MENOMINEE COUNTY – Aquila Resources says a feasibility study for its Back Forty Project in Menominee County is positive.
Building an open pit mine will take two years and cost $294 million. Over a seven-year life span, the Back Forty project is expected produce 468,000 ounces of gold, 512 million pounds of zinc. The net present value after taxes with a 6 percent discount is $208 million and an internal rate of return of more than 28 percent.
Barry Hildred, President and CEO of Aquila, says completion of the Feasibility Study is a significant milestone.
“Back Forty is well-positioned as a permitted project in a favorable mining jurisdiction that is close to existing infrastructure,” Hildred said.
He says Aquila is now ready to begin the pre-construction phase.
The Company has also identified opportunities to further enhance the overall economics of the Project including the future addition of an underground expansion.