NI 43-101 Estimate 582,000 Oz Au M+I
Aquila Files Technical Report for Back Forty Project
TORONTO, ONTARIO--(Marketwire - March 11, 2009) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") today reported that it has filed the National Instrument 43-101 Technical Report announced on January 15, 2009. A copy of the report is available at www.sedar.com (see March 2, 2009 Technical Report) under company documents for Aquila. The newly released resource contains 8.5 million tonnes (measured + indicated) of 2.13 grams/tonne (g/t) gold, 5.61% zinc, 30.6 g/t silver, 0.51% copper, and 1.17 million tonnes (inferred) of 2.9 g/t gold, 4.4% zinc, 41.7 g/t silver, and 0.21% copper.
The Aquila Board of Directors has also approved the issuance of a total of 1,850,000 incentive stock options convertible at a price of $0.15 for a period of five years. The stock options are granted to management, employees and directors of the Company. Aquila has implemented significant cost curtailment at the project and management level, aimed at preserving its working capital. The cost reductions have included a fifty percent reduction in management and staff remuneration as well elimination of director's fees - all effective at the end of November, 2008. In addition, the Company has reserved a further 300,000 options convertible at a price of $0.30 to a third party consultant, to be issued contingent upon successfully sourcing funding for the Company.
Recognizing current economic conditions, and as previously announced on October 14, 2008, Aquila continues to explore means of securing stable sources of funding in order to continue ongoing engineering and economic studies at the Back Forty Project. Bolstering the potential for project advancement, the Company is encouraged by recent affirmation of the decision to grant the surface use lease of state owned land for the construction of mining infrastructure to third parties involved in mine permitting in Michigan (see State of Michigan General Trial Division Case No: 08-263-AA Order dated March 3, 2008).
Additionally, the Company has budgeted for the continuation of key project activities at the Back Forty Project including continuation of baseline environmental monitoring at the project. The environmental baseline work is required in order to assess the potential environmental impacts of a future proposed mining operation in compliance with Part 632 of the Natural Resources and Environmental Protection Act (Michigan law). Baseline work commenced in July, 2007 and is ongoing, utilizing nationally recognized environmental scientists. This work is scheduled for completion in July of 2009.
https://www.marketwire.com/press-release/Aquila-Resources-Inc-TSX-AQA-959789.html
It hasn't moved the stock, though, at least not as of now. Last trade went at 20.5 cents, unchanged, and the bid-ask are currently lower.
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