North Springs Resources Initiates Negotiations to Acquire Interest in Multiple Producing Gold Properties and Operating Mill i...
February 15 2012 - 10:15PM
Marketwired
North Springs Resources Corp. (OTCBB:NSRS)(PINKSHEETS:NSRS) (the
"Company" or "North Springs") is pleased to announce that it has
initiated negotiations to acquire an interest in an option on
multiple producing gold properties and a related mill operation in
Chihuahua, Mexico.
"Our goal has always been to quickly become a gold producer,
either through exploration and development or by acquisition,"
stated Harry Lappa, President of North Springs. "It's very exciting
to have the opportunity to acquire an interest in several producing
gold properties and a local mill, all in one transaction. We intend
to have more news and details about this important acquisition in
the next few days."
The state of Chihuahua has a long history of gold, silver,
copper, mercury, lead, and coal production. The Sierra Madre
Occidental (SMO) mountain range runs north to south through the
western portion of the state and is host to a prolific trend
several hundred miles in length with significant past mineral
production and important recent discoveries. Gold and silver mines
of region are among the richest in Mexico, and include the famous
mining districts of Batopilas, Chihuahuilla, Cosihuiriachic, Jesus
Maria, Parral, and Santa Eulalia or Chihuahua el Viejo.
In 2010, Chihuahua was the second leading gold producing state
in Mexico, accounting for 23% of total gold production. It is
estimated that over the past 400 years, this region of Mexico has
produced over 40 million oz. of gold and up to 2 billion oz. of
silver. Several of the top producing gold mines in Mexico are
located in Chihuahua, including the Ocampo Mine (AuRico Gold -
99,500 oz. of gold and 4.2 million oz. of silver in 2011) and the
El Sauzal Mine (Goldcorp - 100,500 oz. of gold in 2011).
Both parties intend to negotiate terms of a Letter of Intent
("LOI") to be executed as soon as possible. Should the parties
enter into an LOI, the proposed transaction remains subject to,
among other things, completion of satisfactory due diligence and
the execution of a definitive agreement. There can be no assurance
that a transaction will be completed.
Further updates regarding this proposed transaction and other
North Springs projects will be made as additional information
becomes available.
About North Springs Resources Corp.
North Springs Resources Corp. is focused on the evaluation,
acquisition, exploration, and development of mineral resource
properties. The Company is led by a skilled and experienced
management team and independent consulting geologists with many
years of experience. North Springs is committed to creating value
for its shareholders by advancing its current holdings and by
acquiring new properties with significant potential.
For additional information, please visit
www.northspringsresources.com.
Harry Lappa, President
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS", AS THAT
TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS
NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING
STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS,
EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE. EXCEPT FOR THE
HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS
NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO
CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR
ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS
THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE
PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE",
"ANTICIPATE", "BELIEVE", "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS
ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE
COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH
NATURAL RESOURCE EXPLORATION AND DEVELOPMENT AND NEEDS FOR FUNDING
AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL
REPORT ON FORM 10-K AND ON FORM 10-Q AND FROM TIME-TO-TIME IN OTHER
PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS
INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS,
COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE
COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND
DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE
COMPANY'S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL
ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING
STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE
COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING
STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD
DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.
ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS
AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE
CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR
INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL
OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE
RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM
TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY
WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. FINRA, THE SEC AND
THE OTCBB NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS
NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO
SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY
SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER,
SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR
QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH
JURISDICTION.
Contacts: LiveCall Investor Relations for North Springs
Resources Corp. Gerry Belanger, Investor Contact (201)
984-5646info@northspringsresources.com
www.northspringsresources.com
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