SENATOR TOM CASPERSON EXPLAINS MDEQ BILL PACKAGE

Stephenson, MI. April 2, 2018 - Senator Tom Casperson is proposing Senate Bills 652-654, which are designed to increase transparency and accountability at the Michigan Department of Environmental Quality("MDEQ") for all stakeholders. The aim is to let fact and science, rather than personal opinion, dictate permit decisions.

 

Source: TV6


AQUILA RESOURCES FILES TECHNICAL REPORT FOR BACK FORTY PROJECT

Shares Outstanding: 332,049,056

TORONTOMarch 26, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today that it has filed a technical report for its Back Forty Project in Michigan. The technical report is entitled "Updated Mineral Resource Estimate and Technical Report on the Back Forty Project, Michigan, USA" and was prepared by P&E Mining Consultants Inc. and is dated effective February 6, 2018 (the "Technical Report").

The Technical Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supports the disclosure outlined in Aquila's news release dated February 7, 2018. The Technical Report is available under the Company's profile on SEDAR at www.sedar.com and on its website at www.aquilaresources.com.

ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA) is a development-stage company with strategic assets in the Great Lakes Region. The Company's experienced management team is currently focused on advancing permitting and engineering activities for its 100%-owned zinc- and gold-rich Back Forty Project in Michigan.

Aquila's flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral-rich Penokean Volcanic Belt in Michigan's Upper Peninsula. The Project contains approximately 1.1 billion pounds of zinc and 1 million ounces of gold in the Measured & Indicated categories, with additional upside potential. Currently Aquila is working to secure the final State permit required to build and operate Back Forty while completing a Feasibility Study.

The Company has three other exploration projects: Reef Gold Project located in Marathon County, Wisconsin, the Bend Project located in Taylor County, Wisconsin and Aquila Nickel located in the Upper Peninsula, Michigan. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to additional upside potential of the Back Forty Project, the status of a feasibility study in respect of Back Forty, the permitting status of the Back Forty Project and Aquila's future exploration and development plans.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in Aquila's most recent annual information form and its other public filings, copies of which can be under Aquila's profile at www.sedar.com. Aquila expressly disclaims any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

SOURCE Aquila Resources Inc.


AQUILA RESOURCES PROVIDES PERMITTING UPDATE

TORONTOMarch 9, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today that the United States Environmental Protection Agency (the "EPA") has provided comments to the Michigan Department of Environmental Quality (the "MDEQ") regarding the Company's wetland/stream/floodplain permit (the "Wetlands Permit") application for its Back Forty Project in Michigan. The EPA has had 90 days since December 8, 2017, when the MDEQ deemed the Company's Wetlands Permit application administratively complete, to provide comments.

The EPA's opportunity to comment on the application is subject to strict statutory processes, regardless of the significance of the comments. The MDEQ now has 90 days from March 8, 2018, to work with Aquila to resolve the comments made by the EPA and to provide the requested information. This information request, which is required to be framed as an "objection" to the issuance of the Wetlands Permit by the MDEQ, raises issues that the Company believes have already been reviewed through other state-issued permits that have been granted for the Back Forty Project. Aquila believes the issues are readily addressable. The Company is confident that it can work with the MDEQ within the prescribed timeframe to provide the additional information requested by the EPA.

Aquila has taken great care to design a project that meets and exceeds applicable environmental standards and is committed to ensuring that the Back Forty Project is a safe, disciplined operation that promotes and supports local community socio-economic development and is protective of the environment.

SOURCE Aquila Resources Inc.


AQUILA RESOURCES FILES FOURTH QUARTER AND YEAR END 2017 FINANCIAL RESULTS

Shares Outstanding: 331,183,671

TORONTOMarch 2, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today the filing of its financial results for the fourth quarter and year ended December 31, 2017.  All amounts, unless indicated, are reported in U.S. dollars.

