Back Forty Mine Promoter Gets $2.5 Million Cash InfusionJune 18, 2020 -- Aquila Resources, Inc., announced today that it will receive $2.5 million in additional funding from Osisko Gold Royalties, Ltd., to continue development of the proposed Back Forty mine on the Menominee River west of Stephenson, Mich.
The funds are an advance payment on future gold production at the mine.
“This transaction provides Aquila with the certainty of funding necessary to enable us to continue to advance the Back Forty project towards construction,” said Barry Hildred, President and Chief Executive Officer of Aquila. “In addition to providing the Company with capital to continue building on recent positive permitting developments, the stream amendments also provide us with the flexibility to advance the Back Forty project on a schedule that reflects anticipated permitting, engineering, and financing timelines.”
Aquila says it has invested more than $95 million in the Back Forty mine to date. The project has been delayed for years by legal challenges.
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