Aquila Resources Inc.
FRANKFURT : JM4A
TSX : AQA

Aquila Resources Inc.

September 29, 2009 08:00 ET

HudBay President Joins Aquila Board of Directors

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2009) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company"). The Board of Directors of Aquila is very pleased to announce that Michael D. Winship, P.Eng, has been nominated to join the Board of Directors of Aquila Resources Inc. effective immediately. Mr. Winship is the President and Chief Operating Officer of HudBay Minerals Inc. ("HudBay") (TSX:HBM), a leading integrated mining company which recently entered into a Subscription, Option, and Joint Venture Agreement with Aquila on the Back Forty Project located in Menominee County, Michigan. HudBay currently owns a 14.9% undiluted equity interest in Aquila.

Mr. Winship is a highly qualified mining executive with over 30 years of mining experience and is recognized as an inspiring leader of change and value creation. Prior to joining HudBay Minerals as President and Chief Operating Officer in October, 2008, he held various senior executive positions with Vale Inco Limited in Indonesia and Canada. Prior to that, Mr. Winship worked at Placer Dome Inc. in various senior operational roles.

"Mr. Winship is an important addition to the Board of Directors," stated Thomas O. Quigley, the President and CEO of Aquila. "Aquila is focused on working with HudBay Minerals towards the development, permitting and construction of the Back Forty Project as well as developing new strategic projects both through organic growth and acquisition. We are excited to have Mr. Winship's professional experience in operations and mine development as well as his skills for corporate growth."

"I look forward to joining the Aquila Resources Board," said Mr. Winship. "The Back Forty Project is an exciting development property. Aquila has a talented team and I expect to contribute with them to the continued growth of this company."

On August 6th, 2009 HudBay and Aquila announced the signing of a Subscription Option and Joint Venture Agreement on the Back Forty Project located in Menominee County, Michigan. The Back Forty Project is an advanced exploration stage volcanogenic massive sulfide ("VMS") deposit containing zinc, gold, copper and silver. The January 2009 NI 43-101 compliant resource statement released by Aquila, and available at www.sedar.com, is summarized in the table below.



Mineral Resource Statement(1) for the Back Forty Deposit, Michigan, U.S.A.,
SRK Consulting, January 12, 2009.

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Grade
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Resource
Category Tonnes Gold (g/t) Zinc (%) Silver (g/t) Copper (%) Lead (%)
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Open Pit
Resources(2)
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Measured 4,660,000 2.04 3.64 29.2 0.68 0.08
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Indicated 1,260,000 4.03 5.63 47.3 0.37 0.30
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Measured &
Indicated 5,920,000 2.46 4.06 33.1 0.61 0.13
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Inferred 620,000 3.68 2.46 46.5 0.15 0.44
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Underground
Resources(3)
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Measured 1,060,000 1.21 9.23 26.5 0.39 0.86
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Indicated 1,510,000 1.51 9.11 24.0 0.19 0.47
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Measured &
Indicated 2,580,000 1.39 9.16 25.0 0.28 0.63
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Inferred 550,000 2.03 6.62 36.4 0.28 0.67
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Combined
Open Pit &
Underground
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Measured &
Indicated 8,500,000 2.13 5.61 30.6 0.51 0.28
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Inferred 1,170,000 2.90 4.42 41.7 0.21 0.55
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(1) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures have been rounded to reflect the
relative accuracy of the estimates. The cut-off grades are based on
metal price assumptions of US$0.79 per pound zinc, US$1.89 per pound
copper, US$0.55 per pound lead, US$678 per troy ounce gold and US$10
per troy ounce silver. Metallurgical recoveries were determined and
used for each of eight metallurgical domains determined for the deposit.
(2) Cut off grades for each of eight metallurgical domains based on NSR
values, average cut-off grade for open pit resource contained within
an optimized pit shell US$20.
(3) Cut off grades were determined for each of eight metallurgical domains
based on NSR values, average cut-off grade for underground resources
outside of an optimized pit shell is US$62.


More information about Aquila and the Back Forty Project can be found on the Company's website at www.aquilaresources.com.

This press release contains certain forward-looking statements. 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". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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