Aquila Resources Inc.

Published : August 14th, 2015

Aquila Resources Files Q2 2015 Financial Results and Provides Corporate Update

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Keywords :   Canada | Diamond | Gold | Lead | Silver | Zinc |

Aquila Resources Files Q2 2015 Financial Results and Provides Corporate Update

NEWS RELEASE Shares Outstanding: 220,914,874

AQUILA RESOURCES FILES Q2 2015 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

TORONTO, ON - August 14 2015 - Aquila Resources Inc. (TSX: AQA) ("Aquila"), a development-stage company advancing the gold and zinc-rich Back Forty Project in Michigan's Upper Peninsula, announced that it has filed its second quarter financial results for the period ended June 30, 2015. All amounts, unless indicated, are reported in U.S. dollars.

Q2 Corporate Highlights

Filed a letter of intent with the Michigan Department of Environmental Equality ("MDEQ") to submit a permit application for its flagship Back Forty Project before year end 2015.

Retained the services of Foth Infrastructure & Environment LLC, an engineering firm based in

Green Bay, Wisconsin to assist with the preparation of permit applications.

Retained SGS, an inspection, verification, testing and certification company, to complete comprehensive metallurgical test work at Back Forty. The test work will include ore variability assessment from ball milling. Results from the test work will be used for mine plan optimization in the Back Forty feasibility study.

Strengthened the management team by appointing Stephanie Malec as Chief Financial Officer and Andrew Boushy as Vice President of Project Development. Ms. Malec brings more than 15 years of experience, combining accounting, financial reporting, public markets and mining sector work. Mr. Boushy has more than 25 years in the mining industry with extensive experience in capital project management as well as asset optimization.

Repaid $736,552 worth of debentures that had reached maturity.

Shareholders elected Messrs. Mark Burridge, Peter Bradshaw, Andrew Dunn, Kevin Drover Stephen Fabian, Barry Hildred, and Edward Munden as Directors at the Company's Annual General Meeting held in Toronto on June 24, 2015.

Elected Edward Munden as Lead Director.

Improved cash of $2.4 million and working capital of $558,152 as at June 30, 2015. These compare with a cash balance of $461,175 and negative working capital of $1.4 million at December 31, 2014. The balance sheet improvement is due to a multi-level transaction completed with Orion at the end of Q1 2015 with a total value of $20.75 million. The transaction included a private placement and a silver purchase agreement. Concurrent with the transaction, the Company repurchased royalties associated with Back Forty from Hudbay Minerals and Vale Exploration USA for a total cash consideration of US$5 million.

Highlights Subsequent to Quarter End

Received a second tranche from its transaction with Orion totaling $1.35 million.

414 10th Avenue, Suite 1, Menominee, MI USA 49858 10 King St. E., Suite 300, Toronto, ON, Canada M5C 1C3

906.352.4024 F: 906.352.4027 T: 416.477-6980 F: 416.596-9840

www.aquilaresources.com

Outlook

"Backed by a strengthened balance sheet, our primary focus in the second half of 2015 will be to work collaboratively with local stakeholders and government officials to prepare and a submit a mine permit application that is fully compliant with Michigan's environmental regulations," said Barry Hildred, CEO of Aquila Resources. "In parallel with our development activities at Back Forty, we will continue to identify near-mine exploration targets with potential for resource expansion. We are currently conducting fieldwork on an adjacent land package to support a targeted drill program in Q3."
The targeted exploration program, which will begin September 2015, will consist of up to a maximum
1,000 metres of Diamond drilling close to the known mineralization.
Aquila anticipates starting work on a feasibility study for the Back Forty project by the end of the current year with expected completion in the latter half of 2016. The Company has engaged subject matter consultants to provide various services related to the planning of the study.
Aquila's Management Discussion and Analysis, and Financial Statements for Q2 are available on the
Company's website and on SEDAR at www.sedar.com.

Qualified Professional

Thomas O. Quigley, Vice President of Exploration, is the Qualified Person for Aquila Resources as described in National Instrument 43-101.

