D'Aguilar Gold Limited (ASX:DGR) Encouraging Copper Molybdenum Results In Historical Drill Holes Into Porphyry At Calgoa Project

Brisbane, May 3, 2010 AEST (ABN Newswire) - The Directors of D'Aguilar Gold Limited (ASX:DGR) are pleased to advise of results of assay of historic drill core at the Calgoa copper molybdenum project. EPM 18451 (grant pending) held by D'Aguilar's 100% owned subsidiary Barlyne Mining Pty Ltd over the Calgoa area 60 km north west of Gympie hosts Cu Mo Ag prospects, the best known of which is Calgoa.

The Calgoa Project area itself contains numerous historical copper and gold workings. During the 1960's the Queensland Mines Department drilled a number of diamond core holes as part of a programme of assistance to the underground mines then operating in the Calgoa area. These holes were designed to locate high grade structures within what is now believed to be a much larger area of lower grade (porphyry) copper, molybdenum and gold mineralization. Only the highest grade portions of core were assayed at that time.

A total of seventy six (76) boxes of drill core have been located at the Queensland Government Core Library at Zillmere, Brisbane, and although not complete for all holes, provide sample core for thirteen (13) holes - eight (8) from the surrounds of the former Knight of Gwyn Mine and five (5) from the area of the former Lug-E-Nor Mine. The location of the Queensland Mines Department drill holes that have been reassessed by Barlyne Mining are shown in Figure 2. Near surface rich copper minerals in the weathered zone including chalcocite and covellite occur within the Lug-E-Nor and Knight of Gwyn workings.

The core samples have been examined, and Barlyne has conducted further assaying of split sections, confirming the existence of high grades within the Calgoa copper molybdenum system. Intersections fully assayed are shown in Table 1 (refer to link at bottom of release).

As shown in the following Figure 3, the historic Knight of Gwyn and Lug-E-Nor Mines are situated on the south west margin of what airborne magnetic surveys reveal as a significant magnetic low. A 5 km by 4 km alteration zone with disseminated chalcopyrite and molybdenite is reported over this low and its surrounds. Magnetic lows also appear to be characteristics of recent copper molybdenum discoveries in south east Queensland by third parties.

Quartz-feldspar dyke swarms and mineralised breccias are associated with the northern and eastern part of this alteration zone, and are typical features of porphyry systems. D'Aguilar regards the Calgoa system as a potential host for a significant copper molybdenum porphyry ore body.

The historic mining activity and fresh assay results confirms that this prospect is capable of yielding high grades. The following core photos (Figures 4 - 7) show the rock types and mineralisation styles known to be associated with the higher grade portions of large porphyry systems. Barlyne has clearly identified the large mineralised breccia areas to the north east of the historic drilling area as the target for deeper drilling. It is believed that these breccias will pass down into more intense alteration and mineralisation similar to the historic mines but in much larger prospective tonnages.

D'Aguilar's Molybdenum Strategy

D'Aguilar Gold, through its wholly owned subsidiaries Anduramba Molybdenum and Barlyne Mining, has a portfolio of copper molybdenum porphyry prospects in south east Queensland. Molybdenum has not previously been a dedicated target in this area, other than at Anduramba.

The resurgence of market interest and prices for molybdenum in the last 5 years driven by a global growth in energy and logistic infrastructure, which is a large sector of the molybdenum consumption market, has driven the renewed effort in south east Queensland. Molybdenite (MoS2) in this region was previously encountered as an ancillary mineral in copper porphyries which had been explored by US mining companies in the 1970's.

Recent advancements in geophysical exploration techniques, the understanding of Cu Mo porphyries, and the compilation of a detailed data base has led to the development of D'Aguilar's strategy to assemble an integrated portfolio of resources and exploration projects for Cu Mo porphyries. Anduramba hosts 31.6 million tonnes @ 0.06% Mo Eq.* and represents a very powerful option on 42 million lbs of contained Mo at prefeasibility stage. Barlyne tenements include the Calgoa Project, Peenam project (refer ASX Announcement 28 January 2010), Gayndah Porphyry and the Great Blackall Project (adjacent to the recent Aussie Q Resources discovery at Whitewash). The Great Blackall Project area contains 3 identified magnetic lows, with the historic Great Blackall copper mine and other workings sitting on the northern periphery of the central circular magnetic low called the Scoria Prospect.

* 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 outlook               per gram (gm)------------------------------------------------------------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 = Molybdenum, Ag = Silver and Cu = 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

Resource: 31.6 million tonnes - 21.0 million tonnes Indicated, 10.6 million tonnes Inferred

About Barlyne Mining

Barlyne Mining Pty Ltd is a 100% owned subsidiary of ASX Listed D'Aguilar Gold Limited (DGR).

Barlyne is focussed on the identification, exploration and development of porphyry copper and gold projects in Queensland. The company now has granted exploration tenements at Peenam (south east of Goomeri) and Oaky Creek near Gayndah. Grant of the Calgoa tenements north east of Goomeri is pending. Applications are in process for Great Blackall (north west of Monto), Rawbelle (south of Monto) and Tewoo south west of Gympie.

For the complete D'Aguilar Gold announcement including Tables and Figures, please click the following link:

http://www.abnnewswire.net/media/en/docs/62753-ASX-DGR-220391.pdf

Contact

Mr Nicholas Mather Managing Director D'Aguilar Gold Limited Tel: +61-7-3303-0680 Mob: +61-417-880-448 Email: info@daguilar.com.au