Aquila Resources Inc.

Aquila Resources Inc.

October 04, 2010 06:00 ET

Aquila Resources Inc.: Correction to Globe and Mail Report

TORONTO, ONTARIO--(Marketwire - Oct. 4, 2010) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") today commented on a newspaper article which erroneously quoted research on the Company. A column in The Globe and Mail, Report on Business, on October 1, 2010 referred to a downgrade of Aquila Resources Ltd. (an Australian, ASX listed company) by an RBC Dominion Securities analyst based in Sydney. RBC Dominion does not publish research about Aquila Resources Inc. (TSX:AQA), and the reference was directed specifically at the Australian company. The Globe and Mail published a correction in Saturday's edition with regard to the error.

Aquila Resources Inc. has a 49% interest in the Back Forty Project, a gold and zinc-rich VMS deposit located in the Upper Peninsula of Michigan in a joint venture with HudBay Minerals Inc. Target timeline for a feasibility study and mine permit application for the project is by the end of 2011. Exploration drilling has recently resumed at the project.

Thomas O. Quigley is the Qualified Person for Aquila as described in National Instrument 43-101, and is responsible for the contents of this release.

More information about Aquila and the Back Forty Project, including updated drilling information, can be found on the Company's website at

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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