October 14, 2008
Aquila Extends Gold, Silver, Copper, Zinc Zone 540 Meters and Moves to Conserve Cash
Highlights include 3.5 meters 9.4 grams/tonne gold and 79.8 grams/tonne silver
TORONTO, ONTARIO--(Marketwire - Oct. 14, 2008) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") is pleased to release assays from the final 13 drill holes targeting the Pinwheel Zone expansion at the Back Forty Project in Michigan's Upper Peninsula. This drilling has successfully extended this zone 540 meters along strike.
Significant intercepts include:
- 3.5 meters (m) 9.4 grams/tonne (g/t) gold and 79.8 g/t silver in LK-312PE
- 1.8 m 2.1 g/t gold, 1,308.7 g/t silver and 1.3% copper in LK-314PE
- 1.1 m 1.4% copper and 478.6 g/t silver in LK-311PE
Detailed results from the 13 holes summarized above are available on the Company's website at www.aquilaresources.com.
Aquila's extensive exploration drill program of 44,000 meters in 203 new drill holes since completion of NI 43-101 compliant resource in April 2007 is now complete with results of the remaining 37 holes still pending. A new 43-101 resource estimate is expected before the end of 2008. Aquila anticipates that the newly released results from the Pinwheel Zone expansion announced today, which is a poly-metallic lens of massive to semi-massive sulfide containing predominantly copper and zinc with local enrichments of gold and silver, will significantly expand this multi metal resource.
With the suspension of drilling, the Company has begun geotechnical and mine planning work necessary to complete a 43-101 Preliminary Economic Assessment expected to be completed in 2009. "We are eagerly awaiting the new resource numbers and results of the Preliminary Assessment, and hope to establish the Back Forty as a major, poly-metallic deposit with continued potential for expansion," stated Tom Quigley, Aquila's President.
While Aquila is financially well positioned to continue to advance the Back Forty towards a development decision, management and the Board of Directors have developed plans to curtail expenditures and extend the existing budget through 2010 in the event capital markets fail to improve. Concurrently with this, the Company is evaluating a variety of financing options and partnerships to enable the Back Forty Project to proceed on schedule with advancement toward feasibility and permitting. "It is our intention to continue towards development at the project, and our current cash position and projected expenditures for 2009 will allow us to maintain our projected time lines," stated Mr. Quigley.
Sample preparation and analyses for this release were conducted by Accurassay Labs in Thunder Bay, Ontario on split drill core supplied by Aquila. Standards were inserted in the sample sequences with check assays and re-run's routinely conducted. Tom Quigley, P.Geo. and President of Aquila is the Qualified Person as described in National Instrument 43-101 for the Back Forty Project and is responsible for the content of this press release.
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The securities being offered have not and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws, and may not be offered or sold within the United States or to or for the account of benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to purchase securities in the United States.
Shares Outstanding: 70,109,478
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the contents of this release.
CONTACT INFORMATION:
Aquila Resources Inc. (Toronto)
Robin Dunbar
CFO
(416) 203-1404
Email: info@aquilaresourcesinc.com
or
Aquila Resources Inc. (U.S.)
Thomas O. Quigley
President
(906) 753-9602
Email: tquigley@aquilaresources.com
Website: www.aquilaresources.com |
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