Columbia Receives Final Approval From TSX Venture Exchange to Acquire La Jojoba Gold Property.

TORONTO -- Columbia Metals Corporation Limited (TSX VENTURE:COL)("Columbia") and Aquiline Resources Inc. (TSX:AQI)("Aquiline") are pleased to announce the following: (i) that Columbia has received final approval from the TSX Venture Exchange  ("TSX-V") to acquire the La Jojoba Property (the "La Jojoba Property") from the Velez family of Magdalena de Kino, State of Sonora, Mexico (the "Vendors"); and, (ii) that pursuant to a settlement agreement between Columbia and Aquiline (the "Settlement Agreement"), Columbia will issue 625,000 units of Columbia ("Units") , each Unit consists of one common share of Columbia ("Common Share") and one Common Share purchase warrant of Columbia ("Warrant"), exercisable at a price of Cdn. $0.90 per Common Share, exercisable until March 17, 2008.

Purchase Agreement

Under the terms of the purchase agreement between Columbia and the Velez family (the "Purchase Agreement"), Columbia has paid the Vendors a total of US$710,000 to date. Under the terms of the Purchase Agreement Columbia will make further payments to the Vendors as follows: US$300,000 on June 30, 2006 and a final payment of US$500,000 on December 30, 2006. Columbia has completed its due diligence on the La Jojoba Property under the terms of the Purchase Agreement to its satisfaction.

Settlement Agreement

Under the terms of the Settlement Agreement, since Columbia has received final approval of TSX-V and has acquired the La Jojoba Property from the Vendors, and since Aquiline has settled all its disputes with the Vendors, including all pending or threatened litigation with respect to the La Jojoba Property, Columbia will now issue 625,000 Units at a price of Cdn. $0.80 per Unit, each Unit comprised of one Common Share and one Warrant, each Warrant is exercisable at a price of Cdn. $0.90 per Common Share until March 17, 2008.

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.

Property Description:

The La Jojoba Property comprises 4 claims (528.9 hectares) located some four kilometres west of Columbia's 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), the most extensively explored to date is said to contain a Measured and Indicated (M+I), in situ, gold resource of some 7 million tonnes averaging 0.87 grammes per tonne gold (g/T Au) (200,000 troy ounces) above a cut-off grade of 0.40 g/T. (NI 43-101 compliant, Blakestad et all, 2005).

The La Jojoba Northeast Zone is a bulk-tonnage gold deposit, believed to be amenable to economic development by large-scale mining techniques. The La Jojoba property has been the subject of intense exploration by several companies prior to its acquisition by Columbia Metals Corporation Ltd. in April 2005. A total of 290 drill holes, aggregating 19,255 metres of drilling have been completed on the property. According to a resource analysis by Mr. G. Giroux, P. Eng., independent qualified person, a range of tonnage and gold grade of Measured plus Indicated mineral resources have been determined to be as follows:

Tonnes greater        Grade at Cut-off
Au Cut-off        than Cut-off                 Contained
(g/T)                  Au (g/T)     (g/T Au)       Oz Au       Cu (%)
----------      ---------------     --------   ---------       ------
0.25                10,590,000        0.682      232,208        0.06
0.30                 9,050,000        0.752      218,808        0.06
0.35                 7,910,000        0.813      206,759        0.06
0.40                 7,070,000        0.865      196,623        0.07
0.45                 6,270,000        0.922      185,864        0.07
0.50                 5,510,000        0.984      174,319        0.07

Recently, Rodney Blakestad, J.D., C.P.G., an independent qualified person under the provisions of National Instrument 43-101, supervised a soil sampling program to obtain near-surface geochemical information at potentially mineralized zones to the east and south of the Northeast Zone of the La Jojoba property. The results of which are reported below in the property update.

La Jojoba Property Update

Columbia Metals Corporation Ltd. is pleased to report progress made at its 100% owned La Jojoba gold property, located 16 km west of Magdalena, Sonora Mexico. The La Jojoba concession is situated within the northern Sonora gold belt, which includes numerous gold deposits, such as the La Choya, Quitovac, La Herradura, El Chanate.

The Northeast Zone, situated less than 4 kilometres from the company's Lluvia de Oro gold recovery plant, is one of several zones of gold mineralization identified on the La Jojoba property. The Northeast Zone is a structurally-controlled bulk-tonnage gold deposit that the company is evaluating for near-term gold production. The following activities are in progress, or have been completed in the past month:

Road Work - cleaning and reconditioning of the roads and trails on the property has been completed, thereby improving access throughout the property area.

Drill Site Preparation - seven drill sites have been prepared. The drill sites are suitable for diamond core drilling activities to be undertaken in March. Oriented diamond core drilling will be conducted to obtain samples of the mineralized rock for detailed metallurgical testing, to provide detailed geological information regarding the attitude and density of mineralized structures in the Northeast Zone, as well as rock competency information.

Preparations for Metallurgical Bulk Sampling - the field crew is preparing two areas for collection of two 30-tonne bulk samples. The bulk samples will undergo metallurgical testing by Kappes Cassiday at either their Reno Nevada or Hermosillo, Sonora facility to evaluate the characteristics of the rocks for bulk-tonnage gold extraction processes.

Mine Plan Scoping Study - preliminary evaluation of the feasibility of mining the defined gold resource identified at the Northeast Zone is underway. The results of the preliminary study will be used as a base case scenario to commence optimization studies for near-term production consideration.

Exploration - additional surface exploration of other exploration targets on the concession has taken place. New geochemical anomalies have been identified and new areas of potential mineralization are under evaluation. Multi-element soil geochemical anomalies (Au-Ag-Cu-As-Ba) have been identified over an area 800 meters (E-W) by 1,000 meters (N-S) in the region of the Campamento and West Zones, which lie about 800 meters to the southwest of the Northeast Zone. Additionally, other multi-element soil anomalies (As-Sb-Zn-Ba) have been identified approximately 900 meters east of the Northeast Zone. Maps showing the distribution of these geochemical data will be posted on the Company's web site; http://www.columbiametals.ca/i/photos/Jojoba-Ex.jpg

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 Toronto Stock Exchange or the TSX Venture Exchange has not rev iewed and does not accept responsibility for the adequacy or accuracy of this release.

Aquiline Resources Inc. (TSX:AQI)

Columbia Metals Corporation Limited (TSX VENTURE:COL)