Aquiline Resources Inc. (TSX:AQI) ("Aquiline" or "the Company") is pleased to
announce delivery of a Preliminary Economic Assessment ("Scoping Study")
conducted on the Loma de La Plata ("Loma") zone that forms part of Aquiline's
100% owned Navidad project in Chubut Province, Argentina. The Loma zone is a
near-surface, high grade silver zone with minimal base metals estimated to
contain 9.1 million tonnes (Indicated) at average grades of 225 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 at a cut-off grade of 50
g/t Ag equivalent (Snowden Mining Industry Consultants, December, 2007). Based
on the 2007 global resource estimate of 606 million contained silver ounces (all
categories) distributed over seven identified zones, Loma accounts for one zone,
containing roughly 25% of the silver ounces in the Navidad deposit. The Scoping
Study was performed in compliance with NI 43-101 regulations by Snowden Mining
Consultants Pty Ltd. ("Snowden") of Brisbane, Australia under the direction of
Peter Myers, Group General Manager -Mining. Highlights of the project financial
modeling results, based on a production rate of 10,000 tpd of ore, a silver
price of $12.52/oz and a copper price of $3.23/lb (three year average prices)
are as follows:


- Average yearly silver production of 15 million ounces, with peak production in
the first year estimated up to 23 million ounces


- Ore supply from the first of two pits accounts for virtually all ore to be
mined in the first three years of production, at an average grade of 231 g/t
silver before declining to an average grade of 140 g/t Ag in the cutback pit
mining inventory, the main source of ore mined from Year 4 onward


- 25 month payback period

- Stripping ratio under 1:1 for first stage pit

- Initial pit mining and processing costs of $4.75/oz Ag while first pit is
mined, increasing as the cutback pit is mined due to higher strip and lower
grade


- Pre-production capital expenditures of $272.6 million, most of which supports
a processing plant handling throughput of 10,000 tpd (3.65 Mtpa) capable of
being expanded to 30,000 tpd


- Net present value (NPV) pre-tax @ 7.5% of $135.6 million, IRR of 22 %

- 80% silver recoveries using conventional flotation to produce a concentrate
grading approx. 50 kilograms silver per tonne of concentrate


- Estimated personnel count of 450 during mine construction and up to 342 during
mine operations



Based on Scoping Study estimates, the mine will produce on average 15 million
silver ounces per annum for 6.6 years at average operating cash costs of
$5.22/oz. The full NI 43-101 Technical Report will be filed on SEDAR shortly,
and posted to the Aquiline website at www.aquiline.com.


Marc Henderson, Aquiline President & CEO, commented as follows:

"We are pleased with the results of the Scoping Study released today, which was
undertaken to generate preliminary economics and to facilitate our next step of
advancement. We are currently in a dialogue with the provincial government
concerning development of the project in a safe and responsible way with special
emphasis on the preservation and remediation of the environment. The relevant
environmental impact studies are being prepared to be submitted to the
provincial entities for their consideration. Based on these economics, the Loma
zone provides the basis to commence silver production at Navidad on a robust
deposit. Grades starting at 231 g/t silver are comparable to some of the world's
existing underground silver mines. We are also accelerating additional
metallurgical test work on other high grade silver zones with apparently
comparable mineralogy, including the recently discovered, high grade Valle
Esperanza zone. If flotation characteristics from this zone and other
neighbouring zones display similar response, it could materially impact the
economics of the initial phase of operations at Navidad."


Next Steps

Finally, environmental and hydrology data compilation and testing has commenced,
in anticipation of Under the direction of John Wells, Aquiline's Consulting
Metallurgist of JAWMETC, new Loma samples and nine variability composite samples
from each of Valle Esperanza and Barite Hill have been collected and shipped for
analysis to G & T Metallurgical Services Ltd. ("G & T") for analysis to be
performed in the fourth quarter of 2008. The Barite Hill zone contains 6.5
million tonnes grading 176 g/t or 37 million contained silver ounces (Indicated)
and 0.4 million tonnes grading 44 g/t or 1 million contained silver ounces
(Inferred), with low lead grades (0.38%) in the Indicated resource. The Valle
Esperanza zone is not included in the Snowden Technical Resource Estimate of
2007, but based on reported results of roughly 40 drill holes, appears to
contain high grade silver with low base metal values. If the metallurgy for
these zones exhibits similar responsiveness to conventional flotation testwork,
then the metallurgy program and pre-engineering program will be accelerated
toward a wider Scoping Study or Pre-Feasibility Study. Such a study would
encompass material from Loma and other deposit areas that could be processed
with incremental infrastructure additions, as the main capex will be re-paid in
the first 25 months of production from Loma. Further drill results on Valle
Esperanza are anticipated to be reported in the fourth quarter this year, and an
updated resource estimate incorporating Valle Esperanza and expansion from the
other zones is anticipated in the first quarter of next year. Metallurgical
results are expected late in the fourth quarter this year or early in the first
quarter of 2009. required baseline information to follow the Pre-Feasibility or
Feasibility Study that will be contingent on further advancement of the deposit.


Study Assumptions and Sensitivities

Selling prices of $12.52/oz Ag and $7,110/t Cu are based on three year average
prices, and assume treatment through a copper smelter. A change of $1.00/ounce
in the selling price of silver results in a change of roughly $59.8 M to NPV; in
other words, at $14.00/ounce, the NPV rises to $224.0 M and at $9.20/ounce, it
is cash break-even.


Total costs (including fixed and mobile capex, process and administration, ore
and waste mining and royalties) have been estimated to be $40.70/ tonne
processed or $7.10 per silver ounce mined. The largest components of these costs
on a per silver ounce basis are fixed capex ($1.85), process and admin. ($2.00)
and royalties ($1.44), comprised of a 3% provincial royalty, 1% Chubut Silver &
Gold tax and 10% export tax duty payable to the government of Argentina on the
export of concentrate.


Start-up capital expenditures of $272.6 million are comprised mainly of $198.6
million for the process plant, which will operate at daily throughput of 10,000
tpd with the plant layout providing for expansion to 30,000 tpd. After total
direct and indirect costs of $124.6 million, EPCM @18% direct and indirect costs
is added ($22.4 million), and contingency @ 35% of direct, indirect and EPCM
items ($51.5 million) are added for total process plant capital of $198.6
million.


The highest sensitivities are to grade and recoveries, where a silver recovery
improvement to 85%, for example, increases NPV from $135.6 million to $180.0
million.


Qualified Person

Under the guidelines of the 43-101 National Instrument, the Qualified Persons
for the Technical Report are Peter A. Myers, Group General Manager --Mining and
Principal Consultant and Pamela L. De Mark, Senior Consultant, both of Snowden
Mining Industry Consultants Inc. The Qualified Person for the metallurgical
program and metallurgy description of the Scoping Study is Mr. John Wells,
Consulting Metallurgist, JAWMETC. Both Mr. Myers and Mr. Wells have reviewed the
technical content of this release.


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.