Columbia Enters into Agreement with Aquiline To Settle Ownership Issues Respecting La Jojoba Property and Enters into Agreement to Acquire La Jojoba Property from Current Owners.

TORONTO -- Columbia Metals Corporation Limited (TSX VENTURE:COL) ("Columbia") and Aquiline Resources Inc. (TSX VENTURE:AQI) ("Aquiline") are pleased to announce that they have entered into an agreement (the "Settlement Agreement") to settle certain ownership issues respecting the La Jojoba Property. Under the terms of the Settlement Agreement, if Columbia acquires the La Jojoba Property from the current registered owners, the Velez family of Magdalena de Kino, State of Sonora, Mexico (the "Vendors"), Aquiline agrees to settle all disputes with the Vendors, including any pending or threatened litigation with respect to the La Jojoba Property.

Pursuant to the Settlement Agreement: (i) Columbia has agreed to pay Aquiline the sum of Cdn. $500,000, and (ii) subject to the approval of the TSX Venture Exchange, Aquiline has agreed to subscribe for 625,000 units of Columbia ("Unit") at a price of Cdn. $0.80 per Unit, each Unit comprised of one common share of Columbia ("Common Share") and one Common Share purchase warrant ("Warrant"), each Warrant exercisable at a price of Cdn. $0.90 per Common Share for a period of two (2) years from the date of issue.

In addition, Columbia has agreed to grant a 2% net smelter return ("NSR") royalty to Aquiline on the La Jojoba Property. Columbia has the right to acquire the 2% NSR royalty from Aquiline, free and clear of any encumbrances upon the payment of Cdn. $1,000,000 for each 1% NSR royalty.

In August of 1994, Aquiline entered into two agreements with the Vendors relating to the claims comprising the La Jojoba Property. Aquiline is currently in dispute with the Vendors as the mineral rights reverted to the Vendors and Aquiline has been unable to recover value-added taxes paid in respect of the La Jojoba Property.

In 2003, Aquiline initiated an action in Mexico against the Vendors to have Aquiline's rights to the La Jojoba Property reinstated and filed a claim in Mexico on the La Jojoba Property.

Purchase Agreement:

Columbia is also pleased to announce that it has entered into an agreement (the "Purchase Agreement") for the purchase (the "Transaction") of the La Jojoba Property (the "La Jojoba Property") from the Vendors, the current owners of the La Jojoba Property. Under the terms of the Purchase Agreement, Columbia has agreed to pay the Vendors a total of US$1,510,000 for the La Jojoba Property. The terms of the payments are as follows: US$10,000 upon entering into the Purchase Agreement (which has been paid), US$400,000 on June 30, 2005, US$300,000 on December 30, 2005, US$300,000 on June 30, 2006 and a final payment of US$500,000 on June 30, 2007. Columbia has until June 30, 2005 to complete its due diligence on the La Jojoba Property under the terms of the Purchase Agreement, and closing of the Transaction is subject to completion of such due diligence to the satisfaction of Columbia.

Property Description:

The La Jojoba Property comprises of 4 claims (528.9 hectares) and is located some four kilometres west of Columbia's recently acquired Lluvia de Oro gold processing plant. The La Jojoba Property claims contain several gold occurrences which have been intermittently explored in an attempt to discover sufficient resources to support a stand-alone-operation. The Northeast Deposit (Zone) is said to contain a Measured and Indicated, in situ, gold resource of 6,400,000 tonnes averaging 1.03 grammes per tonne gold (1.03g/T Au) (212,000 ounces). The foregoing historical estimate published by Aquiline, in September, 1997, and the following Hecla Mining Company estimates are pre NI-43-101 implementation, and therefore are not to be relied upon. The foregoing Aquiline estimate was contained in an independent study commissioned by Aquiline and is not substantially different from the resource estimates produced in August 1997 by Hecla Mining Company who used ordinary kriging for one estimate (1) and nearest-neighbour estimates for the other (2) All estimates use a grade cut-off of 0.3 g/T.

Category      Tonnes    Grade (g/T)    Ounces
(1)     M&I(a)     7,390,000          0.82    196,000
        Inf.(b)    1,509,000          0.52     25,000

(2)     M&I        5,439,000         1,276    223,000

M&I(a)  equals measured and indicated resources
Inf.(b) equals inferred resources

Columbia has not done the work necessary to verify the classification of the resource or reserve, Columbia is not treating them as a NI 43-101 defined resource or reserve verified by a QP and the historical estimates should not be relied upon.

Columbia's engineers will be conducting due diligence review of all the data and will examine the possibility of processing the Jojoba mineralization at Columbia's nearby Lluvia facility.

Additionally Columbia has acquired 3914 hectares adjacent to and between the La Jojoba and Lluvia de Oro deposits. Columbia now controls the contiguous mineral rights to some 60 square kilometres in the immediate vicinity of the two deposits.

This press release was prepared by J. E. Steers, P. Eng. VP Exploration, Columbia Metals Corporation Limited.

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

Aquiline Resources Inc. (TSX VENTURE:AQI)

Columbia Metals Corporation Limited (TSX VENTURE:COL)