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Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) ("Aquila" or the "Company") announced that the Michigan Department of Environment, Great Lakes, and Energy ("EGLE") approved amendments to Aquila's Nonferrous Metallic Mineral Mining Permit ("Mining Permit") and its Michigan Air Use Permit to Install ("Air Permit") for its Back Forty Project. The amendments update the permits to align with the project design outlined in the August 2018 open pit Feasibility Study as well as in its Wetlands Permit that was issued June 4, 2018.
Barry Hildred, President & CEO of Aquila, commented, "The approval of these permit amendments mark another significant milestone for the Company as we advance through the pre-construction phase at Back Forty. As with the recent decision by the EGLE environmental review panel to uphold the Mining Permit, this decision followed an extensive environmental and technical review process. The Back Forty Mine will be a safe, disciplined operation that promotes and supports the local community, socio-economic development, and environmental protection."
ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development-stage company with strategic assets in the Great Lakes Region. The Company's experienced management team is focused on advancing pre-construction 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 1.1B pounds of zinc and 1M ounces of gold in the Measured & Indicated Mineral Resource categories, with additional upside potential.
The Company has two other exploration projects: Reef Gold Project located in Marathon County, Wisconsin and the Bend Project located in Taylor County, Wisconsin. 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 may contain 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.
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.
TORONTO, Nov. 27, 2019 /CNW/ - Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) ("Aquila" or the "Company") announced that the environmental review panel ("Panel") for the Michigan Department of Environment, Great Lakes, and Energy ("EGLE") has upheld the Final Decision and Order previously made by an Administrative Law Judge ("Judge") in support of the Michigan Nonferrous Metallic Mineral Mining Permit ("Mining Permit") for its Back Forty Project in Michigan. By way of background, following the Judge's ruling in May 2019, the Menominee Indian Tribe of Wisconsin appealed the decision to the Panel, which is made up of technical experts from various fields. The Panel's decision marks the final step in the contested case challenge to the Mining Permit that began in April 2018 and represents EGLE's final decision.
In its unanimous decision, the three-person Panel adopted the Judge's May 3, 2019 decision, which found "that the proposed mining operation will not pollute, impair, or destroy the air, water and other natural resources, or the public trust in those resources," in compliance with Michigan's Nonferrous Metallic Mining Statute.
Barry Hildred, President & CEO of Aquila, commented, "We are pleased that the Panel ruled in our favor and adopted the Judge's comprehensive decision that followed an exhaustive review process and lengthy contested case hearing. Michigan's environmental standards for mining are among the strictest in the world, and we look forward to continuing to demonstrate our commitment to environmental responsibility and sustainable resource development that benefits all stakeholders. The Back Forty Mine will be a safe, disciplined operation that promotes and supports local community socio-economic development and is protective of the environment."
The Company is awaiting issuance by EGLE of its amended Mining Permit and Air Permit. Testimony related to the Wetlands Permit contested case was completed on October 25, 2019.
ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development-stage company with strategic assets in the Great Lakes Region. The Company's experienced management team is focused on advancing pre-construction 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 1.1B pounds of zinc and 1M ounces of gold in the Measured & Indicated Mineral Resource categories, with additional upside potential.
The Company has two other exploration projects: Reef Gold Project located in Marathon County, Wisconsin and the Bend Project located in Taylor County, Wisconsin. 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 may contain 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.
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.
TORONTO, Nov. 8, 2019 /CNW/ - Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) ("Aquila" or the "Company") announced the filing of its financial results for the third quarter ended September 30, 2019. All amounts, unless indicated, are reported in US dollars.
Barry Hildred, President & CEO of Aquila, commented, "During the quarter, we continued to focus on advancing certain permit amendments for Back Forty while completing site-specific work to satisfy conditions in compliance with existing permits. As we move into 2020, our focus is to clear remaining legal hurdles and to get Back Forty shovel-ready. In order to fund these activities, we continue to evaluate interim and long-term funding options, including certain strategic opportunities with a variety of partners."
THIRD QUARTER HIGHLIGHTS
The Company is progressing certain Back Forty Project pre-construction activities including environmental fieldwork and site data collection. The Company also completed a geotechnical site investigation program including 1,200 meters of geotechnical drilling and hydrogeological testing in preparation for additional engineering activities.
The Company is continuing with its evaluation of underground mining following an open pit operation at Back Forty as outlined in the August 2018 Feasibility Study. The Company is also assessing various alternatives for downsizing the processing plant that better aligns open pit plant and potential future underground throughputs. This analysis will form the basis of an updated Preliminary Economic Assessment, the results of which Aquila expects to announce in the coming months.
The Company advanced the legal process related to the contested case challenge to its Mining Permit for its Back Forty Project in Michigan. In the second quarter, the Michigan Office of Administrative Hearings and Rules issued a Final Decision and Order upholding the Michigan Nonferrous Metallic Mineral Mining Permit for its Back Forty Project in Michigan. Following 30 days of cumulative testimony, the administrative law judge issued a final decision finding "that the proposed mining operation will not pollute, impair, or destroy the air, water and other natural resources, or the public trust in those resources," in compliance with Michigan's Nonferrous Metallic Mining Statute. On May 28, 2019, the Petitioners filed a request for review by the Michigan Department of Environment, Great Lakes, and Energy ("EGLE") internal review board. Hearings and briefings were held during the months of August, September and October. The Company does not expect the review board to reach a different conclusion than the Judge.
The Company continued to work with EGLE regarding the Company's application to amend its Mining Permit and Air Permit. Aquila expects the amended permits to be issued in the coming months.
The Company advanced the legal process related to the contested case challenge to its Wetlands Permit. Rebuttal testimony was completed on October 25, 2019. The Company expects briefings and a final decision to follow mid-2020.
The Company is in active discussions with existing partners, advisors and outside investors to secure both long-term project funding, and to secure interim financing to complete pre-construction activities. As part of its funding solution, the Company is reviewing certain strategic transactions. There can be no assurance that the Company will be able to execute and close on any funding solution.
As at September 30, 2019, Aquila had cash of $6.3 million and working capital of $3.9 million. This compared to cash of $14.4 million and working capital of $12.1 million at December 31, 2018. The decrease in working capital is primarily due to the funding of the Company's pre-construction activities.
POST QUARTER HIGHLIGHTS
On October 21, 2019, the U.S. District Court for the Eastern District of Wisconsin dismissed the lawsuit filed by Coalition to SAVE the Menominee River, Inc. (the "Coalition"). In November of 2018, the Coalition filed a lawsuit in the U.S. District Court for the Eastern District of Wisconsin challenging the EPA and the U.S. Army Corps of Engineers' failure to exercise jurisdiction over Aquila's Wetlands Permit for its Back Forty Project. The Court dismissed the lawsuit, holding that the Coalition could not challenge the federal government's refusal to exercise jurisdiction over the Wetlands Permit under the Administrative Procedures Act or the Clean Water Act.
The Company continues to work with EGLE to secure issue of amendments to its Mining Permit and its Air Permit that reflect project optimizations, as well as a new Dam Safety Permit. The Company anticipates EGLE will approve the Mine and Air Permit amendments in the coming months. EGLE has informed the Company of EGLE's intention to defer review and processing of the Dam Safety Permit until 2020, in order to incorporate hydrogeological information currently being gathered under the Wetlands Permit into the Dam Safety Permit review. EGLE has encouraged the Company to withdraw its Dam Safety Permit application and resubmit the application in order to facilitate EGLE's preferred approach. At this point, the Company does not see this development as impacting preconstruction activities or the start date of construction.
OUTLOOK
Pre-construction activities including engineering and construction readiness will continue to advance at Back Forty.
Operational readiness activities including advancing plans with respect to roads, power, and concentrate logistics are underway.
In addition to recently filled positions, the Company will continue to add resources to its owners' team to prepare for the construction and operational readiness phases at Back Forty.
The Company will continue discussions with prospective financial partners to secure the required capital to construct the Back Forty Project. Aquila, with the assistance from its advisors, will consider all strategic and financial options available to the Company and the Project.
