D'Aguilar Gold Limited (ASX:DGR) Announce the Anduramba Molybdenum Project Update

Brisbane, July 31, 2008 AEST (ABN Newswire) - D'Aguilar Gold Limited (ASX:DGR) Announce the Anduramba Molybdenum Project Update Highlights:

- Pre-feasibility review is complete and proposed financing and development schedule finalised.

- Pre-‐feasibility indicates an 11 year, 1.95 to 3mtpa sulphide mine delivering a 3 year payback of A$87M Capex and an NPV of A$126M with an IRR of 34%

- Definitive Feasibility Study (DFS) is scheduled to commence late August 2008.

- Preliminary testwork has identified the potential to produce up to 1.33Mtpa of industrial grade silica feldspar sand.

- Metallurgical testwork is due to be completed by late August 2008.

- Hydrogeology water supply study stage 1 has been completed. Stage 2 is scheduled to commence late August 2008.

- Mineral Development Licence (MDL 376) was granted on 27 June 2008.

- Mining Lease application in preparation.

- Mineralogy and Acid producing tests have been completed.

Key Pre-feasibility Financials and revised pit optimisation show:

-----------------------------------------------------------
Operating Cost               A$15.50/ ton of ore
Capital Cost                 A$87 M
Payback                      36 months (from 1st Cashflow)
Mine Life                    11 years (from 1st production)
Average EBITDA               A$39.5 M pa
NPV (pre tax/ pre finance)   A$126 M
IRR (pre tax/ pre finance    34.0%
Cumulative Operating Surplus A$331 M

Average Annual Production:
Molybdenum (Mo)              2.1 M lbs
Copper (Cu)                  0.67 M lbs
Silver (Ag)                  0.3 M oz
Sand                         Up to 1.33 M tonne
-----------------------------------------------------------

Total resources of 31.6 million tonnes averaging 0.059% Molybdenum Equivalent* (Mo Eq)

-----------------------------------------------Category  Tonnes Mo   MoOx  MoS  Ag   Cu  Mo Eq           (Mt)  (ppm)(ppm) (ppm)(ppm)(ppm)(ppm)-----------------------------------------------Indicated  21.0  567  114  425  5.68 159  628Inferred   10.6  488   88  369  2.81  94  519Total      31.6  540  105  406  4.72 137  591-----------------------------------------------

Parameters Used for Pit Optimisation:

-----------------------------------------------------------Resource:           31.6 million tonnes: Indicated 21 Mt,                     Inferred 10.6 Mt (see Appendix)Cut‐Off Grade:      0.03% Mo EqMilling Rate:       1.95 million tonnes per annum increasing                     to 3 million ton per annum in year 3Waste to Ore ratio: 0.83 : 1 Density of ore and                     waste = 2.52 tonnes per cubic metre-----------------------------------------------------------

Revenue Parameters:

-----------------------------------------------------              Mill Feed  Mill     Net smelter  Prices                 Grade    Recovery  returns      ($US)                (ppm)    (%)      (%of price)-----------------------------------------------------Mo as sulphides 406 ppm  85%      87.5%      US$33/lbMo as oxides    N/A      70%      87.5%      US$33/lbSilver          4.72 ppm 65%      80%        US$18/ozCopper          137 ppm  70%      80%      US$3.80/lb-----------------------------------------------------US$ to A$ exchange rate 0.95 Royalties: 2.7% of net smelter returns Discount rate 10%-----------------------------------------------------

Water Supply Study:

The study revealed that the Anduramba site is conducive to the collection of significant runoff during heavy rain falls and with ground water supply will provide in excess of the necessary water requirements for the project.

Mining Lease Application:

A Mining Lease Application along with ancillaries Plan of Operations (POO), Environmental Management Plan (EMP) and application for an Environmental Authority for the project development is in preparation and is expected to be submitted in the next quarter (Q4).

Mineralogy Studies:

Mineralogy studies have not identified any negative environmental issues arising from the mineral extraction and tailing disposal process.

It is anticipated that the average annual production of sand will be up to approximately 1.33 M tonne of industrial quality sand to service various industries with in South East Queensland.

Financing:

The company is investigating a number of financing options including debt and equity mixes along with a beneficial off take agreement.

Project Upsides:

The new assessment has used conservative strip ratios (based on an average pit slope of 45 degrees including haul roads). The completed pre‐feasibility study has assumed conservative mill operating costs pending the completion of metallurgical testing and process plant specification.

A program of oriented HQ diamond core drilling completed in January 2008 has been reviewed by Coffey Geotechnics and a formal report is pending. Preliminary findings indicate that the host rock is sufficiently competent to provide for increased slopes stability. Once the report is complete another pit optimisation revaluation will be carried out, with the potential to further enhance project economics.