About Aquila Resources

Aquila Resources Inc. (TSX: AQA) is a development-stage company with assets in the Great Lakes Region including its 100%-owned gold- and zinc-rich Back Forty Project in Michigan's Upper Peninsula.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Barry Hildred, CEO Aquila Resources Inc. Tel: 416 477 6985
Email: [email protected]
Joe Racanelli
NATIONAL Equicom
Tel: 416 815 0700 ext. 243
Email: [email protected]

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

414 10th Avenue, Suite 1, Menominee, MI USA 49858 10 King St. E., Suite 300, Toronto, ON, Canada M5C 1C3

906.352.4024 F: 906.352.4027 T: 416.477-6980 F: 416.596-9840

www.aquilaresources.com

"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.

414 10th Avenue, Suite 1, Menominee, MI USA 49858 10 King St. E., Suite 300, Toronto, ON, Canada M5C 1C3

906.352.4024 F: 906.352.4027 T: 416.477-6980 F: 416.596-9840

www.aquilaresources.com

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Aquila Resources Inc.

EXPLORATION STAGE
CODE : AQA.TO
ISIN : CA03841G1019
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Aquila Resources Inc. is a zinc and lead exploration company based in Canada.

Aquila Resources Inc. holds various exploration projects in USA.

Its main exploration properties are BACK FORTY and MICHIGAN GOLD in USA.

Aquila Resources Inc. is listed in Canada. Its market capitalisation is CA$ 23.1 millions as of today (US$ 18.0 millions, € 15.9 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.74, and its lowest recent point on November 21, 2008 at CA$ 0.05.

Aquila Resources Inc. has 271 540 000 shares outstanding.

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Financings of Aquila Resources Inc.
9/22/2014announces closing of oversubscribed non-brokered private pla...
8/18/2014announces non-brokered private placement
5/22/2013Closes $519,000 Financing
12/21/2011Completes Corporate Financing
10/14/2011Announces Corporate Financing
2/16/2011and HudBay Commence Exploration Under Strategic Alliance-Hud...
Financials of Aquila Resources Inc.
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Project news of Aquila Resources Inc.
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5/24/2012(Back Forty)Announces Plans for New Resource Estimate at Back Forty Inco...
3/21/2012(Back Forty)Enters Into Operating Agreement with HudBay Minerals for Bac...
6/27/2011(Back Forty)Announces Updates on Back Forty and Aquila Gold Projects
4/19/2011(Back Forty)Update On Back Forty Project
Corporate news of Aquila Resources Inc.
6/23/2016Aquila Resources announces election results for its 2016 Ann...
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6/1/2016Orion Mine Finance increases ownership stake in Aquila Resou...
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8/14/2015Aquila Resources Files Q2 2015 Financial Results and Provide...
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6/29/2015Aquila Resources Announces Election Results for its 2015 Ann...
6/29/2015Aquila Resources Announces Grant of 1.4 Million Options
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4/1/2015Aquila Resources Closes Previously Announced Financing Trans...
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1/27/2015IIROC Trade Resumption - AQA
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1/26/2015IIROC Trading Halt - AQA
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2/27/2014(AQA.T) Has Moved!
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12/30/2013and REBgold Corporation announce results of special sharehol...
12/5/2013and REBgold Corporation Announce Special Shareholder Meeting...
6/26/2013Announces Election of Directors, Grants Options and Closes S...
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4/1/2013Announces Planned Private Placement; Files 2012 Year-End Fin...
3/18/2013Retains New CEO
2/4/2013(Back Forty)Announces Updated Mineral Resource Estimate for Back Forty
8/2/2012Drills 71.68 Meters of 1.68 Grams Per Tonne Gold Including 2...
7/9/2012Drills 65 Meters of 2.80 g/t Gold Including 8.88 Meters of 1...
6/11/2012Intersects Additional Gold Mineralization at Bend Copper-Gol...
5/8/2012Identifies Significant New Gold Mineralization at Reef Gold ...
4/26/2012(Back Forty)Announces Positive Results of Back Forty Preliminary Economi...
2/27/2012Announces Acquisition of Five Mile Lake Zinc Project
2/16/2012Alliance Exploration Budget Set At US$4.2 Million; Five Dril...
1/25/2012Drills 10.37 Grams Per Tonne Gold Over 4.48 Meters at Penins...
12/6/2011Acquires the Bend Copper-Gold Deposit
9/29/2011s Progress at Reef Gold Project Including 9.26 Meters of 21....
9/22/2011and HudBay Report 7.60 Meters of 7.33 Grams Per Tonne Gold a...
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6/6/2011to Commence Trading on OTCQX
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