TSX-V Approves Northern Shield and East West Option Agreement on Max Property - Northern Shield Mobilizes Drill to Max Property
OTTAWA, Jul 16, 2008 (Canada NewsWire via COMTEX News Network) --
Northern Shield Resources Inc. ("Northern Shield") (TSX-V: NRN) is pleased to announce that the TSX Venture Exchange has accepted for filing documentation pertaining to an agreement whereby Northern Shield Resources Inc. can earn up to a 66% interest in East West Resource Corporation's Max property which is being explored for Ni-Cu-PGEs. Under the terms of the option agreement, Northern Shield can earn an initial 50% interest in the property by making a payment of $75,000, issuing 300,000 shares, incurring $1 million in exploration expenditures on the property within 2 years, of which $250,000 must be incurred in 2008, and making an additional payment of $50,000 and issuing an additional 100,000 shares on the first anniversary of the agreement. After earning its 50% interest, Northern Shield can increase its interest to 66% with an additional expenditure of $2.5 million over two years and the issuance of an additional 250,000 shares.
Mobilization of a drill and field crew to the Max property will commence at the end of this week. The planned 1600 meter, four hole diamond drill program at Max will be overseen by Christine Vaillancourt, Northern Shield's Chief Geologist, who is a Qualified Person under National Instrument 43-101. It is planned to move the drill to Eastbank on completion of the drilling at Max.
The "Max" nickel-copper PGE prospect is located adjacent to Northern Shield's Wabassi property in northwestern Ontario. Under the agreement Northern Shield is the operator and manager of the exploration. Northern Shield is exploring its Wabassi property for nickel-copper-(PGE) mineralization, and believes that the Wabassi north and East West's Max targets are parts of a feeder conduit to the main Wabassi intrusion. The prime drill target on the Max property is a 700 meter long electromagnetic (EM) conductor that is believed by Northern Shield to be hosted in a mafic intrusion.
Northern Shield is an innovative, results-driven Canadian company focused on diamond and Platinum Group Element (PGE) exploration in Ontario. Its mission is to create a successful mineral exploration company through technical excellence and efficient management, where success is measured by the identification and development of high-quality mineral exploration projects, which may ultimately be optioned, sold or developed for maximum return on investment. For further information on Northern Shield and its properties, please visit our website at www.northern-shield.com
Forward-Looking Statements Advisory
This news release contains statements concerning the potential for nickel, copper, PGE and other mineralization at Max and Wabassi, geological, geophysical and/or geometrical analyses of the Max and Wabassi properties and other expectations, plans, goals, objectives, assumptions, information or statements about future events, conditions, results of exploration or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect.
Although Northern Shield believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Northern Shield can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Northern Shield and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to, risks associated with geological, geometrical and geophysical interpretation and analysis, the ability of Northern Shield to obtain financing, equipment, supplies and qualified personnel necessary to carry on exploration and the general risks and uncertainties involved in mineral exploration.
The forward-looking statements or information contained in this news release are made as of the date hereof and Northern Shield undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
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SOURCE: Northern Shield Resources Inc.
Ian Bliss, President and CEO, Northern Shield Resources Inc., (613) 232-0459, Fax: (613) 232-0760, [email protected]
Copyright (C) 2008 CNW Group. All rights reserved.
