Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

November 15, 2007 08:00 ET

Aquiline Resources Inc.: Navidad Measured and Indicated Mineral Resource Up 52% to 453 Million Oz Silver-Conference Call Scheduled Thursday, Nov. 15 at 4:00 PM ET-

TORONTO, ONTARIO--(Marketwire - Nov. 15, 2007) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) is pleased to report an updated Mineral Resource estimate ("Current Resource Estimate") for the Navidad Project completed by Snowden Mining Industry Consultants Inc. ("Snowden"). The Current Resource Estimate comprises 453 million ounces of silver and 3 billion pounds of lead in the Measured and Indicated categories plus 153 million ounces of silver and 546 million pounds of lead in the Inferred category (see table below). John Chulick, Vice President of Exploration commented "This confirms Navidad as one of the largest undeveloped silver resources in the world". A Technical Report detailing the update will be filed on SEDAR and published on the Aquiline website within the next two weeks.



---------------------------------------------------------------------
November 2007 Mineral Resource (50 g/t AgEQ grade cut-off)
---------------------------------------------------------------------
Tonnes AgEQ Ag Pb Ag Pb
CLASSIFICATION (Mt) (g/t) (g/t) (%) (Moz) (Mlb)
---------------------------------------------------------------------
Measured 15.8 226 150 1.57
---------------------------------------------------------------------
Indicated 111.9 152 105 0.99
---------------------------------------------------------------------
Measured + Indicated 127.7 161 110 1.06 453 2,988
---------------------------------------------------------------------
Inferred 49.0 121 97 0.50 153 546
---------------------------------------------------------------------

Note:

The most likely cut-off grade for this deposit is not known at this
time and must be confirmed by the appropriate economic studies.
Silver equivalent grade values are calculated without consideration of
variable metal recoveries for silver and lead.
Three year rolling average metals prices of US$10.00/oz and lead
price of US$0.70/lb was used to derive an equivalence formula of
AgEQ equals Ag + (Pb x 10,000 / 208).
The estimated metal content does not include any consideration of
mining, mineral processing, or metallurgical recoveries.
The estimate of Mineral Resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
-----------------------------------------------------------------------


The previous Mineral Resource estimates, also completed by Snowden, for IMA Exploration Inc. ("IMA") in May and September 2006 are shown below for comparison with the Current Resource Estimate. The silver equivalence values in this table use different silver and lead metal prices than the previous table; this reflects changes in metal price in the intervening year.



-----------------------------------------------------------------------
May and September 2006 Mineral Resources (50 g/t AgEQ grade cut-off)
-----------------------------------------------------------------------
Tonnes AgEQ Ag Pb Ag Pb
CLASSIFICATION (Mt) (g/t) (g/t) (%) (Moz) (Mlb)
-----------------------------------------------------------------------
Measured 4.2 253 123 3.25
-----------------------------------------------------------------------
Indicated 89.4 149 98 1.28
-----------------------------------------------------------------------
Measured + Indicated 93.6 154 99 1.37 299 2,822
-----------------------------------------------------------------------
Inferred 10.9 98 66 0.79 23 190
-----------------------------------------------------------------------

Note:

The most likely cut-off grade for this deposit is not known at this
time and must be confirmed by the appropriate economic studies.
Silver equivalent grade values are calculated without consideration of
variable metal recoveries for silver and lead. A silver price of
US$6.00/oz and lead price of US$0.35/lb was used to derive an equivalence
formula of AgEQ equals Ag +(Pb x 10,000 / 250). Silver and lead prices are
based on a three-year rolling average.
The estimated metal content does not include any consideration of mining,
mineral processing, or metallurgical recoveries.
The estimate of Mineral Resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
-----------------------------------------------------------------------


The September 2006 Mineral Resource estimate was never filed on SEDAR by IMA, as it was received during the ownership transition period to Aquiline, which was completed in October 2006. The last publicly filed Mineral Resource estimate was the May 2006 amendment, filed on SEDAR by IMA in June 2006. The May and September 2006 Mineral Resource estimates incorporated 254 drillholes distributed over the five zones, Calcite Hill NW, Calcite Hill, Navidad Hill, Connector Zone, and Galena Hill. The Current Resource Estimate incorporates 265 additional drillholes (see appended map) and more importantly, establishes two new zones, Barite Hill and Loma de La Plata. Loma de La Plata is mainly Inferred, with 9.1 million tonnes grading 225 g/t Ag (Indicated) and 17.3 million tonnes grading 159 g/t Ag (Inferred), or 66 million silver ounces (Indicated) and a further 89 million ounces (Inferred), all at above a 50 g/t AgEQ cut-off.

