Aquila/HudBay Alliance

Aquila has commenced exploration for additional base metal deposits throughout the rift system through a strategic, non-dilutive exploration alliance with HudBay Minerals Inc. (TSX: HBM; NYSE:HBM). HudBay will fund the first $2 million in exploration costs for each project, at which point a 50/50 joint venture will be formed.

The Midcontinent Rift System is largely unexplored and is quickly becoming recognized as a potential world-class source of Copper-Nickel-PGE deposits in the world.

Recent discoveries along the Rift include the Eagle Mine and Tamarack deposit by Rio Tinto, the Nokomis deposit by Twin Metals and the Thunder Bay North project by Magma Metals.