Aquila Resources Inc. announced that it has entered into a non-binding letter of intent to sell its interest in the Bend and Reef exploration properties located in Wisconsin, USA to a private company. Subject to necessary approvals, Newco intends to list on the TSX Venture Exchange concurrent with the closing of the Transaction. Total consideration of $7,000,000 payable to Aquila will consist of: Cash consideration of $3,000,000, of which $1,000,000 will be advanced immediately as a deposit and shares in Newco with an estimated value on completion of the go-public transaction of $4,000,000.