VANCOUVER, BRITISH COLUMBIA, May 22, 2015 (Marketwired via COMTEX) — Northern Empire Resources Corp. (NM) (the "Company" or "Northern Empire") today announced that pursuant to receiving TSX Venture Exchange approval on its Assignment Agreement with Northair Silver Corp. ("Northair") and its wholly owned Mexican subsidiary to acquire certain mineral claims in the Mexican State of Durango, referred to as the El Reventon silver project (See news release dated December 22, 2014), it has completed payment to Northair consisting of a cash payment of C$10,000 and the issuance of 200,000 common shares (the "Shares") in the capital of the Company.
The Shares are subject to a four-month hold period expiring on September 23, 2015, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
About El Reventon
The El Reventon silver project, is located in Durango State, Mexico and is comprised of three contiguous mineral concessions with a combined area of 3436 hectares. El Reventon is road accessible, approximately 170 kilometres northwest of the capital city of Durango.
Results announced from previous exploration work revealed the presence of a number of high grade silver-lead-zinc vein systems as well as the potential for other bulk tonnage deposits.
Multiple targets warrant testing within the El Reventon Project, including the Reventon Breccia, where drill results announced in 2007 and 2008 included: 155.4 metres of 71.3 g/t silver, 0.46% lead and 0.61% zinc from hole RC-08-08; and 22.9 metres of 287 g/t silver, 1.39% lead and 3.48% zinc from hole RC-08-13. See Northair's SEDAR profile to review releases dated June 25, 2008, October 31, 2012, and September 16, 2013.
For more information on El Reventon, a project summary with accompanying figures are posted on the Company's website at www.northernemp.com.
About Northern Empire
Northern Empire is a newly formed company which follows the "Project Generator" business model to take advantage of the depressed market conditions in the resource sector to acquire low acquisition and low holding cost properties with significant exploration potential.
A Project Generator identifies, acquires, and performs early stage exploration on compelling exploration targets before finding project partners to bear the financial risk associated with advanced exploration.
Northern Empire's experienced board and management team feels that executing the Project Generator business model is the most practical way to provide investors the potential excitement and value creation of mineral discoveries, without the financial risks and equity dilution of standard exploration programs.
ON BEHALF OF THE BOARD OF NORTHERN EMPIRE RESOURCES CORP.
Jim Paterson, Director
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 NEWS RELEASE.
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Northern Empire Resources Corp. The acquisition described above is subject to a number of conditions precedent, and there is no assurance that (i) all conditions will be satisfied, (ii) the option will occur on the bases outlined above, or close at all; or (iii) if closed, that the Company will be able to practically or profitably implement the Project Generator business model. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Northern Empire does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Contacts:
Northern Empire Resources Corp.
Jeff Sundar
Corporate Development
604 764 5944
SOURCE: Northern Empire Resources Corp.
Original Article: http://www.marketwatch.com/story/northern-empire-completes-payment-for-el-reventon-project-mexico-2015-05-22-18173370
