High North Resources Ltd.
TSX VENTURE : HN

May 14, 2013 09:00 ET

High North Resources Ltd. Announces $8,250,000 Financing and New President

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2013) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

High North Resources Ltd. ("High North" or the "Company") (TSX VENTURE:HN) - is pleased to announce a non-brokered private placement financing (the "Financing") for the sale of 15,000,000 non flow-through units at a price of $0.35 per unit and 7,500,000 flow-through shares at a price of $0.40 cents per share, for total gross proceeds of $8,250,000.

Each non flow-through unit is to consist of one common share of the Company and one half share purchase warrant. Each warrant will entitle the holder to purchase one common share of the Company at the exercise price of $0.50 for a period of two years. The Company will pay finder's fees in accordance with TSX Venture Exchange policy.

All securities issued pursuant to the Financing are subject to a four month hold period from the date of issuance. The Financing and the finder's fees are subject to approval from the TSX Venture Exchange.

Proceeds of the Financing will be used to advance the Company's landholdings acquired through the proposed acquisition of Valleyview Exploration Inc ("Valleyview"), previously announced April 23rd, 2013 and for general working capital.

Board of Directors and Management

The Company is pleased to announce the appointment of Colin Soares as President and Director. Mr. Soares is a professional engineer and is currently President of Gamma Ventures Inc., an investment firm. He is also President of Niloc Engineering Ltd., a management consulting firm specializing in oil and gas ventures. Mr. Soares received his BSc. in Chemical Engineering from the University of Waterloo in 1978.

Mr. Soares has a history of identifying strategic opportunities and increasing value through optimization and horizontal drilling and completions. Mr. Soares was President and Founder, of Rocor Resources Inc., a privately owned exploration company that proved the Montney resource play in the Monias BC area, south of Fort St. John. Rocor Resources Inc. was sold to Petrobank (PetroBakken) for over $50 million in 2008.

Ed Kruchkowski has resigned as Director of the Board. The Company would like to thank Mr. Kruchkowski for his contributions and wish him the best.

Kyle Stevenson has resigned as President of the Company and remains on the Board of Directors.

About Valleyview Exploration Inc.

Valleyview Exploration Inc. is a privately held Alberta oil and gas exploration and development company. Valleyview has a farm-in agreement to acquire 111 sections (71,040 acres) of prospective oil and gas leases in the Peace River Arch area of northwestern Alberta.

The oil and gas leases are strategically concentrated into seven blocks with hydrocarbon potential ranging from the Cretaceous Dunvegan through to the Devonian Granite Wash formation. Immediately offsetting the northeasterly leases, an independent unrelated company is developing Montney oil. Certain wells adjacent to Valleyview's leases are producing at over 300 boe/d. Valleyview leases may also be prospective for Duvernay oil with a recent offset well flowing high gravity oil from this formation.

READER ADVISORY

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 Corporation 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.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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