Shares Outstanding: 338,556,404
TORONTO, Feb. 28, 2020 /PRNewswire/ - Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) ("Aquila" or the "Company") announced the filing of its financial results for the fourth quarter and year ended December 31, 2019. All amounts, unless indicated, are reported in US dollars.
"2019 was a year of considerable progress and achievement for Aquila as we continued to advance the Back Forty Project towards construction," said Barry Hildred, President and Chief Executive Officer of Aquila. "Key permitting milestones achieved during the year included the Back Forty Mining Permit being upheld both in court and subsequently by an environmental review panel and, in Q4 2019, Aquila was issued amended Mining and Air permits. In 2020, our focus is to clear remaining legal hurdles and to get Back Forty shovel-ready. In order to fund these activities, we continue to evaluate interim and long-term funding options, including certain strategic opportunities with a variety of partners."
FOURTH QUARTER HIGHLIGHTS
POST QUARTER HIGHLIGHTS
SELECTED FINANCIAL INFORMATION
The following table provides selected financial information that should be read in conjunction with the financial statements of the Company for the year ended December 31, 2019:
Mineral property exploration expenses
Write down of mineral property interests
Net finance charges (recoveries)
Loss from operations
(Gain) loss on foreign exchange
Loss (gain) on change in value of contingent consideration
(Gain) loss on change in fair value of warrant liability
Net and comprehensive loss for the period
Net loss per share - basic and diluted
ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development‐stage company with strategic assets in the Great Lakes Region. The Company's experienced management team is focused on advancing pre-construction activities for its 100%‐owned zinc‐ and gold‐rich Back Forty Project in Michigan.
Aquila's flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral‐rich Penokean Volcanic Belt in Michigan's Upper Peninsula. The Project contains approximately 1.1B pounds of zinc and 1M ounces of gold in the Measured & Indicated Mineral Resource categories, with additional upside potential.
The Company has two other exploration projects: Reef Gold Project located in Marathon County, Wisconsin and the Bend Project located in Taylor County, Wisconsin. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release may contain 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.
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. These risks include those described under the heading "Risk Factors" in Aquila's most recent annual information form and its other public filings, copies of which can be under Aquila's profile at www.sedar.com. 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.
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SOURCE Aquila Resources Inc.