Aeroquest International Limited ("Aeroquest") (TSX VENTURE: AQL) is pleased to announce the establishment of its international survey operations in Russia and the commencement of its first Russian survey, a 10,000 line kilometre AeroTEM IV survey for a major mining company.
Aeroquest, together with it Russian partners, has formed a Russian joint-venture company called AeroRUS. Aeroquest has positioned an AeroTEM IV system in Russia for use by AeroRUS and obtained the necessary permits for installation into a Russian MI-8 helicopter. AeroRUS has successfully negotiated its first major contract. Aeroquest and AeroRUS expect to be surveying continually in Russia until the onset of winter and we will look to add additional systems as demand dictates.
"Aeroquest is very excited about the opportunities in Russia, and to begin with such a significant survey is a great start" stated Aeroquest President Steve Balch. "Russia is a country rich in mineral resources and where modern airborne techniques have not been widely applied. The major mining companies and some junior exploration companies from Canada are giving Russia a serious look, and Aeroquest now has advanced technology within that country to help serve their exploration requirements."
"Our international expansion will allow us to grow our revenue base, diversify by geography and by customer, and balance out the seasonality in airborne surveying within northern climates, such as Canada and Russia" added Roy Graydon, the Company's CEO. "Russia will add important revenue to Aeroquest this year, and will be followed by the establishment of operations in Mexico and Africa in our second and third quarters."
Aeroquest International Limited (TSX VENTURE: AQL) is the parent company of Aeroquest Limited, a world leader in the development and operation of innovative and proprietary airborne geophysical surveying platforms servicing the mineral exploration, oil and gas, and environmental industries. More information about AQL can be found at www.aeroquestsurveys.com.
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