Sudbury, Ontario (October 27thst, 2010) Northern Superior Resources Inc. (“Northern Superior” or the “Company”) has received $3.75 million in connection with the exercise of 12.5 million warrants which were previously issued to Lake Shore Gold Corp. (“Lake Shore”). These warrants were issued to Lake Shore as part consideration for Lake Shore’s 50% interest in the Ti-pa-haa-kaa-ning (“TPK”) gold property earlier this year (see press releases dated April 1, 2010 and May 10, 2010). On October 25, 2010, Lake Shore provided notice that they intended to exercise all of the warrants wherein they acquired 12,500,000 common shares of Northern Superior at a price of $0.30 per share. Following exercise of the warrants, Lake Shore now owns 26% of Northern Superior. Subsequent to the acquisition of Lake Shore’s 50% interest in the TPK gold property (giving Northern Superior a 100% ownership interest), Northern Superior entered into an option agreement with Rainy River Resources Ltd. (“Rainy River”) to allow Rainy River to earn a 51% interest on the eastern half of the property (see press releases dated June 24, 2010 and September 9, 2010).
The TPK property is a large land position in Northwestern Ontario covering 42,719 hectares. In 2007, Northern Superior announced the discovery of a highly prospective gold grain‐in‐till dispersal apron, averaging 10.02 gold grains per kilogram of overburden, with an estimated fertile strike length of at least six km (see press releases February 26, 2009, January 21, 2008). The Company’s 2008 drill program identified multiple sheared intervals hosting anomalous gold values within the large dispersal apron that appear to be closely related splay structures associated with the regional continuous Stull‐Wunnumin fault (see press release September 15, 2009). The large dispersal apron and multiple, widely space, anomalous gold values in bedrock are interpreted to indicate the possibility of large scale gold mineralization.
So far in 2010, two reverse circulation drill programs and a boulder prospecting program have been completed on the TPK property (see press releases, March 8; June 15; July 20; and September 15) and a diamond drill program has been initiated (see press release October 25).
Northern Superior and Rainy River conduct their exploration programs on the TPK property with the co-operation of Neskantaga First Nation which recently passed a community resolution supporting the agreement between Rainy River and Northern Superior and affirming their support for the TPK project (see press release October 25, 2010).
About Northern Superior
Northern Superior Resources Inc. is a junior exploration company focused on exploring for gold in the Superior geologic province of the Canadian Shield. The Company currently has three high active, high quality gold exploration projects in Ontario and Quebec - TPK, Thorne Lake and Wachigabau (see Company web site, www.superior.com). These projects were all developed from the Company's extensive geoscientific data base. Additional gold exploration projects including seven more early stage gold exploration projects (Rapson Bay, Meston Lake, Lespinay, Lac Surprise, Hazeur, Chibougamou River and Lemarck) are currently being developed from this data base. 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
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 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.