John Chulick commented "The new resource estimate meets or exceeds our expectations on most levels. The Loma de La Plata zone contains the highest silver grades and is second only to Galena Hill in overall size. At the time of the original resource estimate, roughly 57% of the resource was contained in Galena Hill. The overall resource has expanded to the point where Galena Hill comprises 42.4% and Loma comprises 14.6% in the Measured and Indicated class, and the conversion factor from Inferred to Indicated at Loma de La Plata is expected to be favourable upon further drilling. This has broad implications for the overall mine planning, as the mineralization is close to surface and contains very little lead. Two composite samples have been submitted for preliminary metallurgical tests, with results expected by the end of December 2007, and we are continuing our program of step-out drilling."

Aquiline will hold an open conference call today, Thursday November 15 at 4:00 pm ET to discuss the results and to answer questions from shareholders. Conference call details are as follows:

Local / International: 416-640-3405

North American Toll-Free: 1-866-322-2356

Additional tables will be posted to the website at www.aquiline.com prior to the commencement of the conference call. The conference call will be recorded, and an audio recording will be available on the website following conclusion of the call. A Spanish transcription will be produced, and will be posted to the website.

ASSUMPTIONS AND METHODS

The Current Resource Estimate was prepared by Snowden in the following steps:

- personal inspection of the Navidad Project site

- data validation

- data preparation

- geological interpretation and modelling of lithological and mineralisation domains

- coding of drillhole data within mineralised domains

- compositing of assay intervals to a common length

- analysis of extreme values and determination of appropriate top cuts

- exploratory data analysis of silver and lead assay grades within mineralised domains

- variogram analysis and modeling

- creation of block models and application of density values to the block model

- interpolation of silver and lead grades into blocks using multiple indicator kriging ("MIK")

- validation of estimated block silver and lead grades

- confidence classification of estimates with respect to CIM (2005) guidelines

- Mineral Resource tabulation

DATA VERIFICATION

In conducting the Current Resource Estimate, Snowden verified a representative portion of the available drilling assay data against corresponding assay certificates supplied directly by the analytical laboratory. Snowden verified a portion of geological logging data against original logging data. Snowden also independently sampled drillhole core while on site and submitted samples for independent laboratory analysis.

Snowden was not able to verify the methods of drilling, sampling, and sample security and custody for the majority of the data used in the Mineral Resource estimate as Snowden was not present during these historical operations.

QUALIFIED PERSONS

The Current Resource Estimate was completed by Ms. Pamela De Mark, a Senior Consultant with Snowden, and was reviewed by a suitably experienced Snowden consultant. Ms. De Mark is a Qualified Person in accordance with NI 43-101 and is independent of Aquiline. Ms. De Mark has reviewed the contents of this news release related to the Mineral Resource estimate for accuracy. Mr. John J. Chulick, a registered geologist in the State of California, is the Qualified Person for the Navidad Project in accordance with NI 43-101. Mr. Chulick has read and approved the contents of this news release.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding mineralization contained on the Navidad Project and Aquiline's ultimate success in the litigation with IMA Exploration Inc. 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.

To view the map of Navidad Project, please visit the following link: http://www.ccnmatthews.com/docs/AQ1115_FIGURE.pdf.



SNOWDEN
------------------------------------------------------------------------

------------------------------------------------------------------------
November 2007 Mineral Resources
(50 g/t AgEQ grade cut-off, US$ 6.00/oz and US$0.35/lb)
------------------------------------------------------------------------

