Bold Ventures and Northern Superior Sign Formal Option Agreement for Lac Surprise Gold Project in Northern Quebec
June 05 2014 - 9:00AM
Marketwired Canada
Further to the joint press release dated February 14th, 2014, Bold Ventures Inc.
(TSX VENTURE:BOL) (the "Company" or "Bold") and Northern Superior Resources Inc.
(TSX VENTURE:SUP) ("Northern Superior") are pleased to announce the signing of
the formal agreement granting Bold an option to earn up to a 60% interest in
Northern Superior's 100% owned Lac Surprise property.
This large property is located approximately 50 Km south of Chapais and within
the historic Chibougamau - Chapais gold camp in west central Quebec and is
comprised of 333 claims totaling 18555 hectares 45,830 acres.
Under the agreement, Bold can earn a 50% working interest in the property by
spending an aggregate of $2,000,000 on exploration of the property and issuing
to Northern Superior a total of 350,000 common shares of Bold all over a three
year period, 50,000 shares of which were issued upon signing the agreement. Bold
is obligated to spend a minimum of $500,000 on exploration of the property in
the first year, at the end of which a further 50,000 common shares of Bold are
issuable. The second year optional commitment is 100,000 common shares of Bold
and $500,000 in exploration work. The third year optional commitment calls for
$1,000,000 in exploration work on the property and the issuance of 150,000
common shares of Bold.
Bold will also hold the option to earn an additional 10% in the project by
delivering a positive feasibility study within five years from the date of
execution of the formal option agreement. If Bold takes up all parts of the
option it will have earned a 60% interest in the property.
Recently, renewed exploration activity in the area has yielded several new gold
discoveries made by Toma Gold/Iamgold (at Monster Lake); Vanstar (at Nelligan)
and Soquem (at MOP II). All three of these companies are carrying out major
drilling programs.
Vanstar Mining Resources Inc. has recently announced additional results from its
flagship Nelligan project (see Vanstar Resources Inc. news release dated May 28,
2014 at www.vanstarmining.com). This new gold discovery is situated directly
east of the Lac Surprise property.
Iamgold Corporation and TomaGold Corporation also recently announced results
from drilling at the Monster Lake Project located approximately 10 km north
northeast of the Lac Surprise property (see TomaGold news release dated May 27,
2014 and visit www.tomagoldcorp.com).
A finder's fee of 150,000 common shares of Bold was issued to an arm's length,
third party. The securities issued are subject to a hold period expiring on
October 5, 2014.
New maps and descriptions describing this project may be viewed on our website
at www.boldventuresinc.com.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario
and Quebec.
Richard E. Nemis, President and Chief Executive Officer
Neither 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.
Cautionary Note Regarding Forward-Looking Statements: This Press Release
contains forward-looking statements that involve risks and uncertainties, which
may cause actual results to differ materially from the statements made. When
used in this document, the words "may", "would", "could", "will", "intend",
"plan", "anticipate", "believe", "estimate", "expect" and similar expressions
are intended to identify forward-looking statements. Such statements reflect our
current views with respect to future events and are subject to such risks and
uncertainties. Many factors could cause our actual results to differ materially
from the statements made, including those factors discussed in filings made by
us with the Canadian securities regulatory authorities. Should one or more of
these risks and uncertainties, such actual results of current exploration
programs, the general risks associated with the mining industry, the price of
gold and other metals, currency and interest rate fluctuations, increased
competition and general economic and market factors, occur or should assumptions
underlying the forward looking statements prove incorrect, actual results may
vary materially from those described herein as intended, planned, anticipated,
or expected. We do not intend and do not assume any obligation to update these
forward-looking statements, except as required by law. Shareholders are
cautioned not to put undue reliance on such forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bold Ventures Inc.
416-864-1456
www.boldventuresinc.com
Northern Superior Resources Inc.
Thomas F. Morris PGeo., PhD., FGAC, ICD.D
President and CEO
(705) 525-0992
(705) 525-7701 (FAX)
info@nsuperior.com
www.nsuperior.com
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