Shares Outstanding: 338,284,556
TORONTO, May 6, 2019 /PRNewswire/
- Aquila Resources Inc. (TSX: AQA, OTCQB:
AQARF) ("Aquila" or the "Company") is pleased
to announce that on May 3, 2019, the
Michigan Office of Administrative Hearings and Rules issued a Final
Decision and Order upholding the Michigan Nonferrous Metallic
Mineral Mining Permit ("Mining Permit") for its Back Forty Project
in Michigan.
In February 2017, both the
Menominee Indian Tribe of Wisconsin and an individual owning property
near the project site filed an administrative contested case
challenge to the issuance of the Mining Permit by the Michigan
Department of Environmental Quality, now the Michigan Department of
Environment, Great Lakes, and Energy. An Administrative Law Judge
("Judge") convened an evidentiary hearing in April of 2018, which
ended in October 2018. On
May 3, 2019, following 30 days of
cumulative testimony, the Judge issued a final decision finding
"that the proposed mining operation will not pollute, impair, or
destroy the air, water and other natural resources, or the public
trust in those resources," in compliance with Michigan's Non Ferrous Metallic Mining
Statute.
Barry Hildred, President &
CEO of Aquila, commented "Aquila will continue its efforts with the
State of Michigan and local
communities to demonstrate our commitment to environmental
responsibility and sustainable resource development that benefits
all stakeholders. The Back Forty Mine will be 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, OTCQB: AQARF) is a
development‐stage company with strategic assets in the Great Lakes
Region. The Company's experienced management team is focused on
advancing pre-construction 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 1.1B pounds of
zinc and 1M ounces of gold in the
Measured & Indicated Mineral Resource categories, with
additional upside potential. Aquila has received all State and
Federal permissions required for the construction and commencement
of operations at the Back Forty Project.
The Company has two other exploration projects: Reef Gold
Project located in Marathon County,
Wisconsin and the Bend Project located in Taylor County, Wisconsin. 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 may contain 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.
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.
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SOURCE Aquila Resources Inc.