-Company adds to its senior leadership
team and announces the retirement of Tom
Quigley as VP, Exploration-
Shares Outstanding: 271,939,638
TORONTO, Aug. 10, 2017 /CNW/ - Aquila Resources
Inc. (TSX: AQA) ("Aquila"), a permitting-stage
company advancing the zinc- and gold-rich Back Forty Project in
Michigan's Upper Peninsula
announced that it has filed its financial results for the three-
and six-month periods ended June 30,
2017. All amounts, unless indicated, are reported in U.S.
dollars.
SECOND QUARTER HIGHLIGHTS
- Received the final National Pollutant Discharge Elimination
Systems Permit ("NPDES") from the Michigan Department of
Environmental Quality ("MDEQ"). The NPDES permit is the third
of four required permits to build and operate the Back Forty
Mine.
- Released the first round of results from the Company's 2017
10-hole drill program at the Back Forty project. The 10
holes were a combination of infill, step out and geotechnical
drilling. The results included 11 meters of 20% zinc in hole
GT-11 and 6.27 meters of 28.3 grams per tonne of gold in hole
GT-12.
- Completed additional fieldwork to be included in the
re-submission of the Company's wetland protection permit covered
under NREPA 1994 PA 451, as amended, Part 303 Wetlands, Part 301
Inland Lakes and Part 31 Floodplain. Aquila has been working
on addressing all of the state regulators comments received under a
correction request notice for the wetlands permit in January.
- Advanced with development of the Feasibility Study for the Back
Forty Project. Key progress included completion of metallurgical
test, mill work sizing, completion of definition drilling, and
completion of an optimized process plant design and site
layout.
- Named Dave Anderson as Director
Permitting and Environment. Mr. Anderson brings 25 years of
experience in environmental monitoring, impact assessment,
regulatory affairs and permitting, and most recently served as the
Director of Environment for Highland Copper's Copperwood project
where he was involved in the project from exploration, through
completion of feasibility and permitting. Mr. Anderson also
brings years of legislative and government affairs experience in
mining regulation and mining tax reform. Mr. Anderson has served on
numerous state, tribal and federal committees and worked with
regional non-government organizations in shaping conservation
policy, protection of water resources and environmental
remediation. Mr. Anderson has a Bachelor of Science degree in
Environmental Studies from Northland
College with an emphasis in policy and law.
- Appointed Chantae Lessard as
Director of Social Responsibility and Engagement. Ms. Lessard has
20 years of experience in the mining industry and expertise in
emerging social performance developments. Most recently, she was
responsible for community engagement at the Eagle Mine, which is
located in Michigan's Upper
Peninsula, working with the company through its permitting,
construction and production stages. Previously, she worked at
Rio Tinto's Kennecott Utah Copper mine. Ms. Lessard has an
Associate of Arts degree in the Paralegal Field, a Bachelor of
Science degree in Business Management, a Master of Professional
Communication degree, and a Graduate Diploma in Community
Relations. In addition, she completed a program at the University of Arizona on Rebuilding Native
Nations.
- As at June 30, 2017, Aquila had
cash of $3.0 million and working
capital of $1.9 million. This
compares to cash of $1.4 million and
working capital of $0.6 million at
December 31, 2016. The working
capital increase was due to the private placement in February 2017, offset by the funding of the
Company's permitting activities, Feasibility Study and 2017 drill
program.
POST QUARTER HIGHLIGHT
- Named Jeff Lynott as Director of
Exploration. Mr. Lynott will be responsible for the continuing
technical evaluation of the Back Forty Project as well as offsite
mineral exploration and property acquisition. Mr.
Lynott, has more than 30 years of mineral exploration experience,
primarily focused on massive sulfide exploration and development in
the Great Lakes region, including extensive experience working at
Back Forty. He also has 10 years of experience with mine
permitting. Mr. Lynott is a Professional Geologist with a
Master of Science Degree from Michigan
Technological University and a Bachelor of Science Degree
from the University of Minnesota,
Duluth. Mr. Lynott will succeed Tom
Quigley who will be retiring from the Company. Mr.
Quigley has worked on the Back Forty Project from its initial
discovery back in 2001 and was Aquila's CEO from 2006 to 2013.
"Q2 was again marked by considerable progress toward our goals
of strengthening the leadership team, advancing our permitting and
exploration activities at Back Forty, and the finalization of our
Feasibility Study," said Barry
Hildred, CEO of Aquila Resources. "As we move closer
to a construction ready project we will continue to add to our team
while exploring all project financing options including strategic
opportunities for the Company and Back Forty."
Mr. Hildred added, "On behalf of the Board and the senior
leadership team, I would like to thank Tom
Quigley for his many contributions to Aquila over the
years. Tom has been a central figure in getting the Company
to this point in its evolution and we wish him well with all of his
future endeavors.
Following a short transition period, Mr. Quigley will continue
to make his services available to the Company through a consulting
arrangement.
ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX:
AQA) is a development-stage company with strategic assets in the
Great Lakes Region. The company's experienced management team is
currently focused on advancing permitting activities for its
100%-owned gold- and zinc-rich Back Forty Project in
Michigan.
Aquila's flagship Back Forty Project is a volcanogenic massive
sulfide (VMS) deposit located along the mineral-rich Penokean
Volcanic Belt in Michigan's Upper
Peninsula. In its updated Preliminary Economic Assessment filed in
September 2014, Back Forty
demonstrated strong economics with a pre-tax NPV of $282 million ($210.8
million after-tax) and a pre-tax IRR of 38.8% (32%
after-tax) based on mining 16.1M tonnes of measured, indicated, and
inferred resources over the 16-year life of mine, of which 12.5M
tonne will be open-pit and 3.6M tonnes will be underground.
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.