Toronto, Ontario, Canada, March 8, 2023 – Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSXV: SUP) (OTCQX: NSUPF) (Frankfurt: D9M1) is pleased to announce the appointment of Mr. Jean Lafleur, P. Geo., to its Technical Committee.
Mr. Lafleur brings 45 years of experience as a geologist in Canada and internationally. During his early career, he worked for Newmont, Falconbridge, Dome Mines, and Placer Dome, as well as serving as a C-suite executive for several small-cap junior exploration companies. Mr. Lafleur is currently a Senior Consultant for Appian Capital Advisory LLP. Throughout his career, he has remained active as a technical, management and financing consultant, and led several teams in the search for precious and base metals, nickel and PGEs, as well as uranium and iron. Mr. Lafleur has B.Sc. and M.Sc. degrees in Geology from the University of Ottawa, and is an accredited Professional Geologist in Quebec and Ontario.
Dr. Tom Morris, Chair of the Company's Technical Committee, commented: "I would like to welcome Jean to our Technical Committee. His deep experience and intimate knowledge of the Chibougamau gold camp, coupled with his broad network of professional geoscientists, technical individuals and relations with First Nation Communities, will be invaluable to the Company as we continue to advance our highly prospective projects in the area."
Furthermore, Northern Superior is pleased to announce the appointment of Mr. Peter Damouni to its Board of Directors, effective immediately. Mr. Damouni will serve in place of Mr. Gordon Morrison, who asked to step down from his role as a director of the Company. Mr. Morrison joined the Board of the Company in 2020 and has agreed to remain as a consultant to Northern Superior.
Mr. Victor Cantore, Executive Chairman of Northern Superior, commented: "On behalf of the Board and everyone at the Company, I would like to welcome Jean and Peter to the Company and look forward to their contributions. Peter is increasingly involved in the Quebec mining industry and his commitment to excellence will be instrumental as we enter this exciting period. I would also like to genuinely thank Gordon for his formal tenure as a director. I am grateful that his unmatched experience will continue to be available to the Company as a consultant."
Mr. Damouni has over 22 years of corporate and investment banking experience with a focus on Natural Resources. He has served as executive officer and director of a number private and public companies listed on the TSX, the TSX Venture, and the London Stock Exchange. During his career, he has been instrumental in developing and executing corporate strategies including numerous equity and debt financings, restructurings, joint venture partnerships, acquisitions, and sale processes.
Mr. Damouni is the President and CEO of Mason Graphite Inc. (TSX-V: LLG), a company focused on resource related investments, and a Director of Arena Minerals Inc. (TSX-V: AN), which is in the process of being acquired by Lithium Americas Corp. (NYSE: LAC) (TSX: LAC). He is also Executive Director of Black Swan Graphene Inc. (TSX-V: SWAN). Mr. Damouni received his economics and business degree from McGill University. He is a Canadian and British citizen, residing in the United Kingdom.
Northern Superior has entered into a 6-month marketing and consulting contract with Toronto based marketing firm, Outside The Box Capital Inc. ("Outside The Box"). Outside The Box specializes in various social media platforms and will be able to facilitate greater awareness and widespread dissemination of the Company's news. Outside The Box operates under the direction of Mr. Jason Coles, Chief Executive Officer. The Company will pay $100,000 to Outside The Box, which does not currently own any shares of the Company.
Furthermore, the Company wishes to announce the granting of incentive stock options under its 2022 Equity Incentive Plan to certain directors, officers and employees allowing for the purchase of up to, in the aggregate, 5,180,000 common shares of the Company. Each option is exercisable at a price of $0.50 per common share, for a period of five years, subject to regulatory approval. Out of those options, 1,680,000 will vest immediately, 1,750,000 will vest in approximately 20 months on November 4, 2024, and 1,750,000 will finally vest in approximately 32 months on November 4, 2025.
Lastly, the Company announces that Messrs. Cantore and Marcotte have each signed a new consulting agreement with the Company setting forth the terms and conditions of their engagement by the Company as Executive Chairman and Chief Executive Officer respectively. Those agreements are replacing the agreements with Royal Fox Gold Inc., now a wholly owned subsidiary of Northern Superior. There are no material changes in the terms of those agreements, details of which are available in the Management Information Circular dated September 30, 2022, and available on SEDAR.
About Northern Superior Resources Inc.
Northern Superior is a gold exploration company focused on the Chapais-Chibougamau Camp in Québec. The Company has consolidated the largest land package in the region, with total land holdings currently exceeding 62,000 hectares. The main properties include Philibert, Lac Surprise, Chevrier and Croteau Est. Northern Superior also owns significant exploration assets in Northern Ontario highlighted by the district scale TPK Project.
The Philibert Project is located 9km from IAMGOLD Corporation's Nelligan Gold project which was awarded the "Discovery of the Year" by the Québec Mineral Exploration Association (AEMQ) in 2019. To date, more than C$13 million (historical value) have been spent on the Philibert Project, with more than 75,000 metres of drilling completed. The Philibert Project is owned by SOQUEM; the Company is currently undergoing an ownership option process, details of which can be found in the corporate presentation. Chevrier hosts an inferred mineral resource of 652,000 ounces Au (underground and open pit) and an indicated mineral resource of 260,000 ounces Au. Croteau Est hosts an inferred mineral resource of 640,000 ounces Au. Lac Surprise hosts the Falcon Zone Discovery, interpreted to be the western strike extension of IAMGOLD Corporation's Nelligan Deposit.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP, and the OTCQB Venture Market under the symbol NSUPF. For further information, please refer to the Company's website at www.nsuperior.com or on SEDAR (www.sedar.com).
Northern Superior Resources Inc. on Behalf of the Board of Directors
Simon Marcotte, CFA, President and Chief Executive Officer
Simon Marcotte, CFA
President and Chief Executive Office
Tel: (647) 801-7273
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the applicable securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.