Production of industrial grade silica feldspar sand from the tailings of the proposed operation has the potential of significantly reducing the overall mining footprint reducing development and operating costs and increasing potential earnings.

At this stage no allowance has been made for the treatment of oxide ore however current testwork is underway and if a commercially viable recovery technique is achieved significant value will be added to the projects economics as a result of Mo Oxide recovery.

Electronic copies and more information are available on the Company website: http://www.daguilar.com.au

Footnote regarding estimation and metal equivalents assumptions:

Cut-off grades are based on Molybdenum Equivalence ("Mo Equiv") and the inputs for this calculation are:

----------------------------------------1 troy ounce (oz) = 31.103477 grams (gm)1 pound (lb) = 453.5924 grams (gm)-----------------------------------------------------------------------------------------Metal* Prices (US$) Units      Price (US$)  Ratio        July 2008              per gram(gm)        outlook-------------------------------------------------Mo      $33.00     /lb         $0.073 / gm  1.00Ag      $17.30     /troy ounce $0.556 / gm  7.61Cu      $3.70      /lb         $0.008 / gm  0.109-------------------------------------------------Where Mo = MolybdenumAg = SilverCu = Copper (all in ppm)

In the Company's opinion all elements included in the metal equivalents calculation have a reasonable potential to be recovered, approximately in the proportions of 70% to 85% for Mo, 75% to 85% for Ag and 70% to 80% for Cu based on preliminary metallurgical testwork results to date. Recoveries may change as testwork proceeds. On this basis, the formula used to calculate Mo Equiv is as follows (note no recoveries have been included in this calculation):

Mo Equiv = Mo + 7.61xAg + 0.109xCu

Appendix: Explanatory Notes regarding Resource Statement:

Competent Person and JORC Code

The resource report was prepared in accordance with the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' ("JORC Code") by Alex Virisheff, Principal Resource Geologist and Troy Lowien, Resource Geologist, of consultants Coffey Mining Pty Ltd, who are Members of The Australasian Institute of Mining and Metallurgy ("AusIMM") and have a minimum of five years of experience in the estimation, assessment and evaluation of Mineral Resources of this style and are the Competent Persons as defined in the JORC Code. Troy Lowien conducted the geological modelling, statistical analysis, variography, grade estimation, and report preparation. This announcement accurately summarises and fairly reports his estimations and he has consented to the resource report in the form and context in which it appears.

Estimation Procedures

Molybdenum mineralisation occurs as coarse molybdenum associated with quartz veining and also disseminated through the host rock in areas. Exploration has been conducted in the area since 1967. The investigations of the Anduramba porphyry have include detailed mapping, soil sampling, stream sediment sampling, the rock chip sampling of an adit, geophysical surveys and various diamond, percussion and reverse circulation drilling programs.

Adequate quality control procedures have been implemented for all data collection by the Company from 2006 onwards so that appropriate levels of analytical precision and accuracy have been achieved for use in resource estimation. A limited amount of quality control data was collected for the pre‐2006 drilling. What data is available indicates a reasonable level of quality. Coffey Mining is satisfied that the pre‐2006 exploration data is appropriate for use in resource estimation.

The usual sampling interval is 2 metres in each drill hole. Mineralised domain boundaries for the purpose of constraining grade estimation have been interpreted and modelled based on the geological logging, grade constraints and interpreted geological and structural controls. Statistical and geostatistical analyses within domains were carried out on 2m composites. An outlier analysis resulted in the cutting of some high grade composites to avoid overestimation of grade. All Mineral Resources quoted in this report are based on grade estimates contained in 3 dimensional block models created with Surpac(R) Software. All metal grades were interpolated using an Ordinary Kriging algorithm and validated by visual and statistical comparison. Tonnage calculation was based on limited in situ bulk density measurements obtained from diamond core. Resource classification was in accordance with guidelines as set out in the JORC Code (2004). The key criteria used in classification were drill density, geological and grade cont nuity, and quality of grade estimates.

Contact

Mr Nicholas Mather Managing Director - D'Aguilar Gold Limited Ph: 07 3303 0680 or 0417 880 448 Mr Vincent Mascolo General Manager - Anduramba Molybdenum Pty Ltd Ph: 07 3303 0680 or 0418 285 412 Mr Greg Runge General Manager ‐ D'Aguilar Gold Group Ph: 07 3303 0680 or 0418 546 739 Mr Duncan Cornish Company Secretary Ph: 07 3303 0680 or 0407 623 302 Email: info@daguilar.com.au