FOURTH QUARTER HIGHLIGHTS

  • In December 2017, the Michigan Department of Environmental Quality ("MDEQ") deemed Aquila's wetland/stream/floodplain permit application for the Back Forty Project administratively complete and the regulatory technical review process can now move to the next stage. This is final required permit to operate and build the Back Forty Project.
  • The Company closed a financing transaction with Osisko Bermuda Limited ("OBL"), a wholly owned subsidiary of Osisko Gold Royalties Ltd (TSX & NYSE: OR) pursuant to which OBL has agreed to commit $65 million to Aquila through a $10 million private placement and $55 milliongold stream purchase agreement. OBL purchased 49,173,076 units of Aquila at a price of C$ 26 cents per unit for aggregate gross proceeds of $10 million (the "Strategic Investment"). Each unit consists of one common share and one-quarter of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the Company for C$ 34 cents until May 10, 2021. Concurrent with the Strategic Investment, the parties have entered into a Gold Purchase Agreement (the "Stream") whereby OBL will purchase 18.5% of the refined gold from the Project (the "Threshold Stream Percentage") until the Company has delivered 105,000 ounces of gold (the "Production Threshold"). Upon satisfaction of the Production Threshold, the Threshold Stream Percentage will be reduced to 9.25% of the refined gold. In exchange for the refined gold delivered under the Stream, OBL will pay the Company ongoing payments equal to 30% of the spot price of gold on the day of delivery, subject to a maximum payment of $600 per ounce. In consideration for the Stream, OBL will make four upfront deposit payments to Aquila totaling $55 million, including $7.5 million which was received on close.
  • The Company released the final results from the Company's 2017 exploration drill program at the Back Forty Project. The drilling program was designed to test the along-strike extension of the 2016 Zone massive sulphide. The results included 1.27 g/t gold, 15.78 g/t silver, 12.17% zinc, over 7.09 meters (drilled thickness) in LK-17-537.
  • The Company also completed its estimates of capital costs and operating expenditures for the Feasibility Study for the Back Forty Project. Key progress included frozen layout, optimized flow sheet and overall reduction to environmental footprint including water, wetlands and air impacts.
  • In December of 2017, the State of Wisconsin passed AB 499, the Mining for America Act which, amongst other things, repealed a decades old moratorium on non-ferrous mining in the state. Aquila is currently evaluating its strategy in Wisconsin where it has two earlier stage exploration assets.
  • As at December 31, 2017, Aquila had cash of $17.2 million and working capital of $15.5 million. This compared to cash of $1.4 million and working capital of $0.6 million at December 31, 2016. The working capital increase was due to the Strategic Investment and the first advance under the Stream in November 2017, the private placement in February 2017 and warrant exercises during Q3 2017 offset by the funding of the Company's permitting activities and development of the Feasibility Study.

POST QUARTER HIGHLIGHTS

  • In February 2018, the Company announced an updated Mineral Resource Estimate for the Back Forty Project (the "2018 Mineral Resource Estimate"). Highlights of the 2018 Mineral Resource Estimate include a 10% increase in tonnage in the Measured and Indicated Mineral Resource categories versus the prior 2013 Mineral Resource Estimate, a 12% increase in contained zinc and a 4% increase in contained gold. Contained silver, copper and lead also increased versus the 2013 Mineral Resource Estimate.
  • The Menominee Indian Tribe of Wisconsin recently filed a federal lawsuit in the Eastern District of Wisconsin against the Environmental Protection Agency and the US Army Corps of Engineers, claiming that the federal government should exercise jurisdiction over the wetlands permitting process currently being administered by the State of Michigan and require Aquila to obtain a federal wetlands permit. Both federal agencies rejected this argument when it was presented to them last year, and Aquila anticipates that their position that the State of Michiganis properly exercising its delegated authority to issue a Wetlands Permit will be vindicated by the federal court.
  • Appointed Michael Welch as Chief Operating Officer ("COO") effective March 1, 2018. As COO, Mr. Welch will assume responsibility for the Company's activities at its Back Forty Project in Michigan where he will lead operational readiness and help drive the seamless integration from project to operations. He will also oversee stakeholder engagement, compliance, sustainability, and the Company's regional strategy. Mr. Welch has more than 25 years of experience in the mining and mineral exploration industry covering grassroots exploration, mine geology/exploration, project management and executive operations management. Prior to joining Aquila, Mr. Welch was the Managing Director and President of the Board of Directors for Lundin Mining Corporation's ("Lundin") Somincor Operations, which include the Neves-Corvo copper and zinc mine in Portugal. Prior to that, he was responsible for the construction completion and start-up of operations for Lundin's Eagle Mine in Northern Michigan, U.S.A. Before joining Lundin, Michael was the Vice President of Operations for Xstrata Nickel's Raglan Operation in Quebec, Canada.

