EXPLORATION PROGRAM BEGINS ON ANGOSTURA

 

May 13, 2003 - The Board of Directora of Aguila American Resources Ltd. (TSX-V: AGL) is pleased to advise the initiation of the first new exploration program on their expanded Angostura property.

The Angostura property is a 2,500 hectare, early stage exploration target located in Southern Peru, the Department of Apurimac Province of Grau, district of Curpahasi between 3,400 and 4,000 meters above sea level. Aguila has ownership of mineral rights on 1,500 hectares and a valid option agreement for the mineral rights on the remaining 1,000 hectares.

This program will consist of the following activities:

- Negotiate community agreements
- Repair 11 kilometers of access roads
- Establish base camp for 40 people
- Initiate survey control and 1 : 1000 topographical mapping
- Geological mapping along strike and fault zones
- Exploration of the new discovery areas contained in the ACA Howe International Ltd Report of June 10, 2002
- Initial structural interpretation
- Trenching, sampling and assaying
- Geophysical mapping and interpretation across approximately 5,000 meters of strike with a 500 meter width
- Prepare drill targets

Property Geology (Quoting ACA Howe)

"Geologically, the Property consists of a narrow wedge (~150 metres wide at the western boundary increasing to 1,500 meters at the eastern edge) of the west trending, moderately to steeply north dipping Ferrobamba Formation limestones which trend across the bottom third of the property. These carbonate rocks are fault bounded (Vilcabamba Fault) to the south by Soraya Formation interbedded quartzitic sandstone and minor thin shale and siltstone beds, and to the north by granodioritic intrusive rocks of the Apurimac Batholith.

The Soraya Formation sediments strike between 250° and 260° and dip 60° to 65° to the north and according to regional geology maps, the units on the southern portion of the Angostura property form part of the northern limb of a regional west trending anticline, the axis of which lies close to the Chuqibambilla River. In areas close to the Vilcabamba fault (on the new road cuts towards Mollepina) light skarnification of the sediments is common.

The Ferrobamba Formation limestone lies immediately north of the west to northwest trending, steeply north dipping Vilcabamba Fault and is the principal host for the gold mineralization found on the Property to date. In general, these rocks are dark gray, medium to coarse grained, and thick bedded. A 100 to 200 metre wide halo of alteration which parallels the fault zone consists of variably brecciated and quartz-carbonate stockwork fractured, marbleized, and locally argillized limestone mineralized with trace to 10% fine disseminated pyrite. The rocks in this zone are a distinct white colour where intensely argillized, or reddish brown in areas of intense Fe-carbonate alteration and fracturing.

Several late, northwest to west trending faults offset the stratigraphy and gold mineralized zones near the west edge of the property".

These northwest to west trending faults continue into the newly acquired 1,500 hectares to the west and south of the original 1,000 hectare property reported on by ACA Howe.

Aguila American Resources Ltd. is a publicly traded, natural resource development company involved in the exploration and development of mineral properties. Currently all activities are focused on its Angostura Prospect in Peru.

 

ON BEHALF OF THE BOARD

"John Huguet"

John Huguet Director