The Company is also evaluating its strategy and funding alternatives with respect to its exploration projects in Wisconsin in light of the recent repeal of the decades-old moratorium on non-ferrous mining in the state.
SELECTED FINANCIAL INFORMATION
The following table provides selected financial information that should be read in conjunction with the financial statements of the Company for the three months and nine months ended September 30, 2019:
Three Months Ended
Nine Months Ended
September 30
September 30
2019
2018
2019
2018
Mineral property exploration expenses
$2,168,491
$1,935,172
$5,376,659
$5,377,127
Administrative expenses
1,025,997
1,289,473
3,446,757
3,699,132
Net finance charges
646,124
516,045
1,951,458
1,551,572
Loss from operations
3,840,612
3,740,690
10,774,874
10,627,831
(Gain) loss on foreign exchange
(3,023)
52,813
(15,860)
(275,623)
Loss (gain) on change in value of contingent consideration
(476,224)
(50,102)
(313,736)
412,403
(Gain) loss on change in fair value of warrant liability
(444,123)
(1,298,287)
(793,745)
(1,405,491)
Net and comprehensive loss for the period
2,917,242
2,445,114
9,651,533
9,359,120
Net loss per share - basic and diluted
0.01
0.01
0.03
0.03
ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development-stage company with strategic assets in the Great Lakes Region. The Company's experienced management team is focused on advancing pre-construction 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 1.1B pounds of zinc and 1M ounces of gold in the Measured & Indicated Mineral Resource categories, with additional upside potential. Aquila has received all State and Federal permissions required for the construction and commencement of operations at the Back Forty Project.
The Company has two other exploration projects: Reef Gold Project located in Marathon County, Wisconsin and the Bend Project located in Taylor County, Wisconsin. 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 may contain 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.
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.
TORONTO, Aug. 9, 2019 /CNW/ - Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) ("Aquila" or the "Company") announced the filing of its financial results for the second quarter ended June 30, 2019. All amounts, unless indicated, are reported in US dollars.
Barry Hildred, President & CEO of Aquila, commented "In 2019, we have continued to advance pre-construction activities in compliance with all permits as issued for Back Forty. In May, we received a favorable administrative court ruling upholding our Mine Permit and Michigan regulators issued a proposed decision in favor of our permit amendments. In parallel, we continue to evaluate a potential future underground mine at Back Forty while considering all strategic and financial options for the Company and the project. We believe that a stronger gold market and improving investor sentiment will set up a favorable backdrop for advancing Back Forty as we transition into the Project Execution phase."
SECOND QUARTER HIGHLIGHTS
The Company is progressing certain Back Forty Project pre-construction activities including environmental fieldwork and site data collection, metallurgical testwork, hydrogeological modeling, and a geotechnical drill program.
The Company is continuing with its evaluation of underground mining following an open pit operation at Back Forty as outlined in the August 2018 Feasibility Study. The Company is also assessing various alternatives for the processing plant that better aligns open pit plant and potential future underground throughputs. This analysis will form the basis of an updated Preliminary Economic Assessment, the results of which Aquila expects to announce later this year.
On May 3, 2019, the Michigan Office of Administrative Hearings and Rules issued a Final Decision and Order upholding the Michigan Nonferrous Metallic Mineral Mining Permit for its Back Forty Project in Michigan. Following 30 days of cumulative testimony, the administrative law judge issued a final decision finding "that the proposed mining operation will not pollute, impair, or destroy the air, water and other natural resources, or the public trust in those resources," in compliance with Michigan's Nonferrous Metallic Mining Statute.
On May 22, 2019, a draft permit (proposed decision) on the Back Forty Mining Permit amendment was issued. A consolidated public hearing for the Mine Permit and Air Permit amendments was held on June 25, 2019. Aquila expects the amendments to receive final approval in 2019.
On May 29, 2019, Aquila strengthened its land position at its Bend Project in Wisconsin by entering into a long-term mineral lease agreement with a party that owns the mineral rights on a portion of the deposit.
On June 3, 2019, a contested case hearing related to the Company's Wetlands Permit began.
On June 19, 2019, the Company announced the election of Pamela Saxton to its Board of Directors. Ms. Saxton is a business executive with over 35 years of experience in domestic and international public company finance roles, primarily in mining, software and oil and gas. Ms. Saxton has also joined the Company's Audit Committee.
On June 28, 2019, the Company announced that its two largest shareholders, Orion Mine Finance (and its affiliated funds) ("Orion") and Osisko Gold Royalties Ltd. ("Osisko") completed a transaction whereby Orion purchased from Osisko all 49,651,857 common shares of the Company owned by Osisko (the "Transaction"). The Transaction was a small component of the share repurchase and secondary offering transaction first announced by Osisko on June 25, 2019. Orion now owns 97,030,609 common shares of Aquila representing approximately 28.7% of the outstanding common shares. Osisko remains a significant financial partner to Aquila as the holder of gold and silver streams on the Company's Back Forty Project. Under its gold streaming agreement with the Company, Osisko remains committed to funding an additional US$40 million in staged payments to continue the development of the Back Forty Project.
As at June 30, 2019, Aquila had cash of $9.6 million and working capital of $7.0 million. This compared to cash of $14.4 million and working capital of $12.1 million at December 31, 2018. The decrease in working capital is primarily due to the funding of the Company's pre-construction activities.
OUTLOOK
Pre-construction activities including engineering and construction readiness will continue to advance at Back Forty.
Operational readiness activities including advancing plans with respect to roads, power, and concentrate logistics are underway.
In addition to recently filled positions, the Company will continue to add resources to its owners' team to prepare for the construction and operational readiness phases at Back Forty.
The Company will continue discussions with prospective financial partners to secure the required capital to construct the Back Forty Project. Aquila, with the assistance from its advisors, will consider all strategic and financial options available to the Company and the Project.
The Company is also evaluating its strategy and funding alternatives with respect to its exploration projects in Wisconsin in light of the recent repeal of the decades-old moratorium on non-ferrous mining in the state.
SELECTED FINANCIAL INFORMATION
The following table provides selected financial information that should be read in conjunction with the financial statements of the Company for the three months and six months ended June 30, 2019:
Three Months Ended
Six Months Ended
June 30
June 30
2019
2018
2019
2018
Mineral property exploration expenses
$ 2,164,885
$ 2,067,182
$ 3,208,168
$ 3,401,955
Administrative expenses
1,170,077
1,257,305
2,420,760
2,409,659
Net finance charges
608,668
643,046
1,305,334
1,035,527
Loss from operations
3,943,630
3,967,533
6,934,262
6,847,141
(Gain) loss on foreign exchange
79,162
(131,136)
(12,837)
(328,435)
Loss (gain) on change in value of contingent consideration
98,720
486,975
162,488
462,505
(Gain) loss on change in fair value of warrant liability
(302,564)
118,261
(349,622)
(107,204)
Net and comprehensive loss for the period
3,818,948
4,441,633
6,734,291
6,874,007
Net loss per share - basic and diluted
0.01
0.01
0.02
0.02
TORONTO, June 28, 2019 /CNW/ - Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) ("Aquila" or the "Company") announces that its two largest shareholders, Orion Mine Finance (and its affiliated funds) ("Orion") and Osisko Gold Royalties Ltd. ("Osisko") have completed a transaction whereby Orion purchased from Osisko all 49,651,857 common shares of the Company owned by Osisko (the "Transaction"). The Transaction is a small component of the share repurchase and secondary offering transaction first announced by Osisko on June 25, 2019. Orion now owns 97,030,609 common shares of Aquila representing approximately 28.7% of the outstanding common shares.
Osisko remains a significant financial partner to Aquila as the holder of gold and silver streams on the Company's Back Forty Project in Michigan as well as 12,293,269 common share purchase warrants that are exercisable until May 10, 2020 at a price of C$0.34. Under its gold streaming agreement with the Company, Osisko remains committed to funding an additional US$40 million in staged payments to continue the development of the Back Forty Project.
