LAS VEGAS, NEVADA, Feb 15, 2012 (MARKETWIRE via COMTEX) — North Springs Resources Corp. (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) 984-5646
[email protected]www.northspringsresources.com
