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.
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