Sean Roosen, Chair and CEO of Osisko, stated, "We have been and continue to be strong supporters of the Back Forty Project and the Aquila board and management team. The Back Forty Project will be a significant contributor to Osisko's near-term growth, and therefore we remain committed to making Back Forty an investment priority for Osisko for many years to come."
Tribe intends to sue over mine project.
The Menominee Indian Tribe of Wisconsin has put the federal government on alert in regards to Aquila’s Back Forty Mine project: It intends to sue.
Janette Brimmer, the attorney with Earthjustice who is representing the tribe on violations under the Clean Water Act, said a 60-day notice is required with a citizen suit. The Notice of Intent to Sue was filed on Monday with the U.S Environmental Protection Agency and U.S Army Corps of Engineers.
Earthjustice is a nonprofit environmental law organization with attorneys representing cases throughout the country; they represented the Standing Rock Sioux Tribe in the fight against the Dakota Access Pipeline.
There are certain treaty and trust protections that are made available to the tribe through federal law, said tribal chairman Gary Besaw. Those protections aren’t being met while the proposed mine application goes through the State of Michigan.
“If this stays as delegated to the state action, then none of these treaty and trust responsibilities and protections are afforded to us,” Besaw said.
More lawsuits, but, the mine is coming.
Oh yes, I have no concerns, on if it will be done. Having been to the site, I know it's for real. I have been buying for years. Financing, is my concern though. Having Hudbay, get out, in the early years,was not good. (IMO). I'm not going to pump this stock, even though, I've been in for years. The gold is there, but, what will the cost be to get it out? And by that I mean shares sold, dumped, or given away to a new investor. I really think, we may need Hudbay back. Good luck to you
TORONTO, Sept. 2, 2016 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila"), a development-stage company advancing the gold- and zinc-rich Back Forty Project in Michigan's Upper Peninsula, announced today that the Michigan Department of Environmental Quality ("MDEQ") has provided public notice on its Proposed Decision to issue a draft Nonferrous Metallic Mineral Mining Permit ("Mining Permit") to Aquila for its Back Forty Project. In addition to the proposed Mining Permit, Aquila has also received draft National Pollutant Discharge Elimination System ("NPDES") and Air Pollution Control permits.
"The MDEQ's proposed decision to approve our Mine Permit Application represents a significant milestone for our Back Forty Project," said Mr. Barry Hildred, President and CEO of Aquila Resources. "The draft Mining Permit is a significant step in allowing us to advance with the development of a mine that will bring economic benefit to the Upper Peninsula while adhering to high environmental standards. The MDEQ's proposed decision also underscores Michigan's commitment to responsible and sustainable resource development that benefits all stakeholders."
The MDEQ's draft Mining Permit as well as the NPDES Permit and Air Pollution Control Permit, will now be the subject of a public hearing to be administered by the MDEQ prior to issuance of final permits. The MDEQ is holding a 64 day consolidated public comment period, from September 1, 2016, through November 3, 2016, and a consolidated public hearing, on October 6, 2016.
The Mining Permit Application ("MPA") review process, proposed decision and permit are being completed in conformance with Part 632 of Michigan's Natural Resources and Environmental Protection Act which regulates nonferrous metallic mineral mining in the state of Michigan. In November 2015, Aquila filed an MPA with the MDEQ. The MDEQ held public meetings in January 2016 soliciting public comments on the application as part of their review of the MPA. In May 2016, the MDEQ issued to Aquila technical review comments on the MPA and the Company responded in June 2016.
Aquila continues to work with the MDEQ on the review of its Wetlands Permit for the Back Forty Project. The Wetlands permit is the last of four permits required to build and operate the Back Forty mine. On August 26, 2016, Aquila received correspondence from the MDEQ on its Wetlands permit application that includes comments from the Environmental Protection Agency and the U.S. Army Corps of Engineers. The agencies' comments are in accordance with established MDEQ administrative review procedures. Aquila is currently working on its response to the MDEQ.
Economic Impact of the Back Forty Mine:
According to a study completed by the Labovitz School of Business of the University of Minnesota Duluth, the Back Forty Mine is anticipated to generate a significant economic impact to the community, including but not limited to:
$20 million in total annual tax revenue for federal, state and local governments
$11.7 million in annual revenue for state and local governments to support local schools, hospitals, roads, etc.
Approximately $13 million in additional royalty based revenue to the State of Michigan
The creation of ~250 good paying jobs directly and indirectly associated with the mine operation
Qualified Person
This news release was reviewed and approved by Thomas O. Quigley, Vice President of Exploration and Senior Technical Advisor for the Back Forty Project. By virtue of his education, experience, and professional association, Mr. Quigley is considered a Qualified Person as defined under National Instrument 43-101. Information regarding data verification is provided in Aquila's annual information form dated March 30, 2016.
Shares Outstanding: 183,161,171
TORONTO, June 27, 2014 /CNW/ - Aquila Resources Inc. (TSX: AQA) (OTCQX: AQARF) (FKT: JM4A) ("Aquila"), a development-stage company advancing the gold- and zinc-rich Back Forty Project in Michigan's Upper Peninsula, announced the voting results from its annual meeting of shareholders ("the Meeting") held in Toronto.
The following seven nominees were elected as Directors of the Corporation and will serve until the Company's next annual meeting of shareholders or until their successors are elected or appointed:
Votes
Nominee Votes For % For Withheld % Withheld
Mark A. Burridge 82,292,013 99.96 30,319 0.04
Peter M.D. Bradshaw 80,763,685 98.11 1,558,647 1.89
Stephen Fabian 82,292,013 99.96 30,319 0.04
Barry Hildred 82,287,013 99.96 35,319 0.04
Edward J. Munden 82,289,013 99.96 33,319 0.04
Peter Secker 82,292,013 99.96 30,319 0.04
Ed Guimaraes 82,284,013 99.95 38,319 0.05
The election of directors was conducted and approved by proxy vote. A report of voting results for each resolution presented at the Meeting prepared in accordance with National Instrument 51-102 will be filed on www.sedar.com.
About Aquila Resources
Aquila Resources Inc. (TSX: AQA) (OTCQX: AQARF) (Frankfurt: JM4A) is a mineral exploration Company focused on the development of high-grade deposits along the Penokean VMS belt in the Great Lakes Region. The Company is led by an experienced management team that has identified significant ore deposits over the last 30 years.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements. 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". Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila and REBgold 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. Neither Aquila nor REBgold undertakes any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila's and REBgold'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.
/CONTACT: Barry Hildred, CEO
Calgary, AB / ACCESSWIRE / June 30, 2014 / CanAm Coal Corp. (TSXV: COE) ("CanAm" or the "Company") is announcing the resignations of Robert Power and Steve Somerville from the Board of Directors, effective today.
Mr. Power joined the board in 2010. Mr. Somerville joined the board in 2012. Both Mr. Somerville and Mr. Power are resigning from the board to free up time to pursue their other business initiatives. Going forward, both Steve and Rob have agreed to provide advice to the Board on an as needed basis,
Commenting on the resignations, Jon Legg, Chairman of CanAm's Board of Directors commented: "We are grateful for Rob and Steve's commitment and expertise in helping the Company reposition itself strategically and structurally. With the key pieces of our financial plan announced or already in place, the Company can fully focus on operational execution. We are grateful for Rob and Steve's guidance and advice in helping get us to this point and we wish them every success in the future."
For Further Information:
CanAm Corporate Office:
Jos De Smedt, President & CEO
Tel: 403.262.3797
Toll Free: 1.877.262.5888
Email: jdesmedt@canamcoal.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information and Statements
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE: CanAm Coal Corp
(END) Dow Jones Newswires
June 30, 2014 08:33 ET (12:33 GMT)
AS reports incident at its Holt Property near Timmins, Ontario
2 hours 43 minutes ago - DJNF
TORONTO, June 26, 2014 /CNW/ - St Andrew Goldfields Ltd. (TSX-SAS) (OTCQX-STADF), ("SAS" or the "Company") is regretful to advise of a fatal incident that occurred yesterday, June 25(,) 2014, at its Holt Property. An employee of Orbit Garant Drilling working on the Holt Property was struck by a tree, which fatally injured him.
