Aquila Resources Inc.
FRANKFURT : JM4A
TSX : AQA

Aquila Resources Inc.

August 18, 2008 08:00 ET

Aquila Reports New Porphyry Margin Gold Intercepts

Including 8.4 meters of 6.9 g/t gold, and 2.1 meters of 14.6 g/t gold and 285.8 g/t silver

TORONTO, ONTARIO--(Marketwire - Aug. 18, 2008) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") released results from an additional five holes targeting porphyry margin (PM) precious metal mineralization as well as infill sampling from three holes testing both PM and near surface (NS) gold horizons at its Back Forty Project in the Upper Peninsula of Michigan. The results reported below continue to show the significance of precious metal mineralization at the Back Forty Project. The PM Gold Zone, like the 90 Gold Zone, was not included in last year's resource calculation, and will likely add significantly to the precious metal content of the Back Forty massive sulfide deposit in the upcoming NI 43-101 expected later this summer.

Significant Intercepts:

- 2.1 meters (m) of 14.6 grams/tonne (g/t) gold and 285.8 g/t silver in LK-324

- 10.3m of 2.3 g/t gold and 4.7 g/t silver in LK-326

- 2.5m of 25.1% zinc and 2.1 g/t gold (unknown massive sulfide) in LK-326

- 1.1m of 67.9 g/t gold and 48.9 g/t silver in 108427

- 8.4m of 6.9 g/t gold and 2.1 g/t silver in LK-145P

-- Including 2.5m of 15.2 g/t gold and 2.8 g/t silver



----------------------------------------------------------------------------
All
Intervals
in Meters Est.
--------------------- True g/t g/t (%) (%) (%) Descri- Zone
Hole # From To Width Au Ag Cu Pb Zn ption (ii)
----------------------------------------------------------------------------
LK-324(i) 38.0 42.5 4.5(i) 1.57 4.00 0.01 0.03 0.62 Sulfide Un-
stringers known
77.0 78.5 0.9 3.78 0.60 0.01 0.00 0.04 Quartz PM
feldspar
porphyry
86.0 87.5 0.9 3.96 4.20 0.01 0.00 0.03 Quartz PM
feldspar
porphyry
124.5 128.0 2.1 14.55 285.94 0.13 2.72 0.06 QFP+SMAS PM
Including 125.2 126.9 1.0 28.96 573.41 0.23 5.54 0.05 Quartz PM
feldspar
porphyry
----------------------------------------------------------------------------
LK-325(i) 13.5 24.0 10.5(i) 1.46 4.91 0.06 0.05 0.34 Altered Un-
rhyolite known
tuff
25.5 28.5 2.0 1.89 6.50 0.03 0.06 0.36 Quartz PM
feldspar
porphyry
66.3 67.3 0.6 5.48 174.28 0.13 6.03 0.62 QFP+RCTF PM
113.5 115.9 2.4(i) 0.49 9.45 0.02 0.14 4.02 Altered Un-
rhyolite known
tuff
----------------------------------------------------------------------------
LK-326(i) 9.0 21.0 12(i) 2.33 4.74 0.04 0.02 0.02 RCTF+QFP ?/PM
33.0 34.5 1.3 7.74 2.20 0.06 0.02 0.94 Quartz PM
feldspar
porphyry
42.0 43.5 1.3 4.33 0.40 0.00 0.01 0.49 Quartz PM
feldspar
porphyry
59.0 63.5 4.5(i) 0.94 3.23 0.02 0.05 3.03 Sulfide Un-
stringers known
64.6 67.1 2.5(i) 2.14 9.12 0.20 0.03 25.11 Massive Un-
sulfide known
70.0 88.5 18.5(i) 0.59 5.08 0.02 0.12 2.55 Sulfide Un-
stringers known
94.5 100.5 6.0(i) 0.40 7.35 0.02 0.15 2.25 Sulfide Un-
stringers known
----------------------------------------------------------------------------
LK-329(i) 5.5 7.0 1.5(i) 5.53 43.70 0.02 0.39 0.01 Altered Un-
rhyolite known
tuff
23.5 26.5 3.0(i) 2.22 16.25 0.10 0.16 0.28 Altered Un-
rhyolite known
tuff
28.5 28.9 0.3 2.66 1480.00 1.74 4.55 2.56 Altered PM
rhyolite
tuff
62.0 70.0 8.0(i) 1.73 9.64 0.06 0.19 3.00 Sulfide Un-
stringers known
74.5 77.5 3.0(i) 0.51 3.90 0.04 0.12 3.76 Sulfide Un-
stringers known
----------------------------------------------------------------------------
LK-332(i) 52.3 53.2 0.7 4.77 146.00 0.15 4.13 0.35 Quartz PM
feldspar
porphyry
----------------------------------------------------------------------------
108423(i) 118.0 118.5 0.4 2.78 33.20 0.01 0.93 0.03 Quartz- PM
feldspar
porphyry
----------------------------------------------------------------------------
108427(i) 136.0 137.0 0.7 2.66 60.00 0.04 1.28 0.05 Quartz- PM
feldspar
porphyry
141.3 145.0 2.6 2.74 157.50 0.08 2.83 0.19 QFP+MFDK PM
168.5 170.0 1.1 67.90 48.90 0.05 0.16 0.15 Quartz- PM
feldspar
porphyry
----------------------------------------------------------------------------
LK-145P 18.0 26.4 8.4(i) 6.92 2.07 0.01 0.08 0.00 Altered NS
rhyolite
tuff
Including 22.0 24.5 2.5(i) 15.19 2.80 0.01 0.10 0.00 Altered NS
rhyolite
tuff
----------------------------------------------------------------------------

(i) Drilled thickness, true thickness unknown
(ii) PM equals Porphyry Margin Gold Zone, NS equals NS Gold Zone


The PM Gold Zone is a significant gold and silver enrichment along a late quartz-feldspar intrusive dike, and remains open to expansion in all directions. The newly discovered NS Gold Zone is hosted in strongly altered and sheared rhyolites at the surface.

Results reported above include important, near surface extensions of previously defined porphyry margin gold mineralization. LK-324, 325, and 326 are a series of overcuts of a previously released PM intercept in LK-149, which assayed 11.8m of 10.9 g/t gold. LK-326, the largest of these step outs returned 12m of 2.3 g/t gold as well as 1.5m 7.7 g/t silver and is an approximate 100m overcut of LK-149. LK-329 and LK-332 are 25m and 75m, respectively, east step outs from this series of holes all targeting near surface extensions of previously reported PM Zone gold mineralization. A schematic diagram showing some of these intercepts, as well as a plan map showing drill hole locations is available on the company's website.

As well as important porphyry margin intercepts, these drill holes also intersected near surface gold and zinc mineralization in altered rhyolites, sulfide stringers, and massive sulfides adjacent to the PM zone. Infill sampling in LK-145P of strongly altered and sheared rhyolites, typical of the host rock to the near surface (NS) gold zone, returned impressive gold values of 8.4m of 6.9 g/t gold including 2.5m of 15.2 g/t gold.

Sample preparation and analyses for this release were conducted by Accurassay Labs in Thunder Bay, Ontario or ACT Labs in Thunder Bay, Ontario on split drill core supplied by Aquila. Standards were inserted in the sample sequences with check assays and re-run's routinely conducted. Tom Quigley, P.Geo. and President of Aquila is the Qualified Person as described in National Instrument 43-101 for the Back Forty Project and is responsible for the content of this press release.

A map showing the location of the holes in this press release as well as the principle mineralized zones is available on the Company's 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

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the contents of this release.

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