11:48 AM EST - Aquila Resources Inc. : provided an update on the Back Forty Project in the Upper Peninsula of Michigan. The Back Forty Project is a joint venture with HudBay Minerals Inc. currently in a pre-feasibility stage of evaluation of a large zinc, gold, silver and copper deposit. Exploration work at the project continues with three drills evaluating extensions of known mineralization and potential new mineralized zones. The current exploration budget of $5 million contemplates the drilling of 25,000 metres. Additional expenditures of $11 million are budgeted for continuing engineering studies and other work in support of pre-feasibility and permitting activities. Aquila Resources Inc.
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