Sudbury, Ontario (October 4, 2011) Northern Superior Resources Inc. (“Northern Superior” or the “Company”) has reacquired a 100% interest in the Thorne Lake gold property, northwestern Ontario through a termination agreement with its option partner, INV Metals Inc. (“INV Metals”).
Dr. T.F. Morris, President and CEO commented: “The reacquisition of the Thorne Lake gold property is an important step in reactivating this remarkable gold exploration opportunity. Although we regret the departure of INV Metals as an option partner (see press release May 28th, 2009), the exploration work completed by INV Metals under the option agreement ( cost: approximately $1.2 million) has greatly advanced our understanding and appreciation of the gold potential of this property. From just one summer of exploration (2009) were discovered two gold-bearing shear zones, four new gold showings (see press release October 29th, 2009) 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. We look forward to aggressively moving exploration forward on this property in 2012.”
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.
Under the terms of the termination agreement, Northern Superior will make a payment of $500,000 and issue 750,000 common shares of Northern Superior to INV Metals. Subject to regulatory approval and the satisfaction of other conditions of closing, the transaction is expected to close on or about October 20, 2011.
Dr. T.F. Morris, President and CEO further comments: “This reacquisition brings to 5 gold projects that Northern Superior is actively exploring in the Stull-Wunnimun gold district, north-western Ontario. Four of which are 100%-owned by Northern Superior (Rapson Bay, Meston Lake, Thorne Lake, New Growth) and the fifth (Ti-pa-haa-kaa-ning) is under an option agreement with Rainy River Resources Limited (see press release June 21st, 2010). Northern Superior will be diamond drilling gold targets on Rapson Bay this fall.”
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
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 or Rainy River 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 time 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.