D'Aguilar Gold Limited (ASX:DGR) Updates on the Scrip-based Take-over of Ridge Exploration by Coltstar Ventures Inc (CVE:CTR)

Sydney, Dec 1, 2010 AEST (ABN Newswire) - Following previous market releases of 29 June, 3 September and 19 October 2010, the Directors of D'Aguilar Gold Limited (D'Aguilar) and its 86% owned iron and titanium focused subsidiary, Ridge Exploration Pty Ltd (Ridge) have been advised that the shareholders of Coltstar Ventures Inc (CVE:CTR) have approved the scrip-based acquisition of Ridge at their Annual General Meeting.

In order to provide the parties with sufficient time to finalise the details of the transaction, including its financing, the deadline for completion of the transaction will be extended by the consent of the parties to 25 February 2011. Coltstar and D'Aguilar have already agreed, and formal agreement by all other vendors is expected shortly.

About Ridge

Ridge, together with Eastern Exploration, holds exploration licences for iron ore over parts of the northern Surat Basin, the underlying basement and other areas where previous work has identified iron ore development with over 40% iron content in lateritised profiles. While over the past 40 years the mining industry has concentrated on the exploitation of haematite ores grading better than 55% iron, it has been overlooked that for most of the history of the iron and steel industry (many centuries), iron ore grading 35+% was the accepted standard. Given that the Ridge target areas are situated adjacent to massive coal and gas reserves (owned by unrelated third parties) and given the current high prices for iron ore, it is possible that lower than currently used grades of iron ore should be able to be very profitably exploited even bearing costs of upgrading by processing.

Initial field work has already identified extensive deposits of sediment hosted iron ore with many assays >40% Fe. The largest and strongest iron deposit identified lies in the Johnson Creek area on the eastern edge of the Basin approximately 100km southwest of Mundubbera and 80km east of Wandoan, referred to as Cadarga. Mapping and sampling work at Cadarga has also led to the discovery of high grade Titanium Dioxides (to 31% TiO2) around an interpreted basaltic volcanic centre near the town of Monogorilby. The deposit is flat lying within a lateritised volcanic breccia and covers about 6 square kilometres around a diatreme style of volcanic vent.

About Coltstar

Coltstar Ventures Inc was established in 2006 and is based in Vancouver, Canada. Coltstar is a Tier 2 TSX Venture Exchange listed company headed by CEO Damien Reynolds. Coltstar's stated objective is to utilise the proven skills of its talented team to advance the economic value of world-scale natural resource projects, for the benefit of all stakeholders.

As part of its focus on world-class iron-ore projects, Coltstar has just announced the staking of a 958km2 tenement area contiguous with Chevron Canada Limited's Crest iron deposit which is incorporated within a 600km2 area straddling the Yukon - Northwest Territories border in Northern Canada.

Through its subsidiary, Tuscany Minerals, Coltstar is also focused on the acquisition, exploration, and development of gold properties in Italy. Its principal property includes the Colline Metallifera gold property, which consists of six exploration permits located in Tuscany, Italy.

On 14 September 2010, Coltstar announced that it had staked over 95,805 hectares (958km2) of prospective property in the Northwest Territories, Canada. Further recent staking has increased the land holding to 105,000 hectares (1,050km2) and the company has now defined two world-scale projects, BIGiron and BIGcopper, within this property.

Contact

Mr Nicholas Mather Managing Director KM Schlobohm Company Secretary D'Aguilar Gold Limited Email: info@daguilar.com.au http://www.daguilar.com.au