Aquiline Updates 2006 Drilling Programs; Reports Initial Results.

TORONTO -- Aquiline Resources Inc. or "Aquiline" (TSX:AQI) is pleased to announce that exploration drilling on its 100% owned Calcatreu Gold Project, located in Argentina, is well advanced with 26 holes completed since the start of the current program in December, 2005; initial results are encouraging with further results expected shortly. Separately, the Company is pleased to add that it has also re-started drilling on its River Valley PGE-Cu-Ni projects located 70 km west of Sudbury, of which part is under option from Mustang Minerals Corp. or "Mustang" (TSXv:MUM). Under the terms of the option, Aquiline can earn up to a 70% interest in the property by expending $500,000 in exploration. Upon completion of the current exploration program, Aquiline will have earned its 70% interest. Initial results from the drilling program are expected in late February.

Exploration at Calcatreu, Argentina

At the Company's main project, Calcatreu, Aquiline's 2006 exploration drilling campaign is well underway with 26 holes completed. The Company plans to drill 5,000 meters testing no less than 10 exploration targets in and around the main Vein 49 deposit. A series of RC and combination RC/Diamond holes have been planned for the following areas:

- Belen, located to the southwest of the Vein 49 deposit

- Puesto, located to the west of the Nelson deposit

- Nelson, where there are some veins/areas that have previously not been drilled

- Castro Sur

- Viuda de Castro

- Trinidad

The drilling commenced late in 2005 and three RC holes were completed before a three-week break over the Christmas / New Year holidays; drilling resumed on 9 January, 2006. To date, assays have been received for the initial holes AQI-356 and AQI-357, both of which were drilled in the Belen Vein, a sub-parallel vein in the southwest footwall of Vein 49. Other than the Nelson Vein, which hosts a small part of the overall resource at Calcatreu (see AQI news release dated October 18, 2004) all of the targets in the current drilling campaign have seen little or no drilling to date.

Initial results are encouraging and are tabled as follows:

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Hole   Northing  Easting  From    To  Width      Au     Ag     Target
                                        (m)   (g/t)  (g/t)
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AQI356     5400      184    52    55    3.0    1.20   35.0   Belen W.
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  "                         60    63    3.0    1.13   20.5   Belen W.
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  "                         68    71    3.0    2.15   41.4   Belen W.
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AQI357     5450      158    74    77    3.0    3.61   97.6   Belen W.
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Exploration at River Valley PGE Projects, Ontario

Aquiline's River Valley PGE-Cu-Ni Property (the "Property") is located along the southwest contact of the River Valley Intrusion, about 5 km southwest of the Pacific North West Capital Corp./Anglo American Platinum Corporation Limited, Dana Lake and Lismer's Ridge PGE resource (25.4 million tonnes Measured and Indicated grading 0.98 g/t Pd, 0.34 g/t Pt, and 0.06 g/t Au at 0.7 g/t Pt+Pd cut-off; Press Release 22/07/04). The Property is situated within the Grenville Front Tectonic Zone and encompasses a portion of the western igneous  contact of the River Valley Intrusion, prospective for contact-type, sulphide-associated PGE-Cu-Ni mineralization. In addition, the Property is cut by the Sturgeon River Fault, a northwest-striking deformation/shear zone that is prospective for structurally hosted, sulphide-associated PGE-Cu-Ni mineralization.

The current round of exploration includes detailed geological mapping (completed in Fall 2005) and ground geophysical surveys, aimed at defining new drill targets along the western extent of the River Valley Intrusion. Diamond drilling will target this region and will include a minimum of 1,000 meters of drilling in approximately 6-8 holes.

Aquiline has implemented a quality control program to ensure best practice in chemical sampling and analysis of surface and drill core samples. The Company's consultants, Ironbark Geoservices SRL, and in the case of River Valley, Caracle Creek International Consulting Inc. (Sudbury, Ontario) are providing technical management to the project and have a supervising geologist on site at all times while work is being carried out. Under the guidelines of the 43-101 National Instrument, the Qualified Person for the Calcatreu Gold Project is independent consultant Mr. John J. Chulick (State of California registered geologist), and for the River Valley Project, Dr. Scott Jobin-Bevans, P.Geo., an independent consultant and Qualified Person pursuant to National Instrument 43-101.

This press release contains forward looking statements.

The TSX Exchange has not reviewed and does not accept responsibili ty for the adequacy or accuracy of this release.

Aquiline Resources Inc. (TSX:AQI)