AQUILA RESOURCES ANNOUNCES LETTER OF INTENT FOR SALE OF ITS BEND AND REEF PROPERTIES


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Highlights -
Total consideration of $7,000,000 payable to Aquila will consist of:
Cash consideration of $3,000,000, of which $1,000,000 will be advanced immediately as a deposit (the “Deposit”); and
Shares in Newco with an estimated value on completion of the go-public transaction of $4,000,000.

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AQUILA RESOURCES – BACK FORTY UPDATE


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Highlights -
Key objectives of optimized Feasibility Study identified
Not proceeding with appeal of the January 2021 Administrative Law Judge denial of prior issuance of Wetlands Permit
Not proceeding with the contested case of the amended Mining Permit
Withdrawal of the Dam Safety Permit application
The company is maintaining its Air Permit and NPDES Permit

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MICHIGAN STATE SENATE ADOPTS SR 16 – SUPPORT FOR MINING


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Through bipartisan support and an unanimous vote, SR 16 was adopted by the Michigan Senate on April 28, 2021. The resolution to expresses support for mining and the mining industry and encourages the Governor, state agencies, local governments, members of the public, and labor organizations to support mining by taking certain actions.

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AQUILA RESOURCES PROVIDES CORPORATE UPDATE


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Highlights -
Appealed the Judge’s Wetlands Permit decision to the EGLE permit review panel
Received an outpouring of local support from senior leadership in Michigan
Will continue to work with EGLE to finalize the Back Forty groundwater model in support of a revised application seeking a reissuance of the Wetlands Permit
Will undertake optimization studies to assess Project opportunities
Evaluating financing alternatives with support from key stakeholders

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AQUILA RESOURCES ANNOUNCES ORGANIZATIONAL CHANGES


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Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) (“Aquila” or the “Company”) is pleased to announce the appointment of Guy Le Bel as President & CEO of Aquila, effective February 1, 2021. Barry Hildred will transition to the role of Executive Chair of the Board of Directors. The Board has appointed Ted Munden, outgoing Chair of the Board of Directors, to the position of Lead Director.

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AQUILA RESOURCES PROVIDES PERMITTING UPDATE


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TORONTO--(BUSINESS WIRE)--
Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) (“Aquila” or the “Company”) After years of environmental baseline work and a thorough review process including comment periods and public hearings, the Michigan Department of Environment, Great Lakes, and Energy (“EGLE”) issued the Back Forty Mine a Wetlands Permit in June, 2018. Unfortunately, our wetlands permit was overturned due to a decision we believe is a misunderstanding of the information concerning the potential for indirect wetlands impacts.

Barry Hildred, President & CEO of Aquila, commented, “Obviously, we are disappointed by the Judge’s decision. The Company is evaluating its alternatives, which include the submission of an updated permit application or appealing the decision to the EGLE environmental review panel. Aquila has worked diligently to limit impacts to surrounding wetlands and is only directly impacting 11.2 acres of regulated wetlands. Having reviewed the decision, we believe that Aquila will be able to resolve the cited issues and remain confident that Back Forty will be a safe, disciplined operation that promotes and supports local community socio-economic development and is protective of the environment.

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AQUILA RESOURCES SUBMITS DAM SAFETY PERMIT APPLICATION FOR ITS BACK FORTY PROJECT


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TORONTO--(BUSINESS WIRE)--
Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) (“Aquila” or the “Company”) is pleased to announce that it has applied to the Michigan Department of Environment, Great Lakes, and Energy (“EGLE”) for a Dam Safety Permit for its Back Forty Project. The Company has already been issued the four foundational State permits required for the commencement of construction and operations at Back Forty, being the Mining Permit, Air Permit, Water Discharge (NPDES) Permit, and Wetlands Permit. The Dam Safety Permit, which is required to build the proposed Tailings Management Facility (“TMF”) and Contact Water Basin, is the final State permit required to commence construction and operations.

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