Hudbay halts Back Forty zinc project, ends Aquila pact

摘要

Aquila Resources said Tuesday its joint venturenpartner, zinc miner Hudbay Minerals, has decidednto suspend development of the MichiganbasednBack Forty zinc-gold project, citing otherncapital commitments on key developmentnprojects and global economic conditions. Aquilansaid it has also been advised by Hudbay thatnHudbay is terminating the strategic explorationnalliance between the two companies. Aquila saidnit would maintain 100% interest in the four strategicnalliance properties currently under evaluation.nAquila said it owns a 49% stake in thenBack Forty project, located in Michigan’s UppernPeninsula, with Hudbay owning a 51% interest.nThe Back Forty site is a zinc- and gold-richnvolcanogenic massive sulphide deposit, Aquilansaid. “In light of Hudbay’s decision, we willnevaluate a range of options and opportunitiesnavailable to us to continue advancing the projectnand strengthening our position in the GreatnLakes region,” Aquila President and CEO TomnQuigley said. “The Back Forty Project is in thenfinal phases of permit preparation and remainsna highly prospective development prospect withnsignificant potential for additional growth, andnwe will work with Hudbay to consider strategicnalternatives that are in the best interests of ournshareholders, other stakeholders and the BacknForty Project.”