"2017 was a year of considerable progress and achievement for Aquila as we continued to advance the Back Forty Project towards a construction decision," said Barry Hildred, President and Chief Executive Officer of Aquila. "The Company will continue to work with the MDEQ to address any questions concerning the wetlands permit and we anticipate a permit decision in the first half of 2018. In parallel, we are moving ahead on a number of key initiatives including finalizing the Back Forty Feasibility Study, developing an exploration strategy for Back Forty and our earlier stage assets in Wisconsin, continuing to enhance our leadership team, and considering the strategic and financial options available to the Company."

ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA) is a development-stage company with strategic assets in the Great Lakes Region. The company's experienced management team is currently focused on advancing permitting and engineering activities for its 100%-owned zinc- and gold-rich Back Forty Project in Michigan.

Aquila's flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral‐rich Penokean Volcanic Belt in Michigan's Upper Peninsula. The Project contains approximately 1.1 billion pounds of zinc and 1 million ounces of gold in the M&I categories, with additional upside potential. Currently Aquila is working to secure the final State permit required to build and operate Back Forty while completing a Feasibility Study.

The Company has three other exploration projects: Reef Gold Project located in Marathon County, Wisconsin, the Bend Project located in Taylor County, Wisconsin and Aquila Nickel located in the Upper Peninsula, Michigan. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold.

Barry Hildred, CEO
Aquila Resources Inc.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain forward‐looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward‐looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward‐looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the 2018 Resource Estimate, the status of a feasibility study in respect of Back Forty, the permitting status of the Back Forty Project and Aquila's future exploration and development plans.

These and other forward‐looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in Aquila's annual information form dated March 15, 2017 and its other public filings, copies of which can be under Aquila's profile at www.sedar.com. Aquila expressly disclaims any obligation to update forward‐looking information except as required by applicable law. Such forward‐looking information represents Aquila's best judgment based on information currently available. No forward‐looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward‐looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

SOURCE Aquila Resources Inc.


AQUILA RESOURCES APPOINTS MICHAEL WELCH AS CHIEF OPERATING OFFICER

TORONTOMarch 1, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today that Michael Welch has been appointed Chief Operating Officer ("COO"), effective immediately.

With more than 30 years of experience, Mr. Welch was previously the Managing Director and President of the Board of Directors for Lundin Mining Corporation's ("Lundin") Somincor Operations, which include the Neves-Corvo copper and zinc mine in Portugal. Prior to that, he was responsible for the construction completion and start-up of operations for Lundin's Eagle Mine in Northern Michigan, U.S.A. Before joining Lundin, Michael was the Vice President of Operations for Xstrata Nickel's Raglan Operation in Quebec, Canada.

Michael will assume responsibility for the Company's activities at its Back Forty Project in Michigan where he will lead operational readiness and help drive the seamless integration from project to operations. He will also oversee occupational health and safety, environment, stakeholder engagement and sustainability, exploration and the Company's regional growth strategy.

"We are excited that Mike is joining our senior leadership team. His experience and leadership skills will be highly valuable to the successful development of the Back Forty Project," said Barry Hildred, President and Chief Executive Officer of Aquila. "Mike has a successful track record of building and improving profitable mining operations, including at Lundin's Eagle Mine in Michigan'sUpper Peninsula where he served as General Manager. We look forward to benefiting from his hands-on approach in the areas of business improvement, health and safety, sustainability, project evaluation and strategic planning."

