Aquiline Drilling at Navidad Expands New Valle Esperanza Discovery

Aquiline Drilling at Navidad Expands New Valle Esperanza Discovery

Aquiline Resources Inc. report on the results of 72 new diamond drill holes (NV08-731 to NV08-802) within the Navidad Project in Chubut Province, Argentina. Total drilling on the project amounts to 802 holes over 154,482 metres.

Most of the drilling pertained to the infill program at Loma de La Plata which was recommended by Snowden Mining Group in its Technical Report of November 2007. This will allow for the conversion of most of the Loma de La Plata resource to the higher confidence interval of Indicated from the current Inferred resource. The distribution of the new holes is as follows: Loma de La Plata (45); Valle Esperanza (14); Sector Z (3); exploration drilling in Valle La Plata (see map for location) (7), condemnation holes in the proposed tailings dam area (3). Location maps and all assays are reported on the website at along with collar data and updated sections (Valle Esperanza).

Mr. Marc Henderson, Aquiline President & CEO, commented, “We are pleased with the infill results at Loma de La Plata, which confirm the resource grades there and look forward to the release of the upcoming Scoping Study on Loma, which is being finalized in the next two weeks. The Valle Esperanza zone was not included in the Snowden 2007 resource estimate, and will not be part of the Scoping Study. The presence of this high grade silver zone is an important development that could add to the favourable economics we expect in developing Navidad. We are currently collecting metallurgical samples to add to work already underway, and expect the next round of testing to take place in the fourth quarter this year.”

The 45 holes drilled at Loma de La Plata have demonstrated that the mineralized zone remains partially open to the North and to the East, outside the resource polygon calculated on December 2007. Moreover, results from infill drill holes in this set of assays returned higher grade values than the average resource grade calculated by Snowden (225 g/t Ag in Indicated, and 159 g/t Ag Inferred).

The 14 holes completed in Valle Esperanza were located between previously drilled lines and in the known mineralized area perimeter, and tested the upper latite unit (without xenoliths) with the object of defining the known boundaries of the mineralized area. The results demonstrated that the mineralized zone is partially open to the NE and SW, and remains open to the SE (see hole NV08-802 in above highlights). Thus, the Valle Esperanza mineralization continuity to the South and South-East has been confirmed as well as the connection with the previous known Esperanza Hill Esperanza mineralization. Hole NV08-740 was drilled below the volcanic units (latite) reporting Ag values in sandstones in depth. Valle Esperanza was not included in the Snowden 2007 Mineral Resource Estimate, which estimated 127.7 million Measured and Indicated tonnes grading 161 g/t Ag, or 453 million contained silver ounces and 49.0 million Inferred tonnes grading 97 g/t Ag, or 153 million contained silver ounces.

New drilling was performed in the previously drilled Sector Z area, while exploration drilling took place in Valle La Plata (located between Sector Z and Loma de La Plata). Although results did not return values of interest, the results from certain holes demonstrate a relatively high copper/silver ratio, which is one of the principal metals associations of the Navidad project; additional drilling in this area is warranted using the copper/silver association as an exploration guide.

Four rigs are currently deployed at Navidad, of which two are performing infill as well as delimitation drilling on Loma de La Plata. The third rig is performing condemnation drilling for future siting of infrastructure, and the fourth rig is dedicated to exploration in the Valle Esperanza and other areas.

Aquiline has continued with the quality control program implemented by the previous operator and considers it to be of “best practice” caliber for a systematic sampling program using diamond drill core. All assay work for the released results was carried out by Alex Stewart Laboratories in Mendoza, Argentina. Under the guidelines of the 43-101 National Instrument, the Qualified Person for the Navidad Project is Mr. John J. Chulick who is a registered geologist in the State of California.

Aquiline Resources Inc. is an exploration and development company advancing one of the world’s largest undeveloped silver deposits (Navidad), as well as a gold/silver deposit (Calcatreu), both in Argentina, and a gold deposit in Peru (Pico Machay).

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