Aquila Resources Files Q1 2014 Results

Shares Outstanding: 183,201,174

TORONTO, May 15, 2014 /CNW/ - Aquila Resources Inc. (TSX: AQA) (OTCQX: AQARF) (FKT: JM4A) ("Aquila"), a development-stage company advancing the gold- and zinc-rich Back Forty Project in Michigan's Upper Peninsula, reported its first quarter results for the period ended March 31, 2014. Aquila's Management's Discussion and Analysis (MD&A) and Financial Statements for the quarter are available on the Company's website and on SEDAR at www.sedar.com.

Aquila's focus in Q1 2014 was on recommencing development at Back Forty following the acquisition of 100% Project interest and corporate re-capitalization in January 2014.

Outlook
Aquila's focus in 2014 remains on:

• Completing a series of trade-off studies, which will determine the optimal development path for Back Forty, and developing a NI 43-101 updated preliminary economic assessment (PEA) for the Project in Q2 2014;
• Evaluating a small exploration program on previously identified near-mine targets in Q3 2014; and,
• Subject to market conditions and available capital, ramping-up activities related to its permit application for Back Forty with the Michigan Department of Environmental Quality in H2 2014.

About the Back Forty Project
The Back Forty Project is a high-grade, poly-metallic deposit located in the Penokean Volcanic Belt in the Great Lakes Region. A 2012 preliminary economic assessment, based on a 2010 resource estimate, provided encouraging project economics, including a $73.6M NPV_8% and an internal rate of return of 18.2%. Results from the 2012 drilling program demonstrate potential for continued resource expansion at Back Forty. A 2013 updated resource estimate delineated a Measured and Indicated (M+I) resource of 15.1 million tonnes (Mt) and an Inferred Resource of 2.3Mt. The updated M+I resource estimate contains 987,236oz Au, 11.91Moz Ag, 1.02Blbs Zn, 74.3Mlbs Pb and 110.4Mlbs Cu. An additional 155,885oz Au, 1.99Moz Ag, 113.3Mlbs Zn, 17.2Mlbs Pb and 18.6Mlbs Cu are included in the Inferred category.

About Aquila Resources
Aquila Resources Inc. (TSX: AQA) (OTCQX: AQARF) (Frankfurt: JM4A) is a mineral exploration Company focused on the development of high-grade deposits along the Penokean VMS belt in the Great Lakes Region. The Company is led by an experienced management team that has identified significant ore deposits over the last 30 years.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila and REBgold to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. Neither Aquila nor REBgold undertakes any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila's and REBgold's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, mineral resources that are not mineral reserves do not have demonstrated economic viability.

SOURCE Aquila Resources Inc.