The Ontario Provincial Police have attended onsite, and in conjunction with the Ontario Ministry of Labour, Orbit Garant, and the Company, all parties are proceeding with the investigation of this tragic incident.
"We are very saddened by this news and our sincere condolences go out to the family, fellow workers, and friends", said Duncan Middlemiss, President & CEO of SAS. "SAS is fully engaged in the ongoing investigation, as well as providing support to family and employees at the mine site, as well as to Orbit as it may be required. We remain committed to the health and safety of our employees and contract employees on all of our sites."
SOURCE St Andrew Goldfields Ltd.
( COECF COE.V ) CanAm Announces Extension of Warrants
2 days 2 hours 54 minutes ago - DJNF
Calgary, AB / ACCESSWIRE / June 23, 2014 / CanAm Coal Corp. (TSXV: COE) ("CanAm" or the "Company") is announcing the extension of warrants that expired on June 20, 2014.
The Company has extended the expiry date of 13,077,675 warrants to December 31, 2014. Each warrant entitles the registered holder to subscribe for and purchase one fully paid and non-assessable common share of the Company at a price of $0.12. The warrants were issued as part of a private placement of 13,077,675 units on June 20, 2013, with an expiry date of June 20, 2014.
For Further Information:
CanAm Corporate Office:
Jos De Smedt, President & CEO
Tel: 403.262.3797
Toll Free: 1.877.262.5888
Email: jdesmedt@canamcoal.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: CanAm Coal Corp.
(END) Dow Jones Newswires
June 23, 2014 08:37 ET (12:37 GMT)
Shares Outstanding: 183,201,174
TORONTO, May 15, 2014 /CNW/ - Aquila Resources Inc. (TSX: AQA) (OTCQX: AQARF) (FKT: JM4A) ("Aquila"), a development-stage company advancing the gold- and zinc-rich Back Forty Project in Michigan's Upper Peninsula, reported its first quarter results for the period ended March 31, 2014. Aquila's Management's Discussion and Analysis (MD&A) and Financial Statements for the quarter are available on the Company's website and on SEDAR at www.sedar.com.
Aquila's focus in Q1 2014 was on recommencing development at Back Forty following the acquisition of 100% Project interest and corporate re-capitalization in January 2014.
Outlook
Aquila's focus in 2014 remains on:
-- Completing a series of trade-off studies, which will determine the
optimal development path for Back Forty, and developing a NI 43-101
updated preliminary economic assessment (PEA) for the Project in Q2 2014;
-- Evaluating a small exploration program on previously identified near-mine
targets in Q3 2014; and,
-- Subject to market conditions and available capital, ramping-up activities
related to its permit application for Back Forty with the Michigan
Department of Environmental Quality in H2 2014.
About the Back Forty Project
The Back Forty Project is a high-grade, poly-metallic deposit located in the Penokean Volcanic Belt in the Great Lakes Region. A 2012 preliminary economic assessment, based on a 2010 resource estimate, provided encouraging project economics, including a $73.6M NPV(8%) and an internal rate of return of 18.2%. Results from the 2012 drilling program demonstrate potential for continued resource expansion at Back Forty. A 2013 updated resource estimate delineated a Measured and Indicated (M+I) resource of 15.1 million tonnes (Mt) and an Inferred Resource of 2.3Mt. The updated M+I resource estimate contains 987,236oz Au, 11.91Moz Ag, 1.02Blbs Zn, 74.3Mlbs Pb and 110.4Mlbs Cu. An additional 155,885oz Au, 1.99Moz Ag, 113.3Mlbs Zn, 17.2Mlbs Pb and 18.6Mlbs Cu are included in the Inferred category.
Wow, you've spent the last few years, saying what a crook the man is, and now you're on the bandwagon? Look out people. You actually save me some money, with you posts, and I thank you. This will be another BS pothead stock. IMO
Take care of shareholders? I was in this game, when Hollis dumped a pile of share before Christmas, a few years back. I was lucky enough to be on the market when he did. Many people lost a pile. I really wish you well, but the man has a record for all to see. The man is lining his pockets, that's it. IMO
Oh, you people are going to be so screwed. Get out now. I've been watching this for years. The man is a crook. JMO
Calgary, AB - March 12, 2014 - CanAm Coal Corp. (TSXV: COE) ("CanAm" or the "Company") held its Annual General and Special Meeting of Shareholders (the "AGM") on February 28, 2014 and is pleased to announce that all of the resolutions put forth at the AGM were approved with all resolutions receiving greater than 97% of the votes received for the resolution. The six members of the board of directors re-elected at the meeting are Jonathan Legg, Timothy J. Bergen, Robert G. Power, Timothy Nakaska, Steve Somerville and Jos De Smedt. Mr. Thomas Lewis was appointed as a new director to the Board. Information concerning the directors who were elected at the meeting and the matters that were approved by shareholders at the meeting can be found in CanAm's information circular dated January 21, 2014 and filed on SEDAR on February 18, 2014.
Mr. Lewis is currently the Vice President & Treasurer of Birmingham Coal and Coke, Inc. ("BCC") and Cahaba Contracting and Reclamation, LLC ("CCR"), both subsidiaries of the Company. BCC and CCR are the Alabama based entities that carry on the coal mining operations of the Company in the state of Alabama. Mr. Lewis is a co-founder of BCC and CCR and, over a twenty-plus year period, has worked and built BCC and CCR into one of the premier coal mining companies in Alabama. Throughout his career in the industry, Mr. Lewis has mined, bought and/or sold most of the coal seams available in Alabama. He has been involved in every aspect of coal mine development and has developed extensive relationships with industrial coal users in Alabama.
"We are excited about having Tom join our board and compliment our team with the required mining and operational expertise" said Jon Legg, Chairman of the Board. "His mining credentials are extensive and his knowledge of the local Alabama coal markets will serve our Company well as we continue to explore opportunities for growth in the years to come".
At the meeting, management also provided an investor update and the corporate presentation is posted on the Company's website at www.canamcoal.com.
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
For Further Information:
CanAm Corporate Office:
Jos De Smedt, President & CEO
Tel: 403.262.3797
Toll Free: 1.877.262.5888
Aquila Resources Files 2013 Year-End Financial Results and Provides Corporate Update
Shares Outstanding: 183,201,174
TORONTO , March 31, 2014 /CNW/ - Aquila Resources Inc. (TSX: AQA) (OTCQX: AQARF) (FKT: JM4A) ("Aquila"), a development-stage company advancing the gold and zinc-rich Back Forty Project in Michigan's Upper Peninsula, reported its fourth quarter and year-end corporate and financial results for the periods ended December 31, 2013. A full copy of Aquila's Management Discussion and Analysis, and Financial Statements for the year ended December 31, 2013 are available on the Company's website and on SEDAR at www.sedar.com. Unless otherwise noted, all figures in this news release are reported in Canadian dollars.
"Our focus in 2013 was to regain control of the Back Forty project while re-capitalizing the company in order to fund future development. In 2014, we will look to optimize the project's potential, by completing a revised PEA to better define the significant upside potential of the deposit, and ramp-up our permitting activities," said Barry Hildred , CEO of Aquila Resources. "Today, armed with a 100% interest in Back Forty, an infusion of capital and a strengthened leadership team, we are well-positioned to re-start Back Forty's development," said Mark Burridge , Aquila's Chairman.
2013 Corporate Highlights
On November 7, 2013 , Aquila announced several proposed transactions, which were subsequently closed on January 16, 2014. The transactions consisted of:
a business combination whereby Aquila acquired all of the outstanding shares of REBgold Corporation ("REBgold") (RBG.V) in exchange for the Company's shares on a 1-for-1 basis;
an agreement with Baker Steel Capital Managers LLP, on behalf of investment funds managed or controlled by it ("Baker Steel", REBgold's largest shareholder), whereby Baker Steel invested CAD $4.5 million in the combined entity as part of a CAD $4.85 million private placement financing; and,
a binding agreement with Hudbay that resulted in Aquila acquiring its 51% interest in the Back Forty Project, effectively giving the Company 100% ownership of the Project.
