Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

April 22, 2008 10:19 ET

Aquiline Reports Updated Mineral Resource Estimate on Calcatreu

TORONTO, ONTARIO--(Marketwire - April 22, 2008) - Aquiline Resources Inc. (TSX:AQI) ("Aquiline" or "the Company") is pleased to report that Micon International Limited ("Micon") of Toronto have completed a revised independent mineral resource estimate on the Calcatreu Gold Project located in Rio Negro Province, Argentina. The new resource estimate was completed on the Vein 49, Nelson, Castro Sur, Belen and Viuda de Castro zones of the Calcatreu Gold Project, and is compliant with the National Instrument 43-101 requirements. Because the updated resources do not represent a material change for Aquiline, no NI 43-101 Technical Report will be filed on SEDAR. In lieu of that report, the Company has posted to its website the table of resources and the letter from Micon outlining the record of principal factors and methodologies used in preparation of the estimate (see :LINK). Aquiline is pleased to report that it has met its objective of a gold and silver mineral inventory at Calcatreu in excess of one million gold equivalent ounces.

The mineral resource estimate has been prepared by Eugene Puritch, P.Eng., of P&E Mining Consultants Inc. and B. Terrence Hennessey, P.Geo., of Micon under the direction of Mr. Hennessey. Micon is Aquiline's independent Qualified Person for the Calcatreu project. A summary of the resource estimate is set out in the table below. Complete details of the resource estimate are contained in the tables appended to this release.



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CALCATREU RESOURCE ESTIMATE - Indicated
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Extraction Tonnes Au Ag Contained Contained AuEq AuEq
Method g/t g/t Oz Au Oz Ag g/t oz
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Open Pit 4,081,000 4.10 37.7 537,960 4,946,590 4.69 615,790
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Leach 2,959,000 0.46 7.3 43,760 694,490 0.57 54,410
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Underground 955,000 3.09 31.1 94,880 954,910 3.58 110,020
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Grand Total 7,995,000 2.63 25.7 676,040 6,606,160 3.04 780,220
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CALCATREU RESOURCE ESTIMATE - Inferred
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Extraction Tonnes Au Ag Contained Contained AuEq AuEq
Method g/t g/t Oz Au Oz Ag g/t oz
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Open Pit 2,244,000 2.56 19.0 184,700 1,370,800 2.86 206,310
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Leach 909,000 0.56 8.3 16,370 242,570 0.69 20,110
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Underground 260,000 3.04 25.0 25,410 208,980 3.44 28,720
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Grand Total 3,413,000 2.06 16.6 226,050 1,821,550 2.33 255,140
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The estimate incorporated a total of 470 trenches and Diamond and Reverse Circulation drill holes. Individual assay top cuts were applied to gold and silver assays from the different mineralized zones after an analysis of population statistics, histograms and log probability plots. The top cuts employed varied from 3.9 g/t to 62.2 g/t for gold assays and 12.6 g/t to 206 g/t for silver. The methodology used in the estimate corresponded to the methodology used in the previously reported Micon resource estimates for Vein 49 and Nelson (see press release of October 18, 2004), except for changes in metal prices, costs and recoveries. The table above reflects three cutoff grade categories, namely 1) open pittable 2) recoverable by heap leach and 3) underground mineable. The principal optimization parameters for the open pittable ore were mining costs of $1.45/ tonne of rock, processing at $16.63/tonne, G&A at $2.92/ tonne and pit slopes of 55 degrees. Updated gold and silver prices of $650/oz Au and $12.50/oz Ag were used ($US). A Whittle pit optimization was completed therefore no specific cutoff grade was used for the whole pit, but the internal cutoff grade calculated was 1.04 g/t Au. The heap leachable ounces (which need to be mined to access the ore, but will not meet milling cutoff grades) were assumed at a marginal cutoff of 0.34 g/t Au. The underground cutoff grade was assumed to be 2.1 g/t AuEq. The gold/ silver ratio for gold equivalency is derived from the respective metal prices and recoveries as follows:

($650/$12.50)(74%/90%) equals 63.2 Therefore AuEq equals Au + (Ag/63.2)

Martin Walter, Aquiline's Executive Vice President, commenting on the new resource estimate stated "We are pleased to achieve this million-ounce equivalent milestone, and will now proceed to revise the project economics. Incorporating these additional ounces will have a direct and positive impact on the project's overall mine life".

The gold mineralization at Vein 49, Nelson and Castro Sur occurs in quartz veins all of which are within five kilometers of each other. Mine economics and site layout suggests a central milling and mineral extraction plant could be constructed on-site in a location that allows optimization of trucking distances from all three deposits.

Aquiline further reports that the next step of project development at Calcatreu is underway. The focus is for the Company to revise the findings of the project's Initial Feasibility Study that was completed by Snowden Mining Consultants in 2007. The revised study will evaluate the mining economics of the project; with the objective of presenting a ten year mine life. This revised document will then be resubmitted to the Rio Negro Provincial Government for their review and consideration.

Mr. B. Terrence Hennessey, P.Geo. and Mr. Eugene Puritch, P.Eng., both Qualified Persons under the requirements of National Instrument 43-101, have reviewed a copy of this press release.

ABOUT AQUILINE RESOURCES INC.

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).

Aquiline has implemented a quality control program to ensure best practice in chemical sampling and analysis of surface and drill core samples. All assay work for the Calcatreu project is carried out at ALS Chemex Mendoza Laboratories. Under the guidelines of the 43-101 National Instrument, the qualified person for the Calcatreu gold project is Mr. John J. Chulick who is a registered geologist in the state of California. Mr. Chulick has reviewed the technical content of this release.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding mineralization contained on the Calcatreu 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.



