Sudbury, Ontario (May 10th, 2010) Northern Superior Resources Inc. (“Northern Superior” or the “Company”) is pleased to announce that it has signed a definitive purchase agreement with Lake Shore Gold Corp. (“Lake Shore Gold”) regarding its proposed acquisition of Lake Shore Gold’s 50% interest in the Ti-pa-haa-kaa-ning gold property claims (“TPK”) on the terms previously described in the Company’s press release dated April 1st, 2010. The proposed transaction, if successfully concluded, will result in Northern Superior owning 100% of TPK.
The transaction remains subject to TSX-V approval and the approval of the Company’s shareholders. Shareholder approval will be sought at the Company's shareholder meeting scheduled to be held later today, May 10th, 2010.
As previously disclosed, should the transaction close as contemplated, Lake Shore Gold will initially have the right to nominate two (2) persons to serve on Northern Superior's board of directors. Lake Shore Gold has indicated that those two (2) nominees will be Alan Moon and Arnold Klassen who are both directors of Lake Shore Gold. Both of these individuals currently serve on Northern Superior’s board and both are standing for re-election at the company's shareholder meeting, scheduled to be held later today.
About Northern Superior
Northern Superior Resources Inc. is a junior exploration company focused on exploring for gold in the Superior Province of the Canadian Shield. The Company 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.