Mr. Welch commented, "My family and I are excited to return to the Upper Peninsula to be a part of the Stephenson community and the Aquila team. Guided by Aquila's business principles, Back Forty will be a safe, disciplined operation that promotes and supports local community socio-economic development and is protective of the environment."

The Company also announced that Andrew Boushy, VP Project Development has been appointed Senior Vice President, Projects.

ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA) is a development‐stage company with strategic assets in the Great Lakes Region. The company's experienced management team is currently focused on advancing permitting and engineering activities for its 100%‐owned zinc‐ and gold‐rich Back Forty Project in Michigan.

Aquila's flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral‐rich Penokean Volcanic Belt in Michigan's Upper Peninsula. The Project contains approximately 1.1 billion pounds of zinc and 1 million ounces of gold in the M&I categories, with additional upside potential. Currently Aquila is working to secure the final State permit required to build and operate Back Forty while completing a Feasibility Study.

The Company has three other exploration projects: Reef Gold Project located in Marathon County, Wisconsin, the Bend Project located in Taylor County, Wisconsin and Aquila Nickel located in the Upper Peninsula, Michigan. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold.

Barry Hildred, CEO
Aquila Resources Inc.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain forward‐looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward‐looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward‐looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the 2018 Resource Estimate, the status of a feasibility study in respect of Back Forty and Aquila's future exploration and development plans.

These and other forward‐looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in Aquila's annual information form dated March 15, 2017 and its other public filings, copies of which can be under Aquila's profile at www.sedar.com. Aquila expressly disclaims any obligation to update forward‐looking information except as required by applicable law.  Such forward‐looking information represents Aquila's best judgment based on information currently available. No forward‐looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward‐looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

SOURCE Aquila Resources Inc.


MINING INDUSTRY SET FOR COMEBACK IN WISCONSIN

GREEN BAY, WI. Feb. 11, 2018 - Modern mining is very different from mining in the past. Today's mining is driven largely by technology and guided by regulations devoted to protecting the environment.

Virtually everything in our lives (food, education, entertainment, communication, clean energy, healthcare) is dependent on mining in some way. Basically, have a look at anything around you and apply the following simple rubric: “If it wasn’t grown, it was mined".

 

Source: NBC26 Green Bay


AQUILA RESOURCES UPDATES MINERAL RESOURCE ESTIMATE AT BACK FORTY DEPOSIT

TORONTOFeb. 7, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today an updated Mineral Resource Estimate for its wholly owned Back Forty Gold-Zinc deposit in Michigan, USA (the "2018 Mineral Resource Estimate"). The 2018 Mineral Resource Estimate was completed by P&E Mining Consultants Inc. of Brampton, Ontario ("P&E").

The 2018 Mineral Resource Estimate replaces the Mineral Resource Estimate that was first disclosed in an Aquila news release dated February 3, 2013 (the "2013 Mineral Resource Estimate") and subsequently included in a Technical Report completed by Tetra Tech Inc. with an effective date of July 23, 2014, which is available under Aquila's SEDAR profile at www.sedar.com.

Read the full release on Aquila Resources' website.


OFFICIAL STATEMENT REGARDING WISCONSIN ASSEMBLY BILL 499

STEPHENSON, Mich. Dec. 18, 2017 – Aquila Resources today issued the following statement from Chantae Lessard, director social performance and engagement, in response to the recent passage of Wisconsin Assembly Bill 499.

“We applaud Governor Walker and GOP leaders for driving the change to ensure mining companies can invest in exploration activities in Wisconsin. The ‘Mining for America’ bill will benefit the region with jobs and economic investment. While we do have early-stage assets in Marathon and Taylor counties in Wisconsin, it’s far too early to know if these resources will develop into mines. We may conduct exploration activities at these sites in late 2018. Our focus remains on developing the Back Forty Mine in Michigan’s Upper Peninsula”.