In February 2013 , an updated NI 43-101 compliant resource estimate for the Back Forty Project was completed. The updated mineral resource expanded on and incorporated parameters derived from a 2012 PEA that utilized the 2010 mineral resource estimate. The updated resource estimate, which will provide the basis for future economic evaluations of Back Forty, delineated an:
open pit M&I resource of 9.65Mt, at 2.07 g/t Au and 2.47% Zn, an increase of 28% and,
underground M&I resource of 5.49Mt at 1.97 g/t Au and 4.1% Zn
underground Inferred resource of 2.18Mt at 2.03 g/t Au and 2.15% Zn.
On June 26, 2013 , Aquila completed a private placement for net proceeds of $579,752 by issuing 5,890,000 units consisting of a common share and a half warrant at a price per unit of CAD $0.10 ;
In 2013, Aquila suspended funding on non-core projects and focused on cost containment. The Company retained ownership of three projects in the Great Lakes Region, including: the now 100% owned flagship Back Forty Project, a development stage, high-grade, poly-metallic, VMS deposit located in the state of Michigan and, the Reef Gold Project and the Bend Copper-Gold Project; and,
In March 2013 , Aquila strengthened its management team by appointing Barry Hildred to Chief Executive Officer of the Company, an experienced capital markets executive able to guide Aquila through the next phase of development at Back Forty.
Outlook
Aquila's focus in 2014 will be on re-commencing development of the Back Forty Project. Key milestones for 2014 include:
Completing a series of trade-off studies and developing a NI 43-101 updated PEA for the Back Forty project with Tetra Tech WEI Inc. The trade-off studies will look at a number of mine-plan scenarios and will choose the optimal development path for Back Forty. The Company expects that the results of this study will be available in Q2 2014;
Commencing a small exploration program on previously identified near-mine targets in Q3 2014. A number of geophysical anomalies have been identified peripheral to the known mineralization at Back Forty, and detailed ground geophysics and diamond drilling are planned to test these high priority targets; and,
Subject to market conditions and available Capital, ramp-up activities related to its permit application for Back Forty with the Michigan Department of Environmental Quality in H2 2014.
To date, the Company has completed a number of the required test programs and background studies necessary to support its permit submission. Aquila continues to use the services of Foth Infrastructure and Environment, LLC based in Green Bay and is targeting a submission date in the first half of 2015.
About Aquila Resources
Aquila Resources Inc. (AQA.TO) (AQARF) (JM4A.F) is a mineral exploration Company focused on the development of high-grade deposits along the Penokean VMS belt in the Great Lakes Region. The Company is led by an experienced management team that has identified significant ore deposits over the last 30 years.
About the Back Forty Project
The Back Forty Project is a high-grade, poly-metallic deposit located in the Penokean Volcanic Belt in the Great Lakes Region. A 2012 preliminary economic assessment, based on a 2010 resource estimate, provided encouraging project economics, including a $73.6M net present value @ 8% and an internal rate of return of 18.2%. Results from the 2012 drilling program demonstrate potential for continued resource expansion at Back Forty. A 2013 updated resource estimate delineated a Measured and Indicated (M+I) resource of 15.1 million tonnes (Mt) and an Inferred Resource of 2.3Mt. The updated M+I resource estimate contains 987,236oz Au, 11.91Moz Ag, 1.02Blbs Zn, 74.3Mlbs Pb and 110.4Mlbs Cu. An additional 155,885oz Au, 1.99Moz Ag, 113.3Mlbs Zn, 17.2Mlbs Pb and 18.6Mlbs Cu are included in the Inferred category.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Calgary, AB - February 3, 2014 - CanAm Coal Corp. (TSXV: COE), (OTCQX: COECF) ("CanAm" or the "Company") is pleased to report full year 2013 coal sales of 682,000 tons. This compares to sales of 560,000 tons in the prior year, an increase of 122,000 tons or 22%. This increase is a result of the strength of our long term customer base and the addition of new contracts that the Company obtained in 2013.
Company President and CEO, Jos De Smedt commented: "We are extremely pleased at our ability to grow sales by 22 percent in a very difficult environment for coal producers around the world. We attribute our record success to three important variables, the high quality of our coal, the expansion and loyalty of our great customers, and the dedication of our entire Team. This record growth includes a Q4 that was only up 10% year over year largely due to extended plant maintenance and year-end inventory management with a few of our key customers.
As we enter 2014 we feel very confident that our pattern of record sales and double digit growth will continue into 2014 and beyond. Recent record cold temperatures in our sales market, and pending EPA changes affecting the US power sector bode well for future demand for Canam's high quality coal."
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources. CanAm's main activities and assets include its operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
Calgary, AB - January 7, 2014 - CanAm Coal Corp. (TSXV: COE) (OTCQX: COECF) ("CanAm" or the "Company") is pleased to report that it has renewed two customer contracts that expired on December 31, 2013. Both contracts are with industrial users and total contracted volume for 2014 is 96,000 to 120,000 tons at pricing which is either the same or slightly up from 2013. One of the customers increased its volume commitment for 2014 by 50%. Also, one contract extends into 2017 which include price escalation provisions for each of the contract years.
"We are very excited about this renewed commitment from our customers," said Jos De Smedt, President & CEO of the Company. "This is further evidence of the quality of our coals and the outstanding service that our team delivers on a day-to-day basis to our customers and this has certainly paid off with increased volumes and a commitment into 2017 from one of our customers."
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources. CanAm's main activities and assets include its operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
Calgary, AB -- November 28, 2013 -- CanAm Coal Corp. (TSXV: COE) (OTCQX: COECF) ("CanAm" or the "Company") has filed its condensed interim consolidated financial statements and related management discussion and analysis for the period ended September 30, 2013. These Q3 2013 financial statements include a restatement of the comparative Q3 2012 financials which is discussed in detail in the Q3 Management & Discussion Analysis ("MD&A"). Definitions of commonly used non-IFRS financial measures (EBITDA from operations and Free Cash Flow) are included at the end of this press release.
The Company announced today its third quarter 2013 financial results for the period ending September 30, 2013. Revenue, EBITDA from operations and loss for the quarter were $17.9 million, $3.4 million and ($0.9) million respectively as compared to $14.7 million, $3.3 million and ($1.0) million in the prior year. Sales for the quarter were 195,750 tons as compared to 157,900 tons in Q3 2012 or an increase of 24%.
For the nine month period ended September 30, 2013, revenue, EBITDA from operations and loss were $47.3 million, $7.9 million and ($4.3) million respectively as compared to $40.8 million, $7.1 million and ($3.8) million in the prior year. Sales for the six month period were 513,691 tons compared to 405,609 tons in the prior year, an increase of 27%.
As previously discussed, our first and second quarter were mainly considered transition quarters as we migrated the majority of our operations into a new mine complement: Knight, Posey Mill 2 and Old Union 2. Together with our existing Powhatan mine, the productive capacity of this new mine complement is expected to consistently be in the range of 60,000 to 80,000 tons per month. Our mine transition was completed towards the end of Q2 and therefore we were able to run steady state level production at all of our mines during this quarter. As a result, the Company was able to deliver a record quarter of production, revenue, EBITDA and free cash flow. We achieved records at all levels of our operations:
Note: Refer to the definition of EBITDA from operations and Free Cash Flow on the last page of this press release.
With steady state and consistent production at our mines, we are now looking to optimize our cost structure and drive operational efficiencies across all of our mines. In this context, we are also targeting to closely match our production to our projected monthly and quarterly sales in order to minimize coal inventories. Although our costs have been coming down over the last couple of quarters, from $56/ton in Q1 to $51/ton in Q3, we are targeting to bring the average production cost per ton at or below $50/ton.
Third Quarter and YTD 2013 Financial Results
Key quarterly statistics for 2013 and Q3 2012 are as follows:
Note: Operating cash flow is before changes in non-cash working capital
Sales for the quarter were 195,750 tons, an increase of 16% over Q2 2013 sales and 31% over Q1 2013 sales. Record sales of 67,500 tons were achieved in July.
