Aquiline Amends Shareholder Rights Plan.

TORONTO -- Aquiline Resources Inc. ("Aquiline or the "Company")(TSX:AQI) announces a further amendment to its Shareholder Rights Plan ("the Plan"), which was initially adopted by the Company's board of directors in October, 2002 and approved by Aquiline shareholders in November, 2002. An amendment to this Plan was introduced on February 10, 2005 (see Company news release of same date) and subsequently ratified by the shareholders on September 30, 2005. That amendment, which pertained to public disclosure of previously non-public information in the Navidad litigation against IMA Exploration Inc of Vancouver, British Columbia, has been further amended as a result of the conclusion of the trial on December 9, 2005.

Under the Plan, which is broadly similar to such plans in existence at many other Canadian public corporations, a "Permitted Bid" is a takeover bid that must be made to all Aquiline shareholders and must remain open for at least 60 days from the date of the bid. Under a resolution adopted by Aquiline's board on December 8, 2005 this provision has been amended so that a takeover bid will remain open until the later of (i) the close of business of a date which is not less than 60 days following the date of the take-over bid, (ii) the issuance of a decision in Supreme Court of British Columbia Vancouver Registry File No. S041353 (the "Court Action"); or (iii) settlement of the Court Action.

Aquiline management knows of no potential bidder at present but believes that the Company's shares are undervalued and reflect neither its development prospects in Argentina nor the possibility that it will prevail in the Court Action. Moreover, since the commencement of the IMA trial on October 11, 2005, gold prices have risen approximately $65 per ounce (or over 13%) and silver prices have risen approximately 17.5% while the shares of both Aquiline and IMA have been essentially unchanged. Stated Aquiline President Marc C. Henderson "With title to one of the largest undeveloped silver deposits in the world hinging on the outcome of the pending trial decision, we believe it is appropriate to allow the judicial process to run its course". He went on to add, "We look forward to the receipt of the judgement in this matter which will have potentially important implications for business practices, not only within the mining industry, but in all industries where Confidentiality Agreements are in widespread use." The amendment to the Shareholder Rights Plan takes effect immediately but will be put to a vote of Aquiline shareholders at the Company's Annual General Meeting to be held in 2006. The TSX has accepted for filing the amendment to the Plan.

Forward-Looking Statements 

This press release includes certain forward-looking statements. All statements regarding the Court Action are forward-looking statements that involve various risks and uncertainties. There can be no assurance that the Court Action will yield positive results for Aquiline.

Aquiline Resources Inc. (TSX:AQI)