Aquila Resources Inc.
FRANKFURT : JM4A
TSX : AQA

Aquila Resources Inc.

November 07, 2007 07:45 ET

Aquila Resources Inc.: Step Out Drilling Continues to Expand Pinwheel Massive Sulfide

Intercepts Include 21.7 Meters of 6.5% Zinc and 6.8 Meters of 11.6% Zinc

TORONTO, ONTARIO--(Marketwire - Nov. 7, 2007) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") today announced results from nine additional step out holes on the Pinwheel massive sulfide zone at its Back Forty project in the Upper Peninsula of Michigan. The drill holes were part of two fans of holes located 75 and 100 meters southwest of Pinwheel step out holes reported previously (Sept. 6, 2007). Further results are pending from 14 step out holes on the Pinwheel Zone drilled along strike for another 200 meters to the southwest.

Highlights of the nine drill holes reported herein include:

- Expansion of the zinc rich Pinwheel Zone massive sulfides for approximately 175 meters down dip in addition to the strike extension reported above.

- Significant gold values in Pinwheel Zone drilling including 32.3 meters of 2.6 grams per tonne (g/t) gold, and 21.5 meters of 3.6 g/t gold in massive sulfides and underlying stringer zones.

- Multiple mineralized intercepts in LK-202PE which encountered three zones of mineralization including the Pinwheel; deep intercepts of probable Main Zone South Limb (including 6.4 meters of 16.2% zinc) , and Deep Zone mineralization with 18.5 meters of 3.2 g/t gold and 0.49% copper.

- A new massive sulfide horizon intersected in two holes (with widths of 15.9 and 26.3 meters) located below the Pinwheel Zone.

- Multi-ounce silver values in several of the mineralized horizons.

Drill results are summarized below:



-------------------------------------------------------------------------
All
Intervals
in Meters Est.
---------- True g/t g/t % % %
Hole # From To Width Au Ag Cu Pb Zn Description
-------------------------------------------------------------------------
LK-185PE 63.4 85.3 19.5 1.36 18.43 0.38 0.33 3.14 Pinwheel
Massive
Sulfide
includes 63.9 72.0 7.2 1.05 17.79 0.36 0.37 7.88 Pinwheel
Massive
Sulfide
-------------------------------------------------------------------------
LK-187PE 49.7 82.0 28.1 2.59 17.58 0.48 0.15 0.63 Pinwheel
Massive and
Semi Massive
Sulfide
-------------
includes 70.5 80.5 8.7 5.28 27.76 0.31 0.30 0.21 Pinwheel
Massive and
Semi Massive
Sulfide
-------------------------------------------------------------------------
LK-188PE 53.0 62.0 9.0 3.49 15.70 1.27 15.75 5.70 Pinwheel
Massive
Sulfide
-------------
includes 57.7 62.0 4.3 1.07 16.53 0.82 0.15 11.70 Pinwheel
Massive
Sulfide
-------------
Stringer
76.5 98.0 21.5(i) 3.62 9.97 0.31 0.04 0.14 Sulfides
-------------------------------------------------------------------------
LK-189PE 68.0 77.1 3.0 2.84 75.51 0.35 1.25 0.25 Tuffaceous
Sediments
-------------
77.1 121.5 14.7 0.76 13.34 0.55 0.09 6.29 Pinwheel
Massive
Sulfide
-------------
includes 77.1 91.1 4.6 0.54 17.33 0.48 0.21 17.67 Pinwheel
Massive
Sulfide
-------------------------------------------------------------------------
LK-191PE No significant values Rhyolite
Crystal Tuff
-------------------------------------------------------------------------

