Aquila Resources Inc T.AQA

Primary Symbol: AQARF

Metals & Mining Industrial Metals & Minerals

Aquila Resources Inc is in the business of exploring for and developing mineral properties. It operates in two geographical areas, the United States and Canada. It has three assets, the Back Forty Project located in Michigan's Upper Peninsula; Bend Project and Reef Project, are found along the mineral-rich Penokean Volcanic Belt. The area hosts multiple deposit types including VMS, magmatic copper-nickel and stratiform copper.

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Aquila Resources Inc

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Comment by yoda2on Sep 17, 2013 9:40am

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Post# 21745129

RE:RE:RE:RE:a little bit of due dilligence

Apple thank you for the info and the caution.
In follow-up I looked a little at AQA's web site and it seems to me (but I am not sure) that:

the back forty is locked into a separate company, BFJV?, and HBM owns 51% and AQA 49%,

HBM annouced it will not invest any more money in developing or exploring the project,

Of course it would seem HBM is still on the hook for the residual costs of holding the project and of the other commitments made to outsiders when the property was acquired,

I do not know if AQA has to fund its 49% share of these on-going residual project costs ,

AQA's position seems limited either to find new financing (or a new partner) to fund the project's development and exploration and/or to buy out HBM's 51% interest.

In summary it looks like AQA is stuck, with few alternatives to move the back forty project forward.

I hope this info is helpful and I would appreciate further elaborations and clarifications (particularly in those areas where my impressions are incorrect.