Aquila names director for Back Forty Project

Shunk-Grey

TORONTO, CANADA — Aquila Resources Inc. announced today that Bill Matheson, a mining executive with more than 30 years of operations and project management experience, has been named as Director, Construction. Mr. Matheson will oversee the development and construction of Back Forty, Aquila’s flagship zinc- and gold-rich project located in Michigan’s Upper Peninsula.

“Recent milestones, including receipt of a mine permit and closing of a private placement financing, allow us to start building an owner’s team capable of leading the construction effort at Back Forty,” said Andrew Boushy, Vice President, Project Development of Aquila Resources. “Bill brings considerable experience in building mines safely and on budget around the world. We welcome him to Aquila’s management team and look forward to working with him as we advance the Back Forty project towards commercial production.”

Over the past 10 years, Mr. Matheson has held senior project management positions with KGHM International and its predecessor company Quadra FNX Mining, Most recently at KGHM, he worked as Project Development Manager at the Ajax Project in Kamloops B.C. and was Acting Project Manager at the Victoria Project in Sudbury, Ontario. During his tenure at Quadra, Mr. Matheson was the Manager of Project Construction where he assisted in the construction completion and the start-up of the Franke Mine and where he led the critical expansion of the Carlota Copper Project in Arizona. Over his career, Mr. Matheson has held various construction and operational maintenance assignments with Merit Consultants International, Archer Daniels Midland and Teck Corona Operating Corp. His work has included international experience in Canada, the USA, Peru and Chile. He is a graduate of the Saskatchewan Technical Institute and he is currently acquiring his Project Management Professional (PMP) certification.

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 September 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 measured, indicated, and inferred resources over the 16-year life of mine, of which 12.5M tonnes will be open-pit and 3.6M tonnes will be underground.