D'Aguilar Gold Limited (ASX:DGR) Subsidiary Navaho Gold Entered Into Joint Venture Agreements With Columbus Gold (US) Corporation (CVE:CGT)

Brisbane, Sep 27, 2010 AEST (ABN Newswire) - D'Aguilar Gold Limited (ASX:DGR) is pleased to announce that Navaho Gold Pty Ltd has entered into joint venture agreements with Columbus Gold (US) Corporation (CVE:CGT) (PINK:CBGDF) whereby Navaho can earn into four (4) of Columbus Gold's Nevada Gold Projects: Whitehorse Flats, Stevens Basin, Utah Clipper and Crestview.

Stevens Basin is located on the Battle Mountain Gold Trend approximately 16 km (10 miles) westsouthwest of Eureka and about 10 km (6 miles) west of Barrick Gold's Archimedes open pit gold mine. The Utah Clipper and Crestview properties are located directly adjacent to Barrick Gold's Pipeline-Gold Acres gold mine complex, in the Cortez-Pipeline sector of the Battle Mountain Gold Trend. White Horse Flats is located 43 km (27 miles) south of Wendover. The property is 13 km (8 miles) east of the Kinsley Mine, which produced approximately 400,000 ounces of gold from a Carlintype deposit mined by Cominco in the mid-1980's. Subject to net smelter returns royalties, Columbus Gold currently controls a 100% interest in the projects.

Pursuant to the terms of the Stevens Basin Agreement, Navaho Gold can earn an initial 51% interest in Stevens Basin by: (i) incurring USD3 million in exploration expenditures over 3 years, of which USD250,000 must be incurred in 2010 (weather permitting); (ii) paying USD20,000 in cash to Columbus Gold not later than December 24, 2010; and, (iii) paying USD60,000 in common shares of Navaho Gold to Columbus Gold over 3 years.

Pursuant to the terms of the Whitehorse Flats Agreement, Navaho can earn an initial 51% interest in Whitehorse Flats by: (i) incurring USD3 million in exploration expenditures over 5 years; (ii) paying USD20,000 in cash to Columbus Gold not later than December 24, 2010; and, (iii) paying USD160,000 in common shares of Navaho Gold to Columbus Gold over 5 years.

Navaho can earn an initial 51% interest in both Utah Clipper and Crestview by: (i) incurring USD3 million in exploration expenditures over 5 years; (ii) paying USD20,000 in cash to Columbus Gold not later than December 24, 2010; and (iii) paying USD160,000 in common shares of Navaho to Columbus Gold over 5 years.

Pursuant to the agreements, once Navaho Gold has earned an initial 51% interest in any or all of the properties, it can elect to earn an additional 19% interest for a cumulative 70% interest, by completing a bankable feasibility study or by making an additional $10 million in expenditures, within a four (4) year period.
ABOUT THE PROPERTIES

Stevens Basin

The claim block covers a 9 m by 30 m (30 ft by 100 ft) jasperoid (silicified limestone), which occurs at the base of a small hill of Devonian limestone, at the break in slope where bedrock passes under the gravel cover of Stevens Basin. Twelve samples of the jasperoid run from 1 to 2 g/t gold. Stevens Basin is an unusual semi-circular gravel basin surrounded by hills of Paleozoic sedimentary rocks, and is approximately 10-13 km2 (4-5 sq. miles) in diameter. Columbus Gold's property is along the north margin of the basin. Mapping to date indicates the outcrop areas are mostly Devonian limestone, with areas of altered and mineralized intrusive and siltstone float.

Columbus Gold has collected 100 grid geochemical samples in the covered areas adjoining the limestone hills or hill. Sampling was of the coarser chips screened from fine soil in areas of no outcrop. The sampling yielded a gold anomaly (all samples greater than 100 ppb, with a high of 2505 ppb and numerous samples exceeding 500 ppb) that arcs around the base of the hill for about 760 m (2,500 ft) in total length and 30-90 m (100-300 ft) in width. The gold anomaly coincides with significant anomalies of arsenic (from 100 to 1450 ppm), antimony (from 50 to 725 ppm), and mercury (from 1 to 70 ppm). The anomalous zone is still open in several areas. More sampling is necessary to define the overall shape and size of the anomaly, but drilling is clearly warranted by the results to date. A ground gravity survey will commence in late September, and along with information derived from recently acquired aero-magnetic data, it will be used to optimise drill sites.

Weather permitting, drilling by Navaho is expected to commence in November. Utah Clipper and Crestview Both properties are located directly adjacent to Barrick Gold's (TSE:ABX) (NYSE:ABX) multi-million ounce Pipeline-Gold Acres gold mine complex, in the Cortez-Pipeline sector of the prolific Battle Mountain Gold Trend, Nevada. The Cortez-Pipeline sector has past production plus reserves totalling approximately 26 million ounces of gold.

The principal geologic targets at Utah Clipper and Crestview, classical "Carlin" or "Pipeline" style bulk mineable, disseminated gold deposits or high grade, structurally controlled vein deposits in "lower plate" carbonates, have not been adequately tested by past work.

