the context in which IMA received it.
The judgment was fairly unequivocal in favour of Aquiline Resources.
It is available at http://www.aquiline.com.
The effect of the judgment was to send IMA's shares plummeting towards book value (current share price is CDN 57c), and Aquiline's shares up beyond CDN $5. 
Whichever way the case turns (Aquiline will be hoping that the appeal is denied and further appeal refused), what is true is that currently for around CDN $7 you can match up an equal number of shares in both companies to secure a hedged stake in Navidad's 300+ million ounces.
If the appeal court judgment following April 12th does not immediate conclude the matter then the resumption of drilling and silver price increases hopefully should keep investors entertained
until it is resolved.
As to Navidad's correct valuation, comparisons are inexact in terms of grade and size, but it has been spoken of in the same breath as Apex Silver and Western Silver, and certainly appears to match up to Bear Creek Mining's silver deposit.
The best case scenario for Aquiline Resources is an appeal court judgment following April 12th which upholds the view of the judge at first instance and refuses IMA leave to further appeal a case twice lost.
If this transpires, it would not be unreasonable to expect Aquiline's share price immediately to substantially appreciate. If the decision is not definitive then hopefully Navidad will continue to be explored in advance of the final judgment.
What is undeniably true is that the market capitalisation of a company holding Navidad outright ought to be some way greater than Aquiline and IMA's current combined market capitalisations.
The post-judgment trust agreement between Aquiline and IMA forbids the parties from soliciting takeover bids.
It is in one sense surprising that no major has yet thought to launch a conditional bid for both companies, which if successful would automatically eliminate the reason for the discount implicit in the combined capitalisation.
It is worth mentioning that there are some anti-mining issues in Chubut province where Navidad is located, which should be thoroughly researched by anyone with an interest in the story. 
In the latest instalment IMA issued a press release on July 7th 2006 indicating that a recent piece of anti-mining legislation affected a separate part of the province, some 150 km west of the Navidad property.
Is such an amount of silver on offer at such a price anywhere else?
Is it the hedge of the decade to take an equal position now in shares of both Aquiline Resources and IMA Exploration?
Maybe so, maybe not. 
But it's an interesting story to consider as silver breaks upwards out of its recent price triangle.
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Wie auch immer, ich kaufe BOOKVALUE IMA, egal wie es ausgeht.
Momentan kann man nur warten oder eine Muenze werfen wer Navidad im Endeffekt bekommt. Vielleicht trifft man sich in der Mitte,wer weiss ?
Das Ratespiel geht weiter, mitte April weiss man mehr.
Gruss
Eldo