Shares Outstanding: 332,949,056
- Issues raised in March 8, 2018 EPA letter substantially
resolved,
subject to inclusion of specific permit
conditions -
TORONTO, May 4, 2018 /CNW/
- Aquila Resources Inc. (TSX: AQA) ("Aquila" or the
"Company") announced today that the United States
Environmental Protection Agency (the "EPA") has provided
supplementary comments to the Michigan Department of Environmental
Quality (the "MDEQ") regarding the Company's
wetland/stream/floodplain permit (the "Wetlands Permit")
application for its Back Forty Project in Michigan.
Previously on March 8, 2018, the
EPA provided comments to the MDEQ requesting additional information
and clarification concerning certain issues related to the
Company's Wetlands Permit application (see Aquila news release
dated March 9, 2018). Aquila has been
working with the EPA to resolve its comments and to provide the
requested information. The Company is pleased to report that, in a
letter addressed to the MDEQ dated May 3,
2018, the EPA has confirmed that a number of objections
identified in the March 8, 2018
letter have been resolved. Further, the EPA believes there is a
ready pathway for the resolution of the EPA's remaining objections
through MDEQ's inclusion of specific conditions in a final Wetlands
Permit. Aquila has reviewed the proposed permit conditions and is
confident that the conditions can be readily
met.
The MDEQ and Aquila have until June 6,
2018 to ensure that the proposed permit conditions fully
address the EPA's objections. The Company will continue to
work with the MDEQ in order to completely satisfy all requirements
of both the State and Federal wetland and stream protection
statutes and believes all other related issues have
largely been reviewed. The Company is confident that it can work
with the MDEQ within the prescribed timeframe.
Aquila has taken great care to design a project that meets and
exceeds applicable environmental standards and is committed to
ensuring that the Back Forty Project is a safe, disciplined
operation that promotes and supports local community socio-economic
development and is protective of the environment.
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 and engineering activities for its 100%-owned zinc- and
gold-rich Back Forty Project in Michigan.
Aquila's flagship Back Forty Project is an open pit volcanogenic
massive sulfide deposit with underground potential located along
the mineral‐rich Penokean Volcanic Belt in Michigan's Upper Peninsula. The Project
contains approximately 1.1 billion pounds of zinc and 1 million
ounces of gold in the Measured & Indicated categories, with
additional upside potential. Currently Aquila is working to secure
the final State permit required to build and operate Back Forty
while completing a Feasibility Study.
The Company has three other exploration projects: Reef Gold
Project located in Marathon County,
Wisconsin, the Bend Project located in Taylor County, Wisconsin and Aquila Nickel
located in the Upper Peninsula,
Michigan. Reef is a gold-copper property and Bend is a
volcanogenic massive sulfide occurrence containing copper and
gold.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
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, statements with
respect to additional upside potential of the Back Forty Project,
the status of a feasibility study in respect of Back Forty, the
permitting status of the Back Forty Project and Aquila's future
exploration and development plans.
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. These risks include
those described under the heading "Risk Factors" in Aquila's most
recent annual information form and its other public filings, copies
of which can be under Aquila's profile at www.sedar.com. 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.