Tonnes AgEQ Ag Pb Ag Pb
Deposit CLASSIFICATION (Mt) (g/t) (g/t) (%) (MOz) (Mlb)
------------------------------------------------------------------------
Calcite Hill NW Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 13.5 107 84 0.57 37 169
------------------------------------------------------------------------
Meas. + Ind. 13.5 107 84 0.57 37 169
------------------------------------------------------------------------
Inferred 9.3 74 43 0.77 13 158
------------------------------------------------------------------------
Calcite Hill Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 14.9 129 101 0.72 48 237
------------------------------------------------------------------------
Meas. + Ind. 14.9 129 101 0.72 48 237
------------------------------------------------------------------------
Inferred 3.9 89 76 0.31 10 27
------------------------------------------------------------------------
Navidad Hill Measured 8.4 139 119 0.51 32 95
------------------------------------------------------------------------
Indicated 5.7 96 87 0.24 16 30
------------------------------------------------------------------------
Meas. + Ind. 14.1 122 106 0.40 48 124
------------------------------------------------------------------------
Inferred 2.6 94 79 0.36 7 21
------------------------------------------------------------------------
Connector Zone Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 7.9 111 95 0.40 24 69
------------------------------------------------------------------------
Meas. + Ind. 7.9 111 95 0.40 24 69
------------------------------------------------------------------------
Inferred 3.4 114 100 0.34 11 26
------------------------------------------------------------------------
Galena Hill Measured 7.2 304 190 2.84 44 450
------------------------------------------------------------------------
Indicated 48.7 159 93 1.66 146 1,784
------------------------------------------------------------------------
Meas. + Ind. 55.9 178 106 1.81 190 2,234
------------------------------------------------------------------------
Inferred 8.1 125 80 1.12 21 201
------------------------------------------------------------------------
Barite Hill Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 6.4 194 179 0.37 37 53
------------------------------------------------------------------------
Meas. + Ind. 6.4 194 179 0.37 37 53
------------------------------------------------------------------------
Inferred 0.4 95 44 1.28 1 11
------------------------------------------------------------------------
Loma de la Plata Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 9.1 229 226 0.09 66 18
------------------------------------------------------------------------
Meas. + Ind. 9.1 229 226 0.09 66 18
------------------------------------------------------------------------
Inferred 17.3 163 159 0.11 89 43
------------------------------------------------------------------------
Total Measured 15.6 215 152 1.59 76 544
------------------------------------------------------------------------
Indicated 106.2 149 109 1.01 373 2,359
------------------------------------------------------------------------
Meas. + Ind. 121.8 158 115 1.08 449 2,904
------------------------------------------------------------------------
Inferred 45.0 123 104 0.49 150 486
------------------------------------------------------------------------

Note:

The most likely cut-off grade for this deposit is not known at this time
and must be confirmed by the appropriate economic studies.
Silver equivalent grade values are calculated without consideration of
variable metal recoveries for silver and lead.
Three year rolling average metals prices of US$6.00/oz and lead price of
US$0.35/lb was used to derive an equivalence formula of AgEQ equals Ag
+ (Pb x 10,000 / 250).
The estimated metal content does not include any consideration of mining,
mineral processing, or metallurgical recoveries.
The estimate of Mineral Resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.


SNOWDEN
------------------------------------------------------------------------

------------------------------------------------------------------------
November 2007 Mineral Resources
(50 g/t AgEQ grade cut-off, US$ 10.00/oz and US$0.70/lb)
------------------------------------------------------------------------
Tonnes AgEQ Ag Pb Ag Pb
Deposit CLASSIFICATION (Mt) (g/t) (g/t) (%) (MOz) (Mlb)
------------------------------------------------------------------------
Calcite Hill NW Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 14.6 107 80 0.57 37 182
------------------------------------------------------------------------
Meas. + Ind. 14.6 107 80 0.57 37 182
------------------------------------------------------------------------
Inferred 11.0 76 40 0.75 14 181
------------------------------------------------------------------------
Calcite Hill Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 15.4 133 98 0.71 49 242
------------------------------------------------------------------------
Meas. + Ind. 15.4 133 98 0.71 49 242
------------------------------------------------------------------------
Inferred 4.0 91 76 0.31 10 27
------------------------------------------------------------------------
Navidad Hill Measured 8.5 142 117 0.51 32 96
------------------------------------------------------------------------
Indicated 5.9 96 85 0.24 16 31
------------------------------------------------------------------------
Meas. + Ind. 14.4 123 104 0.40 48 127
------------------------------------------------------------------------
Inferred 2.7 96 79 0.36 7 21
------------------------------------------------------------------------
Connector Zone Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 8.1 112 93 0.40 24 71
------------------------------------------------------------------------
Meas. + Ind. 8.1 112 93 0.40 24 71
------------------------------------------------------------------------
Inferred 3.5 114 98 0.34 11 27
------------------------------------------------------------------------
Galena Hill Measured 7.3 323 188 2.81 44 451
------------------------------------------------------------------------
Indicated 52.3 165 88 1.60 148 1,842
------------------------------------------------------------------------
Meas. + Ind. 59.6 184 100 1.74 192 2,293
------------------------------------------------------------------------
Inferred 10.1 118 67 1.05 22 235
------------------------------------------------------------------------
Barite Hill Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 6.5 194 176 0.38 37 54
------------------------------------------------------------------------
Meas. + Ind. 6.5 194 176 0.38 37 54
------------------------------------------------------------------------
Inferred 0.4 104 44 1.26 1 12
------------------------------------------------------------------------
Loma de la Plata Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 9.1 229 225 0.09 66 19
------------------------------------------------------------------------
Meas. + Ind. 9.1 229 225 0.09 66 19
------------------------------------------------------------------------
Inferred 17.3 164 159 0.11 89 43
------------------------------------------------------------------------
Total Measured 15.8 226 150 1.57 76 547
------------------------------------------------------------------------
Indicated 111.9 152 105 0.99 377 2,440
------------------------------------------------------------------------
Meas. + Ind. 127.7 161 110 1.06 453 2,988
------------------------------------------------------------------------
Inferred 49.0 121 97 0.50 153 546
------------------------------------------------------------------------

