Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

January 23, 2008 08:05 ET

Aquiline Announces Preliminary Metallurgical Results for Navidad's Loma de La Plata Zone

TORONTO, ONTARIO--(Marketwire - Jan. 23, 2008) - Aquiline Resources Inc. (TSX:AQI) ("Aquiline" or "the Company") today announced the results of the first metallurgical program performed on Navidad under Aquiline's ownership. The program that began in the third quarter of 2007 comprised ore hardness, mineralogical and preliminary flotation testing on 12 composite samples from Calcite Hill, Calcite Northwest, Navidad Hill, Connector Zone, Barite Hill and Loma de La Plata. The test work was conducted at G&T Metallurgical Services in Kamloops, B.C. Canada and was directed by Mr. John Folinsbee and Mr. Peter Brown, both of whom are Senior Metallurgical Engineers.

Four composite samples from Calcite Hill and four from Navidad Hill were tested, along with one sample from each of Calcite Northwest, Connector Zone, Barite Hill and Loma de La Plata. The most recent test work has been focused upon a composite sample of Loma de La Plata drill core, assaying about 700g/tonne silver. Using a simple and as yet un-optimized sulphide mineral flotation scheme, and a conventional non-toxic reagent regime, reproducible results have been generated. In the rougher flotation stage, approximately 85% of the contained silver was readily recoverable into the rougher concentrate which assayed approximately 10 kg/tonne silver. Cleaning tests on the rougher concentrates were able to repeatedly demonstrate the ability of the treatment scheme to produce final sulphide concentrates containing in excess of 100 kg/tonne silver, albeit with some minor loss in overall silver recovery to the cleaner circuit tailings. These results were achieved using a moderately fine and as yet un-optimized flotation feed sizing.

Test work to more closely simulate the entire flotation treatment process is now being organized. This next phase of metallurgy work will involve locked cycle flotation testing, which will be performed in parallel with optimization studies designed to enhance the metallurgical performance of the basic flotation treatment scheme. Variability in flotation response across the Loma de La Plata and other zones of mineralization will also be determined by evaluating the responses of multiple drill core composites.

Martin Walter, Executive Vice-President commented "Although these results are based on very limited sampling, the data shows that most mineralization tested to date from the Navidad zones, and especially Loma de La Plata, responds well to conventional flotation processing techniques. High silver content flotation concentrates can be generated from almost all samples of Navidad mineralization tested to date" The Loma de La Plata zone is estimated to contain 9.1 million tonnes (indicated) at average grades of 226 g/t Ag, or 66 million contained ounces Ag plus 17.3 million tonnes (inferred) at average grades of 159 g./t Ag, or 89 million contained ounces Ag (Snowden Mining Industry Consultants, December, 2007). The average depth of the mineralization has been within 200 metres of surface over a surface area approaching 39 hectares, which is still being expanded with further drilling. The Company is focusing on the development of a simple but pragmatic process flow sheet as a precursor to Pre-Feasibility for Loma de La Plata.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding future development of the Navidad property, are forward-looking statements that involve various risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Aquiline documents filed from time to time with applicable regulatory authorities. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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