If you have questions or concerns, please contact us at 906-753-9602, email us, or send us a message through our website.

 

Wisconsin capitol building
Wisconsin State Capitol @nealfagan

AQUILA RESOURCES PROVIDES PERMIT APPLICATION UPDATE

- MICHIGAN REGULATORS DEEM BACK FORTY WETLANDS PERMIT APPLICATION ADMINISTRATIVELY COMPLETE AND PUBLIC NOTICE HAS BEEN ISSUED -

TORONTODec. 8, 2017 /CNW/ - Aquila Resources Inc. (TSX: AQA)("Aquila" or the "Company") is pleased to announce that the Michigan Department of Environmental Quality ("MDEQ") has deemed Aquila's wetland/steam/floodplain permit application for the Back Forty Project administratively complete and the regulatory technical review process can now move to the next stage. This is the fourth and final permit required to build and operate the Back Forty Project, a planned open-pit, zinc-gold mine in Michigan's Upper Peninsula.

Today, the MDEQ issued their public notice, along with an announcement of a January 23, 2018 public hearing as requested by Aquila. The MDEQ review process, along with the public hearing provides the community with opportunities to comment on the permit application. In addition, the MDEQ will gather input from various regulatory agencies, including from the United States Environmental Protection Agency ("EPA").

A final permit decision is expected from the MDEQ in the first half of 2018.

ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA) is a development-stage company with strategic assets in the Great Lakes Region. The company's experienced management team is currently focused on advancing permitting activities for its 100%-owned gold- and zinc-rich Back Forty Project in Michigan.

Aquila's flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral-rich Penokean Volcanic Belt in Michigan's Upper Peninsula.  The Project contains approximately 1 billion pounds of zinc and 1 million ounces of gold in the M&I categories, with additional upside potential.  Currently Aquila is trying to secure the final State permit required to build and operate Back Forty while completing a Feasibility Study.

This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statement with respect to: (i) the economic analysis contained in the PEA; (ii) the development plan of the PEA and results thereof; (iii) capital expenditure programs; (iv) the quality or quantity of the mineral resources subject to estimates by Aquila; and (v) work plans to be conducted by Aquila.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. Aquila expressly disclaims any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, mineral resources that are not mineral reserves do not have demonstrated economic viability.

Shares Outstanding: 331,009,296

SOURCE Aquila Resources Inc.


AQUILA RESOURCES RESUBMITS WETLANDS PERMIT

Decision expected on fourth and final permit in early 2018

STEPHENSON, Mich. Nov. 16, 2017 – Back Forty announces that upon suppling additional information to the Michigan Department of Environmental Quality (MDEQ), Aquila Resources has re-submitted our wetlands permit application to the agency.

Once the wetlands application is deemed administratively complete, the MDEQ will begin the public hearing process. This will be done within 60 days of the final application’s completion. A list of public notices and hearings is located on the MDEQ website.

ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA) is a development-stage company with strategic assets in the Great Lakes Region. The company’s experienced management team is currently focused on advancing permitting activities for its 100%-owned gold- and zinc-rich Back Forty Project in Michigan.

Aquila’s flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral-rich Penokean Volcanic Belt in Michigan’s Upper Peninsula.  The Project contains approximately 1 billion pounds of zinc and 1 million ounces of gold in the M&I categories, with additional upside potential.  Currently Aquila is trying to secure the final State permit required to build and operate Back Forty while completing a Feasibility Study.

This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statement with respect to: (i) the economic analysis contained in the PEA; (ii) the development plan of the PEA and results thereof; (iii) capital expenditure programs; (iv) the quality or quantity of the mineral resources subject to estimates by Aquila; and (v) work plans to be conducted by Aquila.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. Aquila expressly disclaims any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, mineral resources that are not mineral reserves do not have demonstrated economic viability.

Shares Outstanding: 331,009,296

SOURCE Aquila Resources Inc.