D'Aguilar Gold Limited (ASX:DGR) Subsidiary AusNiCo Limited Appoints Mr John Downie As Chief Executive Officer

Brisbane, June 16, 2010 AEST (ABN Newswire) - In addition to the announcements of 23 and 30 April 2010, D'Aguilar Gold Limited (ASX:DGR) are pleased to provide a further update regarding the upcoming IPO of its 80% subsidiary AusNiCo Limited.

The plans for the IPO of AusNiCo are nearing finalisation, and the Directors are extremely pleased to announce the securing of Mr John Downie as CEO designate. Mr Downie was previously the CEO of Gladstone Pacific Nickel Limited (LON:GPN), which was dual-listed on the London and Toronto Stock Exchanges, following a USD40 million raising in 2007. During his time with Gladstone Pacific Nickel, Mr Downie was instrumental in obtaining a project funding proposal for USD2.85 billion, and overseeing the completion of the Final Feasibility Studies and EIS approval for the company's projects.

Mr Downie has extensive international corporate and project experience, having held the roles of Director of Mines, General Manager, Operations Manager, Managing Director, President and CEO for various resource companies including Barrack Mines, Alcoa (NYSE:AA), Boral and Austpac Resources in a career spanning 30 years. Mr Downie is currently the Chairman of Goldminex Limited (ASX:GMX), which holds extensive exploration tenements in PNG.

AusNiCo's prospectus is currently being finalised, and is expected to be lodged with ASIC on 30 June 2010. All other material aspects of the IPO remain as previously announced.

Following the IPO, the exploration and development focus of AusNiCo will continue to be on nickel sulphide discovery at Pembroke and Mt Cobalt, which has already returned an exploration drilling result of 50m @ 0.34% Nickel, including 4m @ 1.1% Nickel. The style of mineralisation is based on the Avebury deposit in Tasmania, owned by Allegiance Mining prior to its A$840m take-over by Zinifex in 2008. At Avebury 172,000 tonnes of contained nickel was defined (refer footnote) and later developed at in situ grades of approximately 1% nickel, and producing concentrates containing more than 20% nickel.

Following the IPO, AusNiCo will have approximately 110 million shares on issue, with D'Aguilar retaining 72 million shares (approximately 65%).

The Board would also like to take this opportunity to remind D'Aguilar Gold shareholders that the current Non-Renounceable Rights Issue closes tomorrow, 17 June 2010.

Background

D'Aguilar Gold Limited is focussed on generating exploration and development companies in a wide array of minerals.

Projects are conceived directly through the skills and experience of D'Aguilar's accomplished team of exploration geoscientists (an enviable track record), not by the costly purchase of properties. Each project or exploration strategy is held in a separate subsidiary.

Focussed and specialist management is then engaged in the subsidiary, with project specific finance raised in the subsidiary - faster and less dilutive to D'Aguilar. As the subsidiary project develops and starts to derisk the subsidiary is separately capitalised (seed raisings followed by an IPO).

Investors can choose to invest specifically in a particular project/commodity, or by investing in D'Aguilar, invest in the resource company generating business which retains a significant carried interest in each project.

D'Aguilar projects tend to be very large, targeting new provinces with the potential to make world-class discoveries. The exploration concepts are often novel. While increased metal prices and advances in technology can turn former sub-economic deposits into viable projects, D'Aguilar subsidiary projects frequently emerge from detailed reassessment and reinterpretation of large databases - looking at things from a new angle and with a different focus using state of the art techniques. The D'Aguilar Directors and Managers have in the past applied new exploration models to extensive tenement areas which have led to identification of new mineral provinces and the discovery of nationally significant resources. Similar efforts are now being dedicated to D'Aguilar.

D'Aguilar Gold currently holds 50 million shares (48%) in Mt Isa Metals Limited (ASX:MET) embarking on an exciting gold strategy in Burkina Faso, and 32.9 million shares (17.05%) in Solomon Gold plc (LSE:SOLG).

D'Aguilar has recently announced plans for the IPO and ASX Listing of subsidiaries AusNiCo Limited (nickel and cobalt) and Navaho Gold Pty Ltd (gold and silver).

In the development pipeline, D'Aguilar is also progressing plans for its other subsidiaries, including Ridge Exploration (iron ore, titanium and aluminium), Anduramba Molybdenum (molybdenum and copper) and Barlyne Mining (porphyry copper, gold and molybdenum). Several other projects are at earlier stages of development, and will be announced to the market when exploration tenements have been secured.

Contact

KM Schlobohm Company Secretary D'Aguilar Gold Limited Email: info@daguilar.com.au www.daguilar.com.au