Key Developments: Aquila Resources Inc (AQARF.PK)
0.10USD
17 May 2013
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Latest Key Developments (Source: Significant Developments)
Aquila Resources Inc Enters Into Operating Agreement with HudBay Minerals Inc. for Back Forty Project
Aquila Resources Inc announced the Company has entered into an Operating Agreement with HudBay Minerals Inc. (Hudbay) to advance work at the Back Forty project (Back Forty or the Project). The Company also announced that, together with Hudbay, it expects to release a National Instrument (NI) 43-101 Preliminary Economic Assessment (PEA) for the Project within the next 60 days. The Back Forty project currently contains an NI 43-101 compliant Measured plus Indicated resource estimate of 17.89 million tonnes grading 1.57 g/t gold, 19.60 g/t silver, 0.19% copper and 2.44% zinc. Total contained metals include 907,000 ounces of gold, 11.31 million ounces of silver, 963 million pounds zinc, and 75.8 million pounds of copper. The Operating Agreement will govern exploration, development and operations at Back Forty. Under the terms of the Operating Agreement, Back Forty assets will be transferred into a Michigan Limited Liability Company. Initial ownership interests are 49% for Aquila and 51% for Hudbay, who will also remain the Project operator. Hudbay can increase its ownership to 65% (or an incremental 14% ) following completion of the feasibility study, submission of all mine permit applications and by making payments on outstanding land option agreements. Additionally, Hudbay will have the ability to increase its stake by another 10% should Aquila elect not to fund its portion of capital expenditures for development within 90 days of receipt of mining permits. Full Article
Aquila Resources Inc Announces Acquisition Of Five Mile Lake Zinc Project
Aquila Resources Inc announced acquisition of the Five Mile Lake project (Five Mile) located 10 kilometers southwest of Ely, Minnesota. The Five Mile Lake area hosts an altered sequence of felsic volcanic rocks with zinc occurrences associated with geophysical anomalies. Aquila has obtained mineral lease rights to a contiguous land block controlling 1,073 acres that covers the anomalies previously revealed by Teck. The land package was acquired through a purchase option agreement with Agate Lake Exploration which will include yearly payments of $20,500 each year over four years. An additional 3,194 acres of state mineral leases were bid on and are expected to be awarded later this year. The total lease costs on these leases are expected to total $12,300 over three years. Once completed the entire project area land package is expected to cover roughly 4,267 acres. Under the terms of the Strategic Exploration Alliance with HudBay, funding of up to $2 million in expenditures for the project will be provided by HudBay to earn a 50% interest, at which time a 50/50 joint venture will be formed. HudBay will have the right to earn an additional 15% interest in alliance joint ventures by funding the projects through feasibility and permit application. Full Article
Aquila Resources Inc Completes Corporate Financing
Aquila Resources Inc announced that it has completed its private placement offering of common shares previously announced in October (dated October 14, 2011). All Group Financial Services Inc. acted as agent for the Offering. The Company issued 4,477,000 common shares of the Company to qualified investors at a price of $0.50 per common share for aggregate gross proceeds of $2,238,500. The Company has paid the Agent a cash commission equal to 7% of the gross proceeds and has issued broker warrants to the Agent equal to 7% of the number of common shares issued under the Offering. Each broker warrant is exercisable into one common share of the Company at prices of $0.51 or $0.53 per share (depending upon the date of issuance) for a period of 18 months from the date of issuance. Full Article
Aquila Resources Inc Acquires Bend Copper-Gold Deposit; Closes Initial Tranche Of Private Placement
Aquila Resources Inc announced that it is acquiring the mineral rights to a land package controlling the Bend copper-gold deposit (Bend) near Medford, Wisconsin. The Bend deposit contains a historical resource estimate (non NI 43-101 compliant) of 3 million tonnes grading 2.4% copper, 1.4 g/t gold and 13.7 g/t silver, and remains open down dip and down plunge. In addition, a separate gold zone containing 1.23 million tonnes of 4.7 g/t gold and .31% copper was delineated in historic technical reports (non NI 43-101 compliant) and remains open in all directions. The Company also announced that it has closed the initial tranche of its previously announced private placement. The Company has issued 2,782,000 shares priced at $0.50 and anticipates closing the second tranche of financing shortly. The offering is for up to 6,000,000 common shares of the Company to qualified investors at a price of $0.50 per share for aggregate gross proceeds of $3,000,000 (see press release dated October 14, 2011). The Agent for the Offering is All Group Financial Services, Inc. (Agent). Net proceeds of the Offering will be used to fund additional exploration activities on the Company's portfolio of 100% owned gold projects and working capital. Full Article
Aquila Resources Inc Announces Corporate Financing
Aquila Resources Inc announced that it has entered into an agreement with All Group Financial Services Inc. (Agent) to complete a private placement offering (Offering), on a best efforts basis, of up to 6,000,000 common shares of the Company to qualified investors at a price of $0.50 per common share for aggregate gross proceeds of $3,000,000. The Company will pay the Agent a cash commission equal to 8% of the gross proceeds, a work fee of 200,000 broker warrants, and will issue to the Agent upon closing broker warrants equal to 8% of the number of common shares issued under the Offering. The securities issued in the private placement will be subject to a hold period of four months plus one day from the closing date. The financing is scheduled to close on or about October 31, 2011. The proceeds of the Offering will be used for general working capital of the Company. Full Article
Sumitomo pulls out of Aquila coal JV in Australia
SYDNEY - Aquila Resources on Monday suffered a set back to its plans to raise capital via asset sales to help fund a A$7.4 billion ($7.6 billion) Australian iron ore project after Sumitomo Corp pulled out of a coal exploration partnership.
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