Note:

The most likely cut-off grade for this deposit is not known at this time
and must be confirmed by the appropriate economic studies.
Silver equivalent grade values are calculated without consideration of
variable metal recoveries for silver and lead.
Three year rolling average metals prices of US$10.00/oz and lead price of
US$0.70/lb was used to derive an equivalence formula of AgEQ
equals Ag + (Pb x 10,000 / 208).
The estimated metal content does not include any consideration of mining,
mineral processing, or metallurgical recoveries.
The estimate of Mineral Resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.


SNOWDEN
------------------------------------------------------------------------

------------------------------------------------------------------------
May & September 2006 Mineral Resources
(50 g/t AgEQ grade cut-off, US$ 6.00/oz and US$0.35/lb)
------------------------------------------------------------------------
Tonnes AgEQ Ag Pb Ag Pb
Deposit CLASSIFICATION (Mt) (g/t) (g/t) (%) (MOz) (Mlb)
------------------------------------------------------------------------
Calcite Hill NW Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 6.2 92 72 0.52 14 71
------------------------------------------------------------------------
Meas. + Ind. 6.2 92 72 0.52 14 71
------------------------------------------------------------------------
Inferred 5.3 96 70 0.64 12 75
------------------------------------------------------------------------
Calcite Hill Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 13.1 126 99 0.68 42 196
------------------------------------------------------------------------
Meas. + Ind. 13.1 126 99 0.68 42 196
------------------------------------------------------------------------
Inferred 0.4 107 93 0.35 1 3
------------------------------------------------------------------------
Navidad Hill Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 12.8 137 119 0.45 49 127
------------------------------------------------------------------------
Meas. + Ind. 12.8 137 119 0.45 49 127
------------------------------------------------------------------------
Inferred 1.3 110 87 0.59 4 17
------------------------------------------------------------------------
Connector Zone Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 5.6 105 89 0.40 16 49
------------------------------------------------------------------------
Meas. + Ind. 5.6 105 89 0.40 16 49
------------------------------------------------------------------------
Inferred 1.2 95 84 0.28 3 7
------------------------------------------------------------------------
Galena Hill Measured 4.2 253 123 3.25 17 301
------------------------------------------------------------------------
Indicated 51.7 170 97 1.83 161 2,086
------------------------------------------------------------------------
Meas. + Ind. 55.9 177 99 1.93 178 2,379
------------------------------------------------------------------------
Inferred 2.7 95 36 1.47 3 88
------------------------------------------------------------------------
Barite Hill Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 0 0 0 0 0 0
------------------------------------------------------------------------
Meas. + Ind. 0 0 0 0 0 0
------------------------------------------------------------------------
Inferred 0 0 0 0 0 0
------------------------------------------------------------------------
Loma de la Plata Measured 0 0 0 0 0 0
------------------------------------------------------------------------
Indicated 0 0 0 0 0 0
------------------------------------------------------------------------
Meas. + Ind. 0 0 0 0 0 0
------------------------------------------------------------------------
Inferred 0 0 0 0 0 0
------------------------------------------------------------------------
Total Measured 4.2 253 123 3.25 17 301
------------------------------------------------------------------------
Indicated 89.4 149 98 1.28 282 2,530
------------------------------------------------------------------------
Meas. + Ind. 93.6 154 99 1.37 299 2,822
------------------------------------------------------------------------
Inferred 10.9 98 66 0.79 23 190
------------------------------------------------------------------------

Note:

The most likely cut-off grade for this deposit is not known at this time
and must be confirmed by the appropriate economic studies.
Silver equivalent grade values are calculated without consideration
of variable metal recoveries for silver and lead.
A silver price of US$6.00/oz and lead price of US$0.35/lb was used to
derive an equivalence formula of AgEQ equals Ag + (Pb x 10,000 / 250).
Silver and lead prices are based on a three-year rolling average.
The estimated metal content does not include any consideration of mining,
mineral processing, or metallurgical recoveries.
The estimate of Mineral Resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.

Contact Information

  • Aquiline Resources Inc.
    Marc Henderson
    President & CEO
    (416) 599-4133
    or
    Aquiline Resources Inc.
    Flora Wood
    Vice President, Investor Relations
    (416) 599-4133
    Email: flora@aquiline.com
    or
    Aquiline Resources Inc.
    John J. Chulick
    Vice President of Exploration
    (54-2940) 432-704
    Website: www.Aquiline.com