Sudbury, Ontario (November 22, 2011) Northern Superior Resources Inc. (“Northern Superior” or the “Company”) has signed an option agreement with Paget Minerals Corp. (“Paget”) granting Paget an option to acquire a 50% interest in the Company’s Lamarck Creek gold property, west- central Quebec (the “Option”).
To exercise the Option, Paget must fund expenditures on the property of not less than, in aggregate, of $1,320,000 as follows:
- $120,000 (the “initial expenditures”) on or before December 31st, 2011;
- $600,000 on or before December 31st, 2012; and
- c$600,000 on or before December 31st, 2013.
The initial expenditures are committed. The remaining expenditures are not committed, however Paget must incur the amounts set forth in b) and c) before the dates referenced to maintain the Option. Paget has the right to accelerate expenditures to earn-in. Northern Superior will be the operator of the project during the Option period.
Dr. T.F. Morris, President and CEO of Northern Superior commented: “We are pleased to have signed this option agreement for the Lamarck Creek gold property with Paget. With Paget’s backing, Northern Superior looks forward to exploring this promising gold property located in the heart of the Chibougamou gold district.
Diamond drilling will start immediately on one of the key structures identified from the property’s airborne geophysical survey.
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. Optioning the Lamarck Creek gold property falls in line with the Company’s strategy of optioning a select number of its 100% owned gold properties in Quebec and Ontario.
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: info@nsuperior.com www.nsuperior.com
For Investors
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.
