Sudbury, Ontario (November 17, 2011) Northern Superior Resources Inc. (“Northern Superior” or the “Company”) has completed the reacquisition of a 100% interest in its Thorne Lake gold property, from INV Metals Inc. (“INV Metals”) by repurchasing the option granted to INV Metals in 2009. The details of the reacquisition transaction were first announced in the Company’s press release dated October 4th, 2011. The TSX Venture Exchange approved the reacquisition transaction on November 11, 2001.
Dr. T.F. Morris, President and CEO commented: “The reacquisition of a 100% interest in the Thorne Lake gold property is an important step in reactivating this remarkable gold exploration opportunity. From only one summer of exploration in 2009, using funds expended by INV Metals ($1.2 million spent), Northern Superior has greatly advanced the understanding and appreciation of the gold potential of this property. Significant discoveries include:
- Two gold -bearing shear zones;
- Four new gold showings; and
- Six gold grain- in-till dispersal trains with gold grain values as great, or greater than, the gold grain dispersal train coming off the Sachigio River gold mine.
This reacquisition brings the number of 100% owned gold properties by Northern Superior in this part of the Stull-Wunnimun gold district to three projects, providing an exciting opportunity for gold discovery in an area with structures that host the Monument Bay and Oxford Stull gold deposits and the former Sachigo Lake gold mine, one of the richest gold mines in North America up until World War II.”
The Thorne Lake gold property is located approximately 80 kilometers north of the First Nation community of Sachigo Lake in northwestern Ontario. The property is composed of 30 mining claims consisting of 512 units covering 7,680 hectares. It is located 15 kilometers due west of the past- producing Sachigo River gold mine in the Ellard Lake greenstone belt. This mine produced 52,560 ounces of gold at an average grade of 1.1 ounces of gold per ton (38.8 grams of gold per tonne) between 1938 and 1943, one of the richest gold mines in North America up until that time.
To reacquire a 100% interest in the property, Northern Superior made a payment of $500,000 and issued 750,000 common shares of Northern Superior to INV Metals. The common shares are subject to a hold period which expires on March 17, 2012.
About Northern Superior Resources Inc.
Northern Superior is a junior exploration company focused on exploring for gold and diamonds in the Superior Province of the Canadian Shield. The Company is actively exploring for gold within two important gold districts: the Stull-Wunnimun in Ontario and the Chibougamau in Quebec. The Company has a number of 100% owned properties (see Company web site, www.nsuperior.com) within these districts that were identified and developed from the Company’s extensive geoscientific data base and from which additional gold exploration projects are being generated. The Company is currently seeking to option-out a number of these properties.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP. For further information contact:
Thomas F. Morris PGeo., PhD., FGAC President and CEO
Tel: (705) 525 -0992
Fax: (705) 525 -7701
e-mail: email@example.com www.nsuperior.com
Forward looking statements: This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act or 1995 (collectively, “forward looking statements”). Forward looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “ forecast”, “ expect”, “ potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved or other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results, interpretation of results, the timing and success of exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of Northern Superior are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Northern Superior’s expectations include exploration risks, changes in project parameters as plans continue to be refined, results of future resources estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from tim e to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on 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.