January 5, 2011
Aquila Completes 20 Drill Holes at Michigan Gold
TORONTO, ONTARIO--(Marketwire - Jan. 5, 2011) - AQUILA RESOURCES INC. ("Aquila") (TSX:AQA)(FRANKFURT:JM4A) today announced developments relating to its Michigan Gold Project located in the Upper Peninsula of Michigan. The Company is pleased to report that it has completed a total of 20 exploration holes at its 100% Aquila owned Peninsula Gold prospect with assays pending.
Michigan Gold Project (100% Aquila owned)
The Michigan Gold Project consists of a number of gold prospects in the Marquette Greenstone Belt in the Upper Peninsula of Michigan. An initial 20 widely-spaced holes have been drilled on the Peninsula Gold Target, the first of several gold targets in the area which are slated for drilling in 2011. The property is approximately 70 km north of the Back Forty Project and 3 km west of the Ropes Gold Mine, a former gold producer most recently operated in the 1980's by Callahan Mining Corp.
Initial drilling at the Peninsula target focused on a zone of shearing, silicification, and gold mineralization partially defined by Callahan Mining during the operation of the Ropes Mine. The current drilling was designed to further define and expand the Peninsula Shear Zone, and encountered a zone of shearing, brecciation and quartz carbonate veining. The 20 holes were drilled over a strike length of approximately 300 meters. Assays are expected shortly from the initial holes drilled.
Aquila's strategy for its Michigan Gold Project is to demonstrate the highly prospective nature of the Marquette Greenstone Belt and to build significant gold resources. The Company is actively acquiring additional mineral interests in the Greenstone Belt, including areas of extensive alteration, gold showings and partially drilled, non 43-101 compliant resources from previous exploration activities. Aquila will begin drilling at a second gold prospect while results from the Peninsula gold target are compiled and modelled.
Back Forty Project (currently 49% Aquila owned)
Joint venture operator, HudBay Minerals Inc. ("HudBay") (TSX:HBM)(NYSE:HBM) has announced a 2011 budget of $16 million for the Back Forty Project which includes approximately $5 million for exploration drilling (24,000 meters) with the balance for development activities at the project. Drilling activities will follow up on significant intersections down-plunge of the existing resource as well as a number of near-surface targets that have been generated by surface and airborne EM surveys at the project. Drilling has now commenced at the project after a short holiday break with two drill rigs operating, and a third expected later this month. Significant results will be announced as received.
Thomas O. Quigley is the Qualified Person for Aquila as described in National Instrument 43-101, and is responsible for the contents of this release.
More information about Aquila and the Back Forty Project, including updated drilling information, can be found on the Company's website at www.aquilaresources.com and at www.sedar.com.
This press release contains certain forward-looking statements. 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". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Shares Outstanding: 82,656,711
CONTACT INFORMATION:
Aquila Resources Inc. (Toronto)
Robin Dunbar
CFO
416-203-1404
rdunbar@aquilaresources.com
or
Aquila Resources Inc. (U.S.)
Thomas O. Quigley
President
906-753-9602
tquigley@aquilaresources.com
www.aquilaresources.com
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