Aquila Resources Inc.

Aquila Resources Inc.

March 11, 2009 08:00 ET

Aquila Files Technical Report for Back Forty Project

TORONTO, ONTARIO--(Marketwire - March 11, 2009) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") today reported that it has filed the National Instrument 43-101 Technical Report announced on January 15, 2009. A copy of the report is available at (see March 2, 2009 Technical Report) under company documents for Aquila. The newly released resource contains 8.5 million tonnes (measured + indicated) of 2.13 grams/tonne (g/t) gold, 5.61% zinc, 30.6 g/t silver, 0.51% copper, and 1.17 million tonnes (inferred) of 2.9 g/t gold, 4.4% zinc, 41.7 g/t silver, and 0.21% copper.

The Aquila Board of Directors has also approved the issuance of a total of 1,850,000 incentive stock options convertible at a price of $0.15 for a period of five years. The stock options are granted to management, employees and directors of the Company. Aquila has implemented significant cost curtailment at the project and management level, aimed at preserving its working capital. The cost reductions have included a fifty percent reduction in management and staff remuneration as well elimination of director's fees - all effective at the end of November, 2008. In addition, the Company has reserved a further 300,000 options convertible at a price of $0.30 to a third party consultant, to be issued contingent upon successfully sourcing funding for the Company.

Recognizing current economic conditions, and as previously announced on October 14, 2008, Aquila continues to explore means of securing stable sources of funding in order to continue ongoing engineering and economic studies at the Back Forty Project. Bolstering the potential for project advancement, the Company is encouraged by recent affirmation of the decision to grant the surface use lease of state owned land for the construction of mining infrastructure to third parties involved in mine permitting in Michigan (see State of Michigan General Trial Division Case No: 08-263-AA Order dated March 3, 2008).

Additionally, the Company has budgeted for the continuation of key project activities at the Back Forty Project including continuation of baseline environmental monitoring at the project. The environmental baseline work is required in order to assess the potential environmental impacts of a future proposed mining operation in compliance with Part 632 of the Natural Resources and Environmental Protection Act (Michigan law). Baseline work commenced in July, 2007 and is ongoing, utilizing nationally recognized environmental scientists. This work is scheduled for completion in July of 2009.

About Aquila Resources Inc.

Aquila is an exploration and development stage company focusing on the Back Forty Project in Menominee County, Michigan. In January, 2009 Aquila announced an updated NI 43-101 Mineral Resource at the Back Forty Project (see Press release dated January 15, 2009). In addition to completing baseline environmental studies, the Company is also proceeding with key elements of work required for the completion of a NI 43-101 compliant Preliminary Economic Assessment of the project. With a robust mineral resource and excellent project infrastructure, Aquila is positioned to capitalize on the current strong market for gold and silver, and the medium term potential for development of a quality poly-metallic project located in the continental United States. More information about Aquila and the Back Forty Project can be found on the Company's recently updated website at

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.

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