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TORONTO, Nov. 26, 2015 /PRNewswire/ - Aquila Resources
Inc. (TSX: AQA) ("Aquila") announced today that it
has received notice from the Michigan Department of Environmental
Quality ("DEQ") stating that it has performed an initial review of
the Mine Permit Application ("Application") for the Company's Back
Forty Project under the requirements of Part 632, Nonferrous
Metallic Mineral Mining, of the Natural Resources and Environmental
Protection Act, 1994 PA 451, and the DEQ has determined the
Application is administratively complete. The DEQ will now
proceed with the technical review of the Application. This
determination is not meant to be a finding of the adequacy or
accuracy of the information submitted.
Consistent with Michigan's
permitting process, Aquila's application requests specific permits
for Nonferrous Metallic Minerals Mining, National Pollutant
Discharge Elimination System, Wetlands Protection and
Air.
Aquila anticipates that the development, construction and
operation of Back Forty will result in investment benefits and the
creation of temporary and permanent jobs as well as economic
spinoffs for Michigan's Upper
Peninsula and local counties.
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
July 2014, Back Forty demonstrated
strong economics with a pre-tax NPV of $282
million and a pre-tax IRR of 38.8% based on mining 16.1M
tonnes of mineralized material 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.