Northern Abitibi Mining Corp.

Northern Abitibi Mining Corp.

November 23, 2009 08:00 ET

Northern Abitibi Earns Majority Interest in Viking

CALGARY, ALBERTA--(Marketwire - Nov. 23, 2009) - Northern Abitibi Mining Corp. ("Northern Abitibi") (TSX VENTURE:NAI) is pleased to announce that it has completed all requirements to earn a minimum 51% interest in the Viking gold project from Altius Resources Inc. ("Altius").

Northern Abitibi is extremely pleased to have reached this important milestone in the advancement of the Viking project. Achieving a majority property interest provides the company with security and control of this exciting new gold discovery which is proving to host a substantial and continuous gold system.

Under the terms of the option agreement with Altius Resources Inc., a wholly owned subsidiary of Altius Minerals Corporation (TSX:ALS), Northern Abitibi can earn a minimum 51% property interest by issuing 1,115,000 shares of Northern Abitibi, and spending $1,200,000 on exploration over 4 years. Northern Abitibi has completed this earn in on an accelerated schedule. An official Earn-in Notice has been sent to Altius including proof of expenditures in excess of $1.2 million, a Technical Report, and the Corporation has issued 665,000 shares of Northern Abitibi representing the balance of the 1,115,000 shares owed.

Upon earn-in, and at Altius' election, Northern Abitibi can either form a 51% (Northern Abitibi) – 49% (Altius) joint venture, or Northern Abitibi can acquire a 100% interest subject to a sliding scale net smelter returns royalty (NSR) of 2% to 4% based on the price of gold, or Northern Abitibi can earn 51% with the option of increasing its interest to 70% by spending an additional 4 million on exploration. Altius has 60 days to decide which of the above options will govern the property agreement.

The Viking Property
The Viking Property contains numerous high grade gold zones located within a 3 to 4 kilometre long, mostly till-covered, gold-in-soil anomaly. Northern Abitibi has drilled 45 holes and excavated 41 trenches at the Viking Project to date and has intersected gold mineralization along the Thor Trend over a 1000 metre long strike length. Highlights include 6 holes that directly tested the Thor Vein and returned a high of 218.8 grams per tonne (g/t) gold over 0.5 metres, a low of 8.7 g/t gold over 1.3 metres, with an average of 39.1 g/t gold over 2.82 metres. Larger lower grade intervals have been encountered in drilling including 27 metres grading 7.9 g/t gold, 23.0 metres grading 5.12 g/t gold, 57.4 metres grading 2.6 g/t gold, and 41.4 metres grading 2.0 g/t gold. The Viking property is located in the mining friendly jurisdiction of Newfoundland and Labrador and has excellent access and local infrastructure, with a paved highway and power line located less than one kilometre from the project. A detailed description of the Viking project is available on our website (

Dr. Shane Ebert, P.Geo., is the Qualified Person responsible for the preparation of this news release.

Shane Ebert, President/Director

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Northern Abitibi's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Northern Abitibi. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Northern Abitibi's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Northern Abitibi's filings with the Canadian securities authorities. Accordingly, holders of Northern Abitibi shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Northern Abitibi disclaims any responsibility to update these forward-looking statements.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.

Contact Information

  • Northern Abitibi Mining Corp.
    Shane Ebert
    (250) 964-2699
    Northern Abitibi Mining Corp.
    Jean Pierre Jutras
    (403) 233-2636
    (403) 266-2606 (FAX)