SOURCE: NT Mining Corporation

August 20, 2010 18:00 ET

NT Mining Provides Update to Its Shareholders

LAS VEGAS, NV--(Marketwire - August 20, 2010) -  NT Mining Corporation (PINKSHEETS: NTMG) (the Company) On October 14, 2008, the Company entered into a Share Purchase Agreement with Hughes Maritime Corp. ("Hughes") under which the company acquired all the issued shares of Bullmoose Mines Ltd. from Hughes. Recently, Hughes has claimed that the company has defaulted on payment for the Bullmoose shares and therefore it is entitled to recover them. 

The company is currently reviewing its position on this matter but due to this recent and unfortunate development, the ownership of the Bullmoose shares is in dispute.

On June 28, 2010, the company announced that it had entered into an Agreement with Mill Bay Ventures Inc. to acquire a 100 percent interest in mining tenures located on Valentine Mountain on the south coast of British Columbia, Canada. The Agreement calls for the payment of $100,000.00 cash, the issuance and delivery of 6,500,000 shares of the company to Mill Bay and a work commitment of $1.5 million.

The Agreement is an option with a term of 30 days commencing with a notice from Mill Bay to the company that the option period has commenced. This notice was given on July 22, 2010.

The company has been unable to exercise the option purchase after a non refundable deposit has been paid, because its shares were cease-traded by the British Columbia Securities Commission on August 18th, 2009 due to failure in meeting filing requirements in British Columbia at that time. 

The Company regrets these unfortunate developments pertaining to its acquisitions and will continue to work vigorously to resolve the outstanding issues. The Company will continue as an exploration and development company with a focus on acquiring viable 43-101 compliant properties with proven mineral reserves. To that end, management is currently reviewing several viable properties for possible acquisition.

Safe Harbor Statement:
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 -- forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at NT Mining Corp.'s stage of development. All such forward looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact Information

  • For more information contact:
    NT Mining Corporation
    Tel: 604.249.5001
    Fax: 604.303.7773