Historic production at Utah Clipper includes silver and base metals from the Boss Mine and silver production from the Utah Camp and Clipper mines. Past work includes limited exploration by Newmont, Goldfields, Noranda/Hemlo and Uranerz/Cameco in the late-1980's to mid-1990's and by Agnico-Eagle (TSE:AEM) (NYSE:AEM) and Barrick Gold during the last decade. Past work at Crestview includes limited drilling by Newmont (NYSE:NEM) in 1987, ASARCO in 1994 and more recently by Agnico-Eagle and Barrick Gold.

The drill holes collared in the upper plate of the Roberts Mountains thrust fault and penetrated metamorphosed lower plate limestones and limy siltstones at depths as shallow as 400-500 feet (122 to 152 metres), but generally from 800-1100 feet of depth (242 to 333 meters) on the eastern side of the claim block. The lower plate rocks were altered in several of these holes, and contained anomalous gold ranging as high as 3.84 grams/tonne (0.11 oz/tonne) over five feet (1.67 meters).

The western 4/5 of the 11- 12 km2 (4-5 sq. miles) property has only seen one drill hole reach the lower plate which was at 2,000 feet (667 meters) of depth.

White Horse Flats

White Horse Flats covers three small hills and the surrounding pediment to the east. Exposures on the three hills are limestones and siltstones of Permian age, overlain by a cap of silicification. The silicification forms a discontinuous north to south belt approximately 2,130 meters long and up to 150 meters wide (7,000 ft long and up to 500 ft wide). Silicification varies from weak to strong with common liesegang banding and is almost everywhere anomalous in gold (from 30 to 1,817 parts per billion gold), associated with anomalous arsenic, antimony, and mercury. The altered section is thought to dip east under shallow gravel cover and the property is positioned to cover this target.

The mineralization is Carlin-type.

Detailed surface sampling by Columbus Gold delineated a significant area approximately 165 m long and 60 m wide (550 ft long and 200 ft wide) yielding 16 samples ranging from 0.32 to 1.82 g/t gold.

The zone, which is covered with alluvium on its north and east sides, presents an excellent target for drilling.

NAVAHO GOLD SEED RAISING

Navaho Gold has just finalized a seed capital raising of $1 million to meet the acquisition and initial project related costs for its Nevada properties, and to provide working capital to assist management with the continuing process of taking Navaho to an IPO.

The Columbus Gold properties outlined above represent four (4) of a number of properties and projects for which Navaho Gold is finalizing farm-in and/or purchase option agreements in the famous and historic gold mining districts of Nevada, USA.

ABOUT NAVAHO GOLD

Navaho Gold is a partially-owned subsidiary of ASX listed D'Aguilar Gold Limited. Navaho Gold is clearly focused on the exploration and development of "Carlin" style gold mineralisation.

Navaho Gold has identified three areas in Queensland, Australia as highly prospective and holds six (6) granted and twenty (20) applications for exploration permits covering more than 7,000 km2 (2,700 mile2) in the Georgetown, northern Bowen Basin and Texas areas. Navaho Gold is also currently assembling a highly prospective gold portfolio within the 200 million ounce Carlin/Battle Mountain-Eureka trends in Nevada, USA. Navaho Gold has recently completed a seed capital raising and commenced preparation of a prospectus ahead of a proposed IPO and ASX listing as soon as practical.

Navaho Gold is headed by Mark Dugmore (ex BHP (ASX:BHP) (NYSE:BHP) global base metals manager). Each member the Board and Management of Navaho are highly experienced resource industry professionals with a demonstrated track record in the discovery, project development and financing of precious and base metal projects.

ABOUT COLUMBUS GOLD

Columbus Gold Corporation is a gold exploration and development company operating principally in Nevada. The Company has an experienced management group with a strong background in all aspects of the acquisition, exploration, development and financing of precious metal mining projects. Columbus Gold controls a 100% interest, subject to royalties, in 22 gold projects strategically located along or near Nevada's most productive gold trends. The Company also holds a significant equity interest in Columbus Silver Corporation, an exploration company with a growing portfolio of silver projects in the Western United States.

Columbus Gold's and Columbus Silver's project activities are managed on an exclusive basis by Cordex, which has a long and successful history of gold discovery and mine development in the United States. Columbus Gold maintains active generative (prospecting) and evaluation programs and, as a key element of strategy, broadens exposure, minimizes risk and maintains focus on high priority prospects while seeking industry finance through joint ventures on selected projects. The Company currently has 8 of its projects joint ventured to major and junior mining companies, including Agnico-Eagle Mines.

Contact

Mr Nicholas Mather Managing Director D'Aguilar Gold Limited Ph: +61-7-3303-0680 Mob: +61-0417-880-448 Mr Mark Dugmore CEO Navaho Gold Pty Ltd Ph: +61-7-3303-0680 Mob: +61-0407-132-975 Karl Schlobohm Company Secretary D'Aguilar Gold Limited Ph: +61-7-3303-0680