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CALCATREU RESOURCE ESTIMATE - Indicated
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Area Tonnes Au g/t Ag g/t Contained Contained AuEq AuEq
Oz Au Oz Ag g/t oz
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Nelson Pit
Andesite
Oxide 30,000 1.24 10.5 1,200 10,130 1.41 1,360
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Nelson Pit
Andesite
Primary 17,000 1.18 9.3 640 5,080 1.33 730
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Vein 49 Pit
Andesite
Oxide 101,000 1.22 12.8 3,960 41,570 1.42 4,610
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Vein 49 Pit
Andesite
Primary 186,000 1.21 11.4 7,240 68,170 1.39 8,310
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Nelson Pit
Quartz
Oxide 298,000 2.90 22.8 27,790 218,450 3.26 31,230
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Nelson Pit
Quartz
Primary 381,000 2.75 33.6 33,690 411,590 3.28 40,180
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Vein 49 Pit
Quartz
Oxide 747,000 5.76 35.2 138,340 845,400 6.32 151,780
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Vein 49 Pit
Quartz
Primary 2,321,000 4.35 44.9 324,610 3,350,570 5.06 377,590
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Belen Pit
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Castro Pit
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Viuda Pit
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Subtotal
Pits 4,081,000 4.10 37.7 537,960 4,946,590 4.69 615,790
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Nelson Pit
Leach
Andesite
Oxide 293,000 0.46 6.4 4,330 60,290 0.56 5,280
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Nelson Pit
Leach
Andesite
Primary 220,000 0.41 6.7 2,900 47,390 0.52 3,680
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Vein 49 Pit
Leach
Andesite
Oxide 655,000 0.46 8.1 9,690 170,580 0.59 12,420
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Vein 49 Pit
Leach
Andesite
Primary 1,592,000 0.44 7.0 22,520 358,290 0.55 28,150
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Nelson Pit
Leach
Quartz
Oxide 45,000 0.60 9.0 870 13,020 0.74 1,070
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Nelson Pit
Leach
Quartz
Primary 43,000 0.65 7.9 900 10,920 0.78 1,080
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Vein 49 Pit
Leach
Quartz
Oxide 23,000 0.66 10.4 490 7,690 0.82 610
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Vein 49 Pit
Leach
Quartz
Primary 88,000 0.62 8.3 1,750 23,480 0.75 2,120
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Belen Pit
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Castro Pit
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Viuda Pit
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Subtotal
Leach 2,959,000 0.46 7.3 43,760 694,490 0.57 54,410
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Nelson UG
Quartz
Primary 130,000 2.84 32.0 11,870 133,750 3.35 14,000
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Vein 49 UG
Quartz
Primary 825,000 3.13 31.0 83,020 822,270 3.62 96,020
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Belen UG
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Castro UG
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Viuda UG
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Subtotal
UG 955,000 3.09 31.1 94,880 954,910 3.58 110,020
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Grand
Total 7,995,000 2.63 25.7 676,040 6,606,160 3.04 780,220
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CALCATREU RESOURCE ESTIMATE - Inferred
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Area Tonnes Au g/t Ag g/t Contained Contained AuEq AuEq
Oz Au Oz Ag g/t oz
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Nelson Pit
Andesite
Oxide
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Nelson Pit
Andesite
Primary
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Vein 49 Pit
Andesite
Oxide
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Vein 49 Pit
Andesite
Primary
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Nelson Pit
Quartz
Oxide 4,000 1.06 21.0 140 2,700 1.39 180
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Nelson Pit
Quartz
Primary 11,000 3.19 30.3 1,130 10,720 3.67 1,300
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Vein 49 Pit
Quartz
Oxide
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Vein 49 Pit
Quartz
Primary
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Belen Pit 285,000 2.33 32.5 21,350 297,800 2.84 26,020
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Castro Pit 1,543,000 2.64 20.1 130,970 997,150 2.96 146,840
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Viuda Pit 401,000 2.41 4.7 31,070 60,600 2.48 31,970
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Subtotal
Pits 2,244,000 2.56 19.0 184,700 1,370,800 2.86 206,310
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Nelson Pit
Leach
Andesite
Oxide 2,000 0.39 9.1 30 590 0.53 30
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Nelson Pit
Leach
Andesite
Primary 3,000 0.50 7.0 50 680 0.61 60
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Vein 49 Pit
Leach
Andesite
Oxide
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Vein 49 Pit
Leach
Andesite
Primary
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Nelson Pit
Leach
Quartz
Oxide 2,000 0.37 25.7 20 1,650 0.78 50
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Nelson Pit
Leach
Quartz
Primary 1,000 0.54 23.4 20 750 0.91 30
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Vein 49 Pit
Leach
Quartz
Oxide
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Vein 49 Pit
Leach
Quartz
Primary
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Belen Pit 55,000 0.55 8.6 970 15,210 0.69 1,220
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Castro Pit 779,000 0.55 8.8 13,780 220,400 0.69 17,280
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Viuda Pit 67,000 0.64 2.1 1,380 4,520 0.67 1,440
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Subtotal
Leach 909,000 0.56 8.3 16,370 242,570 0.69 20,110
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Nelson UG
Quartz
Primary 72,000 3.76 39.5 8,700 91,440 4.39 10,160
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Vein 49
UG Quartz
Primary 66,000 2.83 22.4 6,010 47,530 3.18 6,750
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Belen UG 26,000 2.71 20.2 2,270 16,890 3.03 2,530
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Castro UG 71,000 2.78 21.9 6,350 49,990 3.13 7,140
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Viuda UG 25,000 2.59 4.3 2,080 3,460 2.66 2,140
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Subtotal
UG 260,000 3.04 25.0 25,410 208,980 3.44 28,720
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Grand
Total 3,413,000 2.06 16.6 226,050 1,821,550 2.33 255,140
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The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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