Sudbury, Ontario (January 16, 2019) Dr. T.F. Morris, President and CEO of Northern Superior Resources Inc. (SUP:TSX-V; NSUPF:OCTQB) ("Northern Superior" or the “Company”) provides the following update and outlook for 2019.
“The Company completed several important, corporate-related events at the end of 2018 and early 2019, most notably:
- completion of an option/joint venture agreement with Yamana Gold Inc., on Northern Superior’s 100% owned Ti-pa-haa-kaa-ning (“TPK”) property (see press release, Northern Superior Resources , November 26, 2018);
- closing of a $1 million, non-brokered, flow-through private placement (see press release, Northern Superior Resources, December 31, 2018); and
- completion of a 10:1 share consolidation (see press release, Northern Superior Resources, January 3, 2019).
With the completion of these events, Northern Superior is now positioned to launch into an exciting and important year.
The completion of the Yamana Gold Inc. option/joint venture agreement assures that the Company now has a well-funded and reputable partner to move its TPK project forward. Planning for the drill core program is almost complete, and we look forward to the initiation of this program in mid-February, 2019.
The recently completed financing will allow us to further develop our Lac Surprise property and hopefully demonstrate the extension of the gold-bearing structures reported on the adjoining Nelligan property controlled by IAMGOLD Corporation (“IAMGOLD”) and Vanstar Resources (see IAMGOLD press release, January 10, 2019).
In addition, our Croteau Est property has proved to be a very important asset to Northern Superior with:
- a defined resource from a minimum number of core drill holes (64) and meterage completed (20,643m);
- results from additional drilling (24 holes; 14,404m) provided a geologically constrained model for the deposit and defined how to expand the deposit both along strike (east and west) and depth; and
- additional opportunities defined on the property (see press release, Northern Superior Resources, May 23, 2018).
To advance Croteau Est, a sustained drill program is required, and Northern Superior is actively pursuing a strategic partner to assist in advancing this property to its full potential.
Finally, the Company has a number of other mineral properties, and Northern Superior is actively exploring ways to advance these opportunities. One such property is the Wapistan mineral property, located within the James Bay Lowlands of Québec (see press release, Northern Superior Resources, May 16, 2017). We look forward to reporting on the results from a small, but important exploration program, completed on this property in the fall of 2018.
In conclusion, with the anticipation of a rising gold price through 2019, the ability to move key assets forward in early 2019, Northern Superior looks forward to sharing the results of these exploration efforts throughout 2019!”
About Northern Superior
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 visit the Company’s website at www.nsuperior.com or contact:
Thomas F. Morris P.Geo., PhD., FGAC, ICD.D President and CEO
Tel: (705) 525 -0992
Fax: (705) 525 -7701
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 Canadian 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.
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.