Aquila Resources Limited refers to its announcements on April 3rd 2012, May 2nd 2012 and June 6th 2012 regarding the sale of its 50% interest in the Isaac Plains Coal Mine for AUD 430 million to Ocean Coal Mining Private Limited a wholly owned subsidiary of Sumitomo Corporation.

The Company is pleased to confirm that the parties have now received all the relevant Indicative Approvals under the Queensland Mineral Resources Act for the transfer of Aquila's interests in the tenements to Sumitomo.

All the conditions precedent have now been satisfied and the sale is now unconditional, with settlement expected to occur by mid July 2012. The Company will make a further announcement once settlement of the sale has occurred.

Source - Aquila Resources

(www.coalguru.com)