Long term off-take contracts continue to enable the Company to achieve better than market pricing for our high quality coals. Average sales price per ton for Q3 was consistent with prior 2013 quarters. The slightly lower average price as compared to last year is a result of our changing coal mix (i.e. a higher ratio of thermal coal versus metallurgical coal) and the termination of a met coal contract in early 2013.
All of our production is currently committed into our off-take contracts with our customers and we are fully contracted for the remainder of the year.
Average production cost per ton continues to trend down and was $51/ton as compared to $56/ton in Q1 of 2013 or a decrease of 9%. With all mines at steady state production now and with an ongoing focus on operational efficiencies, we are targeting to achieve an average cost per ton of at or below $50/ton. Q3 production costs were unfavorably impacted primarily by higher than anticipated fuel costs, mainly as a result of the spike of WTI oil prices during the third quarter, and higher than anticipated equipment repairs.
Operating cash flow of $2.0 million was double the cash flow achieved in the comparable quarter of 2012.
Investment in equipment and mine development was $1.7 million as compared to $5.2 million in the comparable period last year. On a year to date basis, capital expenditures were $6.6 million through the end of September or less than half of the $14.5 million in expenditures in the comparable prior year period. The Company does not anticipate any significant new equipment purchases for the remainder of the year.
Free cash flow at $1.7 million is significantly up from ($1.9) million in Q3 2012 and from ($0.6) million and $0.2 million in Q1 and Q2 of 2013 and has turned positive following increased EBITDA performance and significantly reduced capital expenditures.
Repayment of equipment financing obligations continues at a healthy pace and through September 30, 2013, the Company repaid $5.7 million of these obligations.
Repaid $0.5 million of our August 2013 debenture and refinanced $0.6 million with a maturity date of May 8, 2014.
Improved our financial flexibility with approximately $3.1 million of undrawn credit facilities.
Reviewing options with respect to the repayment and/or refinancing of all or a portion of the May 2014 debentures.
Company President and CEO, Jos De Smedt commented: "We are extremely pleased with our quarterly results as the hard work of our team to transition from mine development to steady state production at all of our mines is now paying off for our Company. From an operational perspective, record production and sales is certainly evidence that we can operate at these levels at our new mines and, from a financial perspective, our metrics continue to improve. Record EBITDA of $3.4 million and especially record free cash flow of $1.7 million are additional indicators that we will be able to start building our cash position going forward. Also, recently obtained additional credit facility has improved our financial flexibility. We need to continue to build upon this Q3 momentum as we close out 2013 and position ourselves for 2014. With 85+% of our business contracted for in 2014, we are well positioned for a successful 2014. "
Outlook for the remainder of 2013
Although all of our mines are now positioned to produce at optimum levels and all of our 2013 production is committed into our off-take contracts, we anticipate sales for Q4 to be below Q3 levels due to plant maintenance and other factors at three main customers and overall reduced shipping days during the year-end holiday season. These factors are temporary and sales at these customers are expected to revert to normal quarterly levels in January. In this context, for November and December, the Company has taken a decision to scale back production in order to monetize existing inventory levels and match our production to our anticipated sales levels and thus realize production cost savings. Full scale production is expected to resume in January. October production exceeded 70,000 tons.
The Company continues to believe its existing equipment fleet is sufficient for the foreseeable future with its existing mine plan. On this basis, no significant new equipment purchases are planned for the rest of 2013 and possibly all of 2014.
On the basis of the forgoing and the fact that all of 2013 production and the majority of 2014 production has been sold into off-take contracts with our customers, the Company expects to consistently generate free cash flow for the remainder of 2013 and 2014.
For Further Information:
CanAm Corporate Office:
Jos De Smedt, President & CEO
Tel: 403.262.3797
Toll Free: 1.877.262.5888
Email: jdesmedt@canamcoal.com
EBITDA from operations and Free Cash Flow
Statements throughout this MD&A make reference to EBITDA from operations and Free Cash Flow which are non-IFRS financial measures commonly used by financial analysts in evaluating financial performance of companies, including companies in the mining industry. Accordingly, management believes EBITDA from operations and Free Cash Flow may be a useful metric for evaluating the Company's performance as it is a measure management uses internally to assess performance, in addition to IFRS measures. As there is no generally accepted method of calculating EBITDA from operations and Free Cash Flow, the terms used herein are not necessarily comparable to similarly titled measures of other companies. The items excluded from EBITDA from operations and Free Cash Flow are significant in assessing the Company's operating results and liquidity. EBITDA from operations and Free Cash Flow have limitations as an analytical tool and should not be considered in isolation from, or as an alternative to, net income or other data prepared in accordance with IFRS. EBITDA from operations is calculated as income from mining operations plus depreciation, depletion, accretion and amortization less general and administrative costs. Free Cash Flow is calculated as EBITDA from operations less financed and non-financed capital expenditures. Other financial data has been prepared in accordance with IFRS.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information and Statements
This press release contains certain forward looking statements and forward looking information (collectively referred to herein as "forward looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward looking statements. Forward looking statements are often, but not always, identified by the use of words such as "could", "should", "can", "anticipate", "estimate", "expect", "believe", "will", "may", "project", "budget", "plan", "sustain", "continues", "strategy", "forecast", "potential", "projects", "grow", "take advantage", "well positioned" or similar words suggesting future outcomes. In particular, this press release contains forward looking statements relating to: the future production of the Powhatan mine; the permitting of the Davis mine; and the potential production at the Davis mine. This forward looking information is based on management's estimates considering typical strip mining operations, equipment requirements and availability and typical permitting timelines.
RTRAF- Nice gain so far this year.
TORONTO, Jan. 16, 2014 /CNW/ - Aquila Resources Inc. (TSX: AQA) (OTCQX: AQARF) (FKT: JM4A) ("Aquila") and REBgold Corporation (TSX.V: RBG) ("REBgold") announced today that they have completed the following previously announced transactions:
I.
a statutory plan of arrangement, pursuant to which Aquila acquired 100% of the outstanding shares of REBgold in exchange for Aquila shares on a one-for-one basis (the "Arrangement");
II.
the acquisition of 100% of the shares of HudBay Michigan Inc. ("HMI"), effectively giving Aquila 100% ownership in the Back Forty Project; and
III.
the non-brokered private placement of REBgold shares for gross proceeds of approximately $4.85 million (the "REBgold Financing"). Pursuant to the REBgold Financing, Baker Steel Capital Managers LLP, on behalf of investment funds managed or controlled by it ("Baker Steel"), invested $4.5 million of such gross proceeds. Proceeds from the REBgold Financing will be used for general working capital and to fund the next phase of development activity at Back Forty.
Board of Directors & Management
With the successful completion of the Arrangement, Aquila is now led by Mark Burridge, Chairman, and Barry Hildred, who will continue in his capacity as Chief Executive Officer. Aquila's new management team is comprised of:
Management Team
Name
Position
Barry Hildred
CEO
Louis Nagy
CFO
Tom Quigley
VP Exploration
Coen Louwarts
VP Corporate Development
Paul Miller
VP Metallurgy
Mark Burridge will also provide advisory support to the management team in areas of business development and corporate finance.
The Aquila board is now comprised of:
Board of Directors
Name
Position
Mark Burridge
Chairman
Barry Hildred
Non-Independent Director
Edward Munden
Independent Director
Peter Bradshaw
Independent Director
Peter Secker
Independent Director
Stephen Fabian
Independent Director
Due to limitations on the size of the Aquila board immediately following closing of the Arrangement, it is intended that Ed Guimaraes will be put forward as a management nominee at Aquila's next annual general meeting of shareholders. Until such time, Mr. Guimaraes will act as an advisor to the Aquila board of directors.
Aquila and REBgold would like to thank the departing members of both management teams and boards for all their efforts during their tenure with Aquila and REBgold, and during this transitional period. The incoming management team and board wish them the best of luck in their future endeavors.
