High North Resources Ltd.

High North Resources Ltd.

January 29, 2014 20:03 ET

High North Resources-Corporate Update

CALGARY, ALBERTA--(Marketwired - Jan. 29, 2014) -


High North Resources Ltd. (TSX VENTURE:HN) (the "Company" or "High North") is pleased to provide an update on the following:

Appointment of Chief Financial Officer

The Company is pleased to announce the appointment of Ms. Susan E. McClinton as the Chief Financial Officer of the Company, effective January 27, 2014. Ms. McClinton has over 35 years of experience in financial and corporate positions with various companies, primarily in the oil and gas sector.

Change of Auditor

Effective January 27, 2014, at the request of the Company, Dale Matheson Carr-Hilton Labonte LLP (the "Former Auditor") has resigned as auditor of the Company and the Company's Board of Directors has appointed KPMG LLP as the successor auditor (the "Successor Auditor"). The Notice of Change of Auditor, together with the letter from the Former Auditor and the letter from the Successor Auditor were reviewed and approved by the Company's Board of Directors and have been filed on SEDAR at www.sedar.com.

Resignation of Director

The Company regrettably announces that Duncan Chisholm has resigned as a director of High North effective January 29, 2014 for health reasons. Management and the Board of Directors wish to thank Mr. Chisholm for his time and contributions to the Company.

Granting Options

The Company also announces that on January 29, 2014, the Board of Directors of the Company approved the grant of an aggregate of 600,000 stock options to acquire an equivalent number of common shares of High North to certain directors, pursuant to the terms of the Company's rolling stock option plan. Each option is exercisable at a price of $0.35 per common share and will expire on January 29, 2019. The options are granted subject to the receipt of the necessary regulatory approvals.

About High North Resources Ltd.

High North Resources Ltd. is a TSX Venture Exchange listed oil and gas development company with assets near the Peace River Arch area of Northwestern Alberta. In total, the Company has an option to drill and produce from oil and gas leases strategically concentrated into nine blocks with stacked hydrocarbon potential, ranging from the Cretaceous Dunvegan through to the Devonian Granite Wash formation. Multiple conventional and unconventional oil targets are present including the Montney, Duvernay and Nordegg formations which are on trend and actively being developed in the Kaybob field.


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 release.

This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although High North believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of High North's management on the date the statements are made. Except as required by law, High North undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

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