49 North Resources Inc.

49 North Resources Inc.

November 05, 2009 17:52 ET

49 North Resources Inc. Completes Initial Acquisition of North Rim Exploration Ltd. Shares

SASKATOON, SASKATCHEWAN--(Marketwire - Nov. 5, 2009) - Mr. Tom MacNeill, President and CEO of 49 North Resources Inc. ("49 North") (TSX VENTURE:FNR) is pleased to announce that 49 North has completed the purchase of 375,000 Class "A" common shares of North Rim Exploration Ltd. ("NREL"). 49 North will acquire an additional 375,000 Class "A" common shares of NREL on or before December 31, 2009, following which, 49 North will hold 50% of the issued and outstanding shares of NREL and the remaining 50% of the shares will be held by key employees and exclusive consultants of NREL. For further details, please see 49 North Resources Inc.'s news release of October 2, 2009.

NREL, a private company, is Saskatchewan's premier independent geological consulting company specializing in the field of subsurface geology pertaining to petroleum, potash and industrial mineral resources. NREL has provided consulting services to petroleum and mineral resource exploration and development companies, engineering firms and First Nations since 1984. Acquiring a stake in NREL will greatly enhance 49 North's position as the dominant early stage resource development entity in Saskatchewan.

49 North Resources Inc. is a resource investment, financial and managerial advisory and merchant banking company that invests in the Canadian resource sector, with an emphasis on junior and intermediate mineral exploration companies with activities in Saskatchewan. Additional information about the company is available at www.sedar.com.

Forward Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation, including statements respecting the completion of 49 North's purchase of the second tranche of NREL shares. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. In addition, the forward-looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, 49 North assumes no obligation to update or revise such information to reflect new events or circumstances.

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.

Contact Information

  • 49 North Resources Inc.
    Tom MacNeill
    President and Chief Executive Officer
    (306) 653-2692