Aquila Reports New Porphyry Margin Gold Intercepts

Market Wire, August, 2008

AQUILA RESOURCES INC. (TSX: AQA)(FRANKFURT: JM4A) ("Aquila" or the "Company") released results from an additional five holes targeting porphyry margin (PM) precious metal mineralization as well as infill sampling from three holes testing both PM and near surface (NS) gold horizons at its Back Forty Project in the Upper Peninsula of Michigan. The results reported below continue to show the significance of precious metal mineralization at the Back Forty Project. The PM Gold Zone, like the 90 Gold Zone, was not included in last year's resource calculation, and will likely add significantly to the precious metal content of the Back Forty massive sulfide deposit in the upcoming NI 43-101 expected later this summer.

Significant Intercepts:

- 2.1 meters (m) of 14.6 grams/tonne (g/t) gold and 285.8 g/t silver in LK-324

- 10.3m of 2.3 g/t gold and 4.7 g/t silver in LK-326

- 2.5m of 25.1% zinc and 2.1 g/t gold (unknown massive sulfide) in LK-326

- 1.1m of 67.9 g/t gold and 48.9 g/t silver in 108427

- 8.4m of 6.9 g/t gold and 2.1 g/t silver in LK-145P

-- Including 2.5m of 15.2 g/t gold and 2.8 g/t silver

----------------------------------------------------------------------------
                  All
            Intervals
            in Meters    Est.
---------------------   True    g/t     g/t   (%)  (%)   (%)  Descri-  Zone
Hole #     From    To  Width     Au      Ag   Cu   Pb    Zn    ption    (ii)
----------------------------------------------------------------------------
LK-324(i)  38.0  42.5  4.5(i)  1.57    4.00 0.01 0.03  0.62  Sulfide    Un-
                                                           stringers  known
           77.0  78.5    0.9   3.78    0.60 0.01 0.00  0.04   Quartz     PM
                                                            feldspar
                                                            porphyry
           86.0  87.5    0.9   3.96    4.20 0.01 0.00  0.03   Quartz     PM
                                                            feldspar
                                                            porphyry
          124.5 128.0    2.1  14.55  285.94 0.13 2.72  0.06 QFP+SMAS     PM
Including 125.2 126.9    1.0  28.96  573.41 0.23 5.54  0.05   Quartz     PM
                                                            feldspar
                                                            porphyry
----------------------------------------------------------------------------
LK-325(i)  13.5  24.0 10.5(i)  1.46    4.91 0.06 0.05  0.34  Altered    Un-
                                                            rhyolite  known
                                                                tuff
           25.5  28.5    2.0   1.89    6.50 0.03 0.06  0.36   Quartz     PM
                                                            feldspar
                                                            porphyry
           66.3  67.3    0.6   5.48  174.28 0.13 6.03  0.62 QFP+RCTF     PM
          113.5 115.9  2.4(i)  0.49    9.45 0.02 0.14  4.02  Altered    Un-
                                                            rhyolite  known
                                                                tuff
----------------------------------------------------------------------------
LK-326(i)   9.0  21.0   12(i)  2.33    4.74 0.04 0.02  0.02 RCTF+QFP   ?/PM
           33.0  34.5    1.3   7.74    2.20 0.06 0.02  0.94   Quartz     PM
                                                            feldspar
                                                            porphyry
           42.0  43.5    1.3   4.33    0.40 0.00 0.01  0.49   Quartz     PM
                                                            feldspar
                                                            porphyry
           59.0  63.5  4.5(i)  0.94    3.23 0.02 0.05  3.03  Sulfide    Un-
                                                           stringers  known
           64.6  67.1  2.5(i)  2.14    9.12 0.20 0.03 25.11  Massive    Un-
                                                             sulfide  known
           70.0  88.5 18.5(i)  0.59    5.08 0.02 0.12  2.55  Sulfide    Un-
                                                           stringers  known
           94.5 100.5  6.0(i)  0.40    7.35 0.02 0.15  2.25  Sulfide    Un-
                                                           stringers  known
----------------------------------------------------------------------------
LK-329(i)   5.5   7.0  1.5(i)  5.53   43.70 0.02 0.39  0.01  Altered    Un-
                                                            rhyolite  known
                                                                tuff
           23.5  26.5  3.0(i)  2.22   16.25 0.10 0.16  0.28  Altered    Un-
                                                            rhyolite  known
                                                                tuff
           28.5  28.9    0.3   2.66 1480.00 1.74 4.55  2.56  Altered     PM
                                                            rhyolite
                                                                tuff
           62.0  70.0  8.0(i)  1.73    9.64 0.06 0.19  3.00  Sulfide    Un-
                                                           stringers  known
           74.5  77.5  3.0(i)  0.51    3.90 0.04 0.12  3.76  Sulfide    Un-
                                                           stringers  known
----------------------------------------------------------------------------
LK-332(i)  52.3  53.2    0.7   4.77  146.00 0.15 4.13  0.35   Quartz     PM
                                                            feldspar
                                                            porphyry
----------------------------------------------------------------------------
108423(i) 118.0 118.5    0.4   2.78   33.20 0.01 0.93  0.03  Quartz-     PM
                                                            feldspar
                                                            porphyry
----------------------------------------------------------------------------
108427(i) 136.0 137.0    0.7   2.66   60.00 0.04 1.28  0.05  Quartz-     PM
                                                            feldspar
                                                            porphyry
          141.3 145.0    2.6   2.74  157.50 0.08 2.83  0.19 QFP+MFDK     PM
          168.5 170.0    1.1  67.90   48.90 0.05 0.16  0.15  Quartz-     PM
                                                            feldspar
                                                            porphyry
----------------------------------------------------------------------------
LK-145P    18.0  26.4  8.4(i)  6.92    2.07 0.01 0.08  0.00  Altered     NS
                                                            rhyolite
                                                                tuff
Including  22.0  24.5  2.5(i) 15.19    2.80 0.01 0.10  0.00  Altered     NS
                                                            rhyolite
                                                                tuff
----------------------------------------------------------------------------

(i) Drilled thickness, true thickness unknown
(ii) PM equals Porphyry Margin Gold Zone, NS equals NS Gold Zone