Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

October 13, 2009 12:15 ET

Aquiline Announces Updated Resource for Pico Machay Gold Project

Measured & Indicated: 270,000 oz Au; Inferred: 450,000 oz Au

TORONTO, ONTARIO--(Marketwire - Oct. 13, 2009) - Aquiline Resources Inc. (TSX:AQI) ("Aquiline" or "the Company") is pleased to announce that the Company has received a revised Mineral Resource Estimate for the Pico Machay Gold Project in Peru. The Mineral Resource Estimate was prepared by Caracle Creek International Consulting Inc. ("CCIC") for the Pico Machay deposit using previous drilling (up to 2004) and current drilling (drilled during 2007). The resource estimate includes holes up to Hole ABS-246, drilled in 2007. To date, five drill campaigns for a total of 18,288.5 metres in 160 holes have been completed on the Property by Minera Calipuy (a wholly owned subsidiary of Aquiline), primarily targeting the main mineralized or Central Zone. The previous estimate (CCIC, 2005) was generated from 13,178.5 metres of drilling from 90 holes.

The resource was calculated using a 0.3 g/tonne gold cut-off grade and comprises Measured plus Indicated resource of 7,700,000 tonnes at an average grade of 0.88 g/t for 220,000 oz Gold in the Mixed Zones and 2,900,000 tonnes at an average grade of 0.52 g/tonne for 50,000 oz Gold in Non-Oxidized Zones. The Inferred Resource comprises 7,700,000 tonnes at an average grade of 0.61 g/tonne for 150,000 oz Gold in the Mixed Zones and 16,200,000 tonnes at 0.57 g/tonne for 300,000 oz Gold in the Non-Oxidized Zones. The full NI 43-101 Technical Report will be filed on SEDAR in due course, and posted to the Aquiline website at www.aquiline.com.



----------------------------------------------------------------------------
Resource Tonnes Average Grade Specific Ounces
Category (g/tonne) Gravity
----------------------------------------------------------------------------
Measured Mixed 3,600,000 1.03 2.31 120,000
-----------------------------------------------------------------
Non-Oxidized 1,100,000 0.53 2.31 20,000
-----------------------------------------------------------------
Sub Total Measured 4,700,000 0.91 2.31 140,000
----------------------------------------------------------------------------
Indicated Mixed 4,100,000 0.75 2.31 100,000
-----------------------------------------------------------------
Non-Oxidized 1,800,000 0.51 2.31 30,000
-----------------------------------------------------------------
Sub Total Indicated 5,900,000 0.67 2.31 130,000
----------------------------------------------------------------------------
Measured + Mixed 7,700,000 0.88 2.31 220,000
-----------------------------------------------------------------
Indicated Non-Oxidized 2,900,000 0.52 2.31 50,000
-----------------------------------------------------------------
Sub Total Meas + 10,600,000 0.78 2.31 270,000
Ind
----------------------------------------------------------------------------
Inferred Mixed 7,700,000 0.61 2.31 150,000
----------------------------------------------------------------------------
Non-Oxidized 16,200,000 0.57 2.31 300,000
----------------------------------------------------------------------------
Sub Total Inferred 23,900,000 0.58 2.31 450,000
----------------------------------------------------------------------------
Note:
1. A block cut-off grade of 0.3 g/tonne Gold was used.
2. Non-diluted
3. Gold in the "Mixed" (partly or fully oxidized) zones is amenable to
cyanide leaching, whereas gold in the Non-Oxide ("Sulphide") zones is
not.
4. The previous resource estimate (2005) referred to the Non-Oxide Zones as
"Sulphide Zones"


Dan Noone, Vice President of Peruvian Operations for Aquiline commented, "In addition to expanding the overall resource, the Updated Resource Estimate has converted a large portion of the previous resource from Inferred to Measured and Indicated ounces, increasing the confidence level. With this new estimate in hand, an internal feasibility study completed and environmental study update underway, we expect to be able to submit our final permit applications before the end of the year."

This resource estimate was prepared by Doug Roy, M.A.Sc., P.Eng., an Associate Mining Engineer with CCIC. Mr. Roy has had no prior involvement with the Aquiline and is independent of Aquiline according to Section 5.3 of NI 43-101. Mr. Roy has read and approved the contents of this news release.

Mr. Dan Noone, a member of the Australian Institute of Geoscientists and is the Vice President of Peruvian Operations for Aquiline, is the Qualified Person for the Pico Machay Gold Project in accordance with NI 43-101. Mr. Noone has read and approved the contents of this news release.

ABOUT AQUILINE

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 of which are in southern Argentina. Aquiline is also advancing the Pico Machay gold deposit in Peru, through feasibility and towards a production decision.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding the Pico Machay Project, 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.

Contact Information

  • Aquiline Resources Inc.
    Flora Wood
    VP Investor Relations
    (416) 599-4133
    flora@aquiline.com
    or
    Aquiline Resources Inc.
    Dan Noone
    VP - Peru Operations
    (416) 599-4133
    dan@aquiline.com