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TORONTO, June 13, 2016 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila"), a development-stage company advancing the gold and zinc-rich Back Forty Project in Michigan's Upper Peninsula, today announced that the Company has responded to the Michigan Department of Environmental Quality's (MDEQ) request for additional information pertaining to its previously filed Mine Permit Application (MPA). To date, all four of the Company's permit applications have been deemed administratively complete.
The MDEQ's Mining Team has conducted a thorough review of the Back Forty Project MPA. The application was submitted to the Office of Oil, Gas and Minerals of the MDEQ on November 12, 2015 under the requirements of Part 632, Nonferrous Metallic Mineral Mining, of the Natural Resources and Environmental Protection Act, 1994, PA 451, as amended (NREPA) (Part 632). Public comments received during the public comment period were taken into consideration as part of the MDEQ's review.
On May 9th, 2016, the MDEQ's Mining Team notified the Company of a number of areas where additional information and clarification were necessary to complete a comprehensive and accurate review of the MPA. Part 632 allows for the request of additional information to supplement, clarify and support the projects activities proposed in the MPA. In total, the MDEQ forwarded 197 questions that required clarification and response from the Company.
Based on the regulatory review schedule encompassed in Part 632, Aquila anticipates that the MDEQ will render a proposed decision on the MPA in July 2016 pending its review of Aquila's response to the 197 questions.
"Subsequent to the MDEQ's request for additional information, we worked diligently with our consultants and technical specialists to respond in a thorough and timely manner," said Barry Hildred, CEO at Aquila Resources. "We are very encouraged with the progress of the permit review process and we look forward to an imminent decision from the MDEQ."
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 ($210.8 million after-tax) and a pre-tax IRR of 38.8% (32% after-tax) based on mining 16.1M tonnes of mineralized material over the 16-year life of mine, of which 12.5M tonnes 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.
For further information: Barry Hildred, CEO, Aquila Resources Inc., Tel: 647 943-5672, Email: firstname.lastname@example.org; Joe Racanelli, NATIONAL Equicom, Tel: 416 586-1943, Email: email@example.com