-------------------------------------------------------------------------
All
Intervals
in Meters Est.
---------- True g/t g/t % % %
Hole # From To Width Au Ag Cu Pb Zn Description
-------------------------------------------------------------------------
LK-198PE 28.2 49.9 21.7 1.94 18.52 0.35 0.89 6.48 Pinwheel
Massive
Sulfide
includes 28.2 35.5 7.3 0.80 30.57 0.30 2.33 14.17 Pinwheel
Massive
Sulfide
61.0 68.5 7.5(i) 5.01 12.37 0.25 0.17 0.19 Semi Massive
Sulfides
98.5 114.4 15.9(i) 0.97 7.56 0.23 0.12 0.38 Massive
Sulfides -
Unknown Zone
-------------------------------------------------------------------------
LK-199PE 33.3 52.1 17.8 0.58 4.66 0.11 0.53 4.48 Pinwheel
Massive
Sulfide
includes 33.3 40.5 6.8 0.56 11.37 0.18 1.16 11.58 Pinwheel
Massive
Sulfide
79.4 80.0 0.6(i) 6.32 461.42 0.11 2.02 0.21 Sheared
Rhyolite
Crystal Tuff
136.0 162.3 26.3(i) 1.59 9.07 0.31 0.14 0.75 Massive
Sulfides -
Unknown Zone
-------------------------------------------------------------------------
LK-200PE 63.0 66.0 3.0(i) 2.72 46.59 0.07 0.38 0.04 Altered
Rhyolite
Crystal Tuff
69.0 72.0 3.0(i) 6.71 16.71 0.01 0.03 0.01 Altered
Rhyolite
Crystal Tuff
82.5 88.5 6.0(i) 3.10 72.28 0.08 0.64 0.11 Altered
Rhyolite
Crystal Tuff
-------------------------------------------------------------------------
LK-202PE 22.1 40.4 15.6 0.33 55.22 0.45 1.97 4.60 Pinwheel
Massive
Sulfide
includes 22.1 29.5 6.4 0.19 67.63 0.50 4.55 9.88 Pinwheel
Massive
Sulfide
49.1 52.0 2.9(i) 4.29 88.22 0.06 0.13 0.02 Stringer
Sulfides
249.3 262.3 13.0(i) 1.97 29.67 0.23 0.16 8.71 South Limb
massive
sulfides and
stringers
includes 255.0 261.5 6.4(i) 1.66 12.41 0.15 0.11 16.20 South Limb
massive
sulfides and
stringers
383.5 402.0 18.5(i) 3.16 29.06 0.49 0.23 0.29 Deep Zone
massive
sulfides and
stringers
-------------------------------------------------------------------------
(i) Drilled thickness, true thickness unknown


Within each fan of holes reported above, distances between intercepts ranged from 16 to 46 meters and have resulted in an expansion of Pinwheel massive sulfides for approximately 175 meters down dip and 100 meters along strike. Additionally, another 14 step out holes (assays pending) have been completed to the southwest for a total of a 300 meter strike extension.

A plan view map showing the location of announced and pending drill holes is posted on the Aquila website at http://www.aquilaresources.com/map.

Expansion of Main Zone South Limb

Deeper mineralization intersected in LK-202PE (13.0 meters of 8.71% zinc, 1.97 g/t gold and 29.67 g/t silver) represents a potentially significant expansion of the Main Zone South Limb. LK-206PE (assays pending) also encountered this horizon approximately 60 meters from the intercept in LK-202PE. A drill is now focusing on this developing zone to establish its relationship to the South Limb.

Other Drilling at Back Forty Ongoing

In the eastern portion of the Back Forty resource, drilling targeting PM Gold mineralization has encountered unexpected massive sulfides south of the porphyry intrusion hosting the PM Gold Zone. This intercept is a likely extension of the East Zone massive sulfide on the south side of the porphyry - an area with no previous drilling. Follow up drilling in this area has also identified siliceous sediments with mineralization visually similar to the 90 Gold Zone located approximately 300 meters to the southwest.

Ongoing drilling will target continuing Pinwheel expansion, expansion and definition of the deep South Limb intercepts, step out drilling around the new massive sulfide south of the East Zone and step out drilling at the 90 Gold Zone. Three drills continue to operate at the project.

Termination of TSX Venture Exchange Escrow Agreement

Aquila also announced today that as a result of its listing on the TSX and subject to the approval of the TSX Venture Exchange, the escrow agreement pertaining to escrowed shares held under the TSX Venture Exchange Value Escrow will terminate. A total of 8,285,211 common shares will be released from the escrow agreement.

For more information about Aquila Resources Inc. please visit the Aquila website at www.aquilaresources.com.

Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The securities being offered have not and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws, and may not be offered or sold within the United States or to or for the account of benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to purchase securities in the United States.

Shares Outstanding: 70,109,478

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