REBgold Financing
Pursuant to the REBgold Financing, REBgold issued a total of 37,300,385 shares at a price of $0.13 per share for gross proceeds of approximately $4.85 million. All of these shares were immediately exchanged for 37,300,385 Aquila shares pursuant to the Arrangement. In connection with the issuance of 2,285,000 REBgold shares for gross proceeds of $297,050 as part of the REBgold private placement, REBgold paid broker compensation consisting of (i) a cash commission equal to 7% of the gross proceeds related to such subscriptions, and (ii) non-transferable broker warrants (the "Broker Warrants") to purchase an aggregate of 159,950 REBgold shares (representing 7% of the REBgold shares related to such subscriptions) at a price of $0.15 per share for two years from the closing of the REBgold Financing. As a result of completion of the Arrangement, each Broker Warrant became exercisable for one Aquila share at a price $0.15 per share.
Post-Closing Capital Structure
Immediately following completion of the Arrangement and related transactions, there are approximately 183 million common shares of Aquila outstanding and 27.8 million common shares exercisable through stock options, convertible debentures and warrants.
Immediately prior to completion of the Arrangement and related transactions, there were 64,825,568 REBgold shares outstanding (including shares issued pursuant to the REBgold Financing). All of these shares were exchanged for Aquila shares pursuant to the Arrangement on a one-for-one basis. In connection with Aquila's acquisition of HMI, Aquila issued 18,650,193 shares to HudBay Minerals Inc. ("Hudbay") in satisfaction of the portion of the purchase price for HMI that was payable on closing. Baker Steel is now Aquila's largest shareholder and owns or controls 45,483,886 Aquila common shares or approximately 25% of the outstanding Aquila common shares. Hudbay now owns or controls 33,017,758 Aquila common shares or approximately 18% of the outstanding Aquila common shares.
Impact of the Arrangement on REBgold
In connection with the completion of the Arrangement, REBgold, as a wholly-owned subsidiary of Aquila, will have its shares delisted from the TSX Venture Exchange and will cease to be a reporting issuer.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements. 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". Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila and REBgold 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. Neither Aquila nor REBgold undertakes any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila's and REBgold'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.
TORONTO, Jan. 7, 2014 /CNW/ - Aquila Resources Inc. (TSX: AQA) (OTCQX: AQARF FKT: JM4A) ("Aquila") and REBgold Corporation (TSX.V: RBG) ("REBgold") are pleased to announce that REBgold has received a final order from the Ontario Superior Court of Justice approving the previously announced statutory plan of arrangement under section 192 of Canada Business Corporations Act (the "Arrangement") involving REBgold, Aquila and shareholders and optionholders of REBgold. Pursuant to the Arrangement, Aquila will acquire all of the issued and outstanding common shares of REBgold in exchange for common shares of Aquila on the basis of one common share of Aquila for each common share of REBgold. As previously announced, the Arrangement also received the approval of a requisite majority of holders of common shares of REBgold, at a duly constituted special meeting of shareholders held on December 30, 2013. Full details of the Arrangement are described in the joint information circular dated December 2, 2013 which was mailed to all shareholders of Aquila and REBgold.
Aquila and REBgold expect that the Arrangement, as well as the related acquisition by Aquila of all of the issued and outstanding shares of HudBay Michigan Inc. from HudBay Minerals Inc. will be completed on or about January 15, 2014. The transactions are conditional upon, among other things, completion of REBgold's non-brokered private placement of common shares for gross proceeds of between $4 million and $6 million at a price of $0.13 per share. Baker Steel, on behalf of investment funds managed or controlled by it, has agreed to subscribe for $4.5 million of the common shares offered pursuant to the private placement.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
TORONTO, Dec. 30, 2013 /CNW/ - Aquila Resources Inc. (TSX: AQA) (OTCQX: AQARF) (FKT: JM4A) ("Aquila") and REBgold Corporation (TSX.V: RBG) ("REBgold") are pleased to announce that, at special meetings of their respective shareholders held earlier today (each a "Meeting"), their respective shareholders overwhelmingly approved all resolutions relating to the previously announced plan of arrangement involving Aquila and REBgold (the "Arrangement") and the proposed acquisition by Aquila of the 51% interest in the Back Forty project in Michigan currently held by HudBay Minerals Inc.
At the REBgold Meeting, (i) the Arrangement was approved by 99.94% of the votes cast by REBgold shareholders present in person or by proxy at the Meeting, (ii) the participation by investment funds managed or controlled by Baker Steel Capital Managers LLP ("Baker Steel") in a non-brokered private placement of REBgold shares of a minimum of $4 million and a maximum of $6 million at a price of $0.13 per share was approved by 90.62% of the votes cast by REBgold shareholders present in person or by proxy at the Meeting other than Baker Steel, and (iii) the reduction of the stated capital of the REBgold shares was approved by 99.94% of the votes cast by REBgold shareholders present in person or by proxy at the Meeting.
At the Aquila Meeting, (i) the issuance of Aquila shares in connection with the Arrangement was approved by 99.98% of the votes cast by Aquila shareholders present in person or by proxy at the Meeting, (ii) the acquisition of all of the issued and outstanding shares of HudBay Michigan Inc. from HudBay Minerals Inc. was approved by 99.92% of the votes cast by Aquila shareholders present in person or by proxy at the Meeting other than Hudbay Minerals Inc., (iii) the granting of stock options to certain directors, officers and service providers of Aquila and REBgold who will be continuing with Aquila following the completion of the Arrangement was approved by 99.84% of the votes cast by Aquila shareholders present in person or by proxy at the Meeting other than the directors, officers and eligible service providers who will receive such stock options, and (iv) the issuance of debt satisfaction and compensation shares to certain directors, officers and service providers of Aquila and REBgold who will be continuing with Aquila following the completion of the Arrangement was approved by 99.87% of the votes cast by Aquila shareholders present in person or by proxy at the Meeting other than the directors, officers and eligible service providers who will receive such debt satisfaction and compensation shares.
Completion of the Transactions
Aquila and REBgold expect that the transactions will be completed in mid January 2014. The transactions are conditional upon, among other things, receipt of all required court and stock exchange approvals, and completion of REBgold's non-brokered private placement of common shares for gross proceeds of between $4 million and $6 million at a price of $0.13 per share. Baker Steel, on behalf of investment funds managed or controlled by it, has agreed to subscribe for $4.5 million of the common shares offered pursuant to the private placement.
RTRAF -Thanks for the post. Looking good.
TORONTO, Dec. 5, 2013 /CNW/ - Aquila Resources Inc. (TSX: AQA) (OTCQX: AQARF) (FKT: JM4A) ("Aquila") and REBgold Corporation (TSX.V: RBG) ("REBgold") advise that special meetings of their respective shareholders have been scheduled for December 30, 2013 in relation to the previously announced plan of arrangement involving Aquila and REBgold (the "Arrangement") and proposed acquisition by Aquila of the 51% interest in the Back Forty Project currently held by HudBay Minerals Inc.
REBgold will host its special meeting at 10:00 a.m. on December 30, 2013 at 333 Bay Street, Suite 3400 in Toronto. Aquila will host its special meeting at 11:00 a.m. on December 30, 2013 at the same location.
A joint information circular (the "Circular") with respect to the transactions has been filed with Canadian securities regulators and is being mailed to Aquila and REBgold shareholders of record as of the close of business on November 29, 2013. REBgold's mailing of the Circular follows its receipt of an interim order from the Supreme Court of Ontario on November 28, 2013 which provides for the calling of a special meeting of REBgold shareholders for the purposes of considering the Arrangement.
Post-Transaction Board of Directors & Management
Aquila and REBgold are also pleased to announce that, upon completion of the proposed transactions, Aquila's board of directors and management team is expected to be as follows:
BOARD OF DIRECTORS
NAME POSITION
Mark Burridge Chairman
Barry Hildred Director
Ted Munden Director
Peter Bradshaw Director
Peter Secker Director
Stephen Fabian Director
Edward Guimaraes Director
MANAGEMENT TEAM
NAME POSITION
Barry Hildred CEO
Louis Nagy CFO
Tom Quigley VP Exploration
Coen Louwarts VP Corporate Development
Paul Miller VP Metallurgy
Biographies for members of the post-closing board and management team are included in the Circular.
