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BRIEF-Aquila hikes cost estimate for W.Australia iron ore project

Sydney, Oct 8 (Reuters) - Aquila Resources Ltd :

* West pilbara iron ore project - cost update

* Says the revised "base case" direct costs (including project management

contractor and contingency) have increased to $7.4BN

* Says a revised project construction schedule is expected to be available at

the end of October 2012

* Says capital optimisation study demonstrates the potential of maximum capital

reduction of $2.4BN