Shares Outstanding: 192,173,528
TORONTO, Nov. 13, 2014 /CNW/ - Aquila Resources Inc. (TSX: AQA) (FKT: JM4A) (the "Company", "Aquila"), a development-stage company with assets in the Great Lakes Region
including its 100%-owned gold- and zinc-rich Back Forty Project in
Michigan's Upper Peninsula ("Back Forty"), announced that it has filed
its third quarter financial results for the period ended September 30th, 2014. Aquila's Management's Discussion and Analysis (MD&A) and
Financial Statements are available on the Company's website, www.aquilaresources.com, and on SEDAR, www.sedar.com.
Q3 Highlights
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In July 2014, Aquila announced results from its Preliminary Economic
Assessment ("PEA") on the Back Forty Project. Key highlights include:
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A $282 million pre-tax NPV, 38.8% IRR and 1.4 year payback period;
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Total payable mine production expected to be 532 thousand ounces of
gold, 704 million pounds of zinc, 63 million pounds of copper, 4,645
thousand ounces of silver, and 11 million pounds of lead;
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A total estimated initial capital cost of $261 million comprised of $177
million of direct pre-production capital expenditure ("CAPEX"), a $44
million contingency, and a $40 million of indirect and owner's costs;
and,
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Potential for a low-CAPEX, high-grade initial phase operation with a
$129.4 million pre-tax NPV, 38.6% IRR and a $100.8 million initial
capital cost. The initial phase operation would provide attractive
economic returns, mitigate certain start-up risks, and provide
significant optionality over the long-term.
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Announced an over-subscribed private placement financing for total gross
proceeds of $1.17 million. Proceeds from the Offering were allocated
towards the further exploration and development of Back Forty and
general working capital purposes.
Outlook
Subject to market conditions and available capital, Aquila's focus
throughout the remainder of 2014 and in 2015 is on:
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Evaluating a small exploration program on previously identified
near-mine targets;
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Ramping-up activities related to its permit application for Back Forty
with the Michigan Department of Environmental Quality;
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Finalize development plan for Back Forty, which includes commencement of
feasibility study; and,
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Secure strategic financial partners to support continued project
development.
About Aquila Resources
Aquila Resources Inc. (TSX: AQA) (Frankfurt: JM4A) is a
development-stage company with assets in the Great Lakes Region
including its 100%-owned gold- and zinc-rich Back Forty Project in
Michigan's Upper Peninsula.
This press release contains 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.
Forward-looking statements relate to any matters that are not historical
facts and statements of our beliefs, intentions and expectations about
developments, results and events which will or may occur in the future,
without limitation, statement with respect to: (i) the economic
analysis contained in the PEA; (ii) the development plan of the PEA and
results thereof; (iii) capital expenditure programs; (iv) the quality
or quantity of the mineral resources subject to estimates by Aquila;
and (v) work plans to be conducted by Aquila.
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. 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.
<p> Barry Hildred, CEO<br/> Aquila Resources Inc.<br/> Tel: 416 477 6985<br/> Email: <a href="mailto:bhildred@level2advisors.com">bhildred@level2advisors.com </a><br/> <br/> Marina Proskurovsky<br/> TMX Equicom<br/> Tel: 416 815 0700 ext. 288<br/> Email: <a href="mailto:mproskurovsky@tmxequicom.com">mproskurovsky@tmxequicom.com</a><br/> </p>