TSX Approval
The Toronto Stock Exchange ("TSX") has conditionally approved listing of the Aquila shares issuable pursuant to the transactions. Listing is subject to Aquila meeting all conditions imposed by the TSX.
Completion of the Transactions
Aquila and REBgold expect that the transactions will be completed in early January 2014. The transactions are conditional upon, among other things, receipt of all required court, stock exchange and shareholder approvals, including the shareholders of both Aquila and REBgold, and completion of the REBgold's previously announced non-brokered private placement of common shares for gross proceeds of between $4 million and $6 million at a price of $0.13 per share. Baker Steel Capital Partners LLP, on behalf of investment funds managed or controlled by it, has agreed to subscribe for $4.5 million of the common shares offered pursuant to the private placement.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Looks good, wonder why it has dropped since? GLTY
Thanks for the input. I'm glad to see that. GLTY
Thanks
The last part of that article is interesting, as I've wondered about the people around the site. When I went to a mine in the UP of Michigan, there were signs all over, split about 50/50, for and against. Do you know what is going on down there? Thanks
Yes, I initially thought not so good, but there are some big hitters there. I should have redid that Romarco post, it came out of SEDAR a little messed up. GLTY
ROMARCO MINERALS INC. (TSX: R)
(“
Romarco
” or the "Company") is pleased to
announce it has arranged a non-broker
ed private placement financing (the “Private Placement”) of approximately 71,678,600 common
shares of the Company (the “OfferedShares”) at a price of C$0.35 per Offered Share for aggregate gross proceeds of
C$25,087,510. The Company expects to close the Private Placement on or about
November 13, 2013. The Private Placement
is being executed with some of the
Company’s largest shareholders including BlackRock, Colonial First State Global Asset
Management, and Franklin Templeton Investments. A total of eight subscribers will
purchase approximately $24.5 million of the private placement with insiders subscribing for the balance.
Diane Garrett, President and CEO commented, “We are very pleased to have asignificant, longstanding and loyal shareholder base who have followed and supported our
progress with the Haile Gold Mine – a high grade, low cost, world class asset located in
South Carolina, USA.”
Closing of the Private Placement is subject
to receipt of approval of the Toronto Stock
Exchange. The Offered Shares will be subject to a four month plus one day hold period.
The Company intends to use the proceeds from the Private Placement to finance the
advancement of Romarco’s Haile Gold Mine including funding permitting activities,
equipment payments, and general corporate purposes.
Yes, Ive added the last few days.
Sure seems to be looking good. Just a little wait.
Thanks, just debating adding onto my small amount of shares. GLTY
Anything new happening here, 1Center? TIA
Insiders Are Buying AuRico Gold - Seeking Alpha(Thu, Oct 10)
CanAm Continues Its Strong Sales Performance and Sells 65,500 Tons in August 2013
CALGARY, ALBERTA--(Marketwired - Sept. 26, 2013) - CanAm Coal Corp. (TSX VENTURE:COE)(OTCQX:COECF) ("CanAm" or the "Company") is pleased to report preliminary coal sales for the month of August 2013 of approximately 65,500 tons. This is on the heels of a record 67,500 tons in July and is further evidence that our new mine compliment has the ability to consistently produce/sell between 60,000 to 70,000 tons per month. This represents a substantial increase from average actual Q1 and Q2 sales of approximately 50,000 and 56,000, respectively. Total sales for the third quarter 2013 to date were 133,000 tons compared to 103,000 tons in the comparable prior year, or an increase of 30,000 tons or almost 30%.
Company President and CEO, Jos De Smedt commented: "We are extremely pleased with our August performance and we are increasingly confident that we can maintain this pace for the remainder of 2013 and into 2014. With steady state and consistent production at our mines, we are now looking to optimize our cost structure and drive operational efficiencies across all of our mines."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information and Statements
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
CanAm Corporate Office:
Jos De Smedt
President & CEO
403.262.3797 or Toll Free: 1.877.262.5888
jdesmedt@canamcoal.com
www.canamcoal.com
(MORE TO FOLLOW) Dow Jones Newswires
September 26, 2013 09:01 ET (13:01 GMT)
TORONTO, Sept. 17, 2013 /PRNewswire/ - AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), ("AuRico" or the "Company") today announced that its Board of Directors has declared the Company's dividend payment of $0.04 per share for the third quarter ending September 30, 2013, payable on October 29, 2013 to shareholders of record at the close of business on October 11, 2013.
AuRico Dividend Policy
As previously announced on February 21, 2013, AuRico's Board of Directors approved a dividend policy as described below:
In 2013, the Company intends to pay an annual dividend of $0.16 per common share (payable quarterly); and
In subsequent years, the quarterly dividend will be linked to operating cash flow(1) ("OCF"), whereby the Company intends to pay out 20% of the OCF generated in the preceding quarter divided by the Company's outstanding common shares at the time the dividend is approved.
(1) As reported in the Company's financial statements.
Dividend Reinvestment Plan
As previously announced on June 11, 2013, AuRico's Board of Directors approved the introduction of a dividend reinvestment plan. Eligible shareholders may elect to participate in the dividend reinvestment plan. Participation in the dividend reinvestment plan is optional.
For further information on the Company's dividend reinvestment plan please visit www.auricogold.com/DRIP.
About AuRico Gold
AuRico Gold is a leading Canadian gold producer with mines and projects in North America that have significant production growth and exploration potential. The Company is focused on its core operations including the Young-Davidson gold mine in northern Ontario, and the El Chanate mine in Sonora State, Mexico. AuRico's project pipeline also includes advanced development opportunities in Mexico and Canada. AuRico's head office is located in Toronto, Ontario, Canada.
Cautionary Statement
This press release contains forward-looking statements and forward-looking information as defined under Canadian and U.S. securities laws. All statements, other than statements of historical fact, are forward-looking statements. The words "expect", "believe", "anticipate", "will", "intend", "estimate", "forecast", "budget" and similar expressions identify forward-looking statements. Forward-looking statements include information as to strategy, plans or future financial or operating performance, such as the Company's expansion plans, project timelines, production plans, projected cash flows or capital expenditures, cost estimates, projected exploration results, reserve and resource estimates and other statements that express management's expectations or estimates of future performance.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include: uncertainty of production and cost estimates; fluctuations in the price of gold and foreign exchange rates; the uncertainty of replacing depleted reserves; the risk that the Young-Davidson and El Chanate mine may not perform as planned; the risk that projects will not be developed accordingly to established budgets or timelines; changes in laws or regulations in Canada, Mexico and other jurisdictions in which the Company may carry on business; risks of obtaining necessary licenses, permits, authorizations or approvals for operations or projects such as Kemess; contests over title to properties; the speculative nature of mineral exploration and development; risks related to aboriginal title claims; compliance risks with respect to current and future environmental regulations; disruptions affecting operations; opportunities that may be pursued by the Company; employee relations; availability and costs of mining inputs and labor; the ability to secure capital to execute business plans; volatility of the Company's share price; any decision to declare dividends; the implementation and continued availability of the dividend reinvestment plan; the effect of future financings; litigation; risk of loss due to sabotage and civil disturbances; the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; risks arising from the absence of hedging; adequacy of internal control over financial reporting; changes in our credit rating; and the impact of inflation. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained herein. Such statements are based on a number of assumptions which may prove to be incorrect, including assumptions about: business and economic conditions; commodity prices and the price of key inputs such as labour, fuel and electricity; credit market conditions and conditions in financial markets generally; revenue and cash flow estimates, production levels, development schedules and the associated costs; our ability to procure equipment and supplies in sufficient quantities and on a timely basis; the timing of the receipt of permits and other approvals for our projects and operations; our ability to attract and retain skilled employees and contractors for our operations; the accuracy of our reserve and resource estimates; the impact of changes in currency exchange rates on our costs and results; interest rates; taxation; and our ongoing relations with our employees and business partners. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE AuRico Gold Inc.