Newstrike Resources Ltd.
TSX VENTURE : NR

Newstrike Resources Ltd.
Lac Seul First Nation

Lac Seul First Nation

August 23, 2011 08:58 ET

Lac Seul First Nation and Newstrike Resources Ltd. Sign Negotiation Protocol

LAC SEUL, ONTARIO--(Marketwire - Aug. 23, 2011) - Chief Clifford Bull of the Lac Seul First Nation and John A. Pollock, President and CEO of Newstrike Resources Ltd. (TSX VENTURE:NR) are pleased to announce that they have signed an Negotiation Protocol (the "Protocol") for the negotiation of an exploration agreement for outlining the terms of a collaborative and mutually beneficial working relationship in respect of, and the support of the Lac Seul First Nation for Newstrike's exploration within the District of Sioux Lookout, Ontario and the surrounding area, some of which is in traditional territories asserted by Lac Seul First Nation. The Protocol outlines the agenda and the process for conducting negotiations for establishing an exploration agreement. Topics to be addressed in the negotiations will include employment, training, economic and business opportunities and financial contributions, among others.

Newstrike is an early stage exploration company holding a binding letter of intent granting to Newstrike an option to earn 100% interest in the property known as the Horseshoe Lake property located in Mitchell and Bowerman Township, Ontario. The property is composed of two claim groups, twenty-seven (27) mining claims/units and four (4) mining claims (8 units).

"Lac Seul First Nation is pleased to engage with Newstrike in a meaningful way on this exploration program, and we believe that this further demonstrates our willingness to provide support to resource development within our traditional territory, and to create partnerships and opportunities in all phases of the mining cycle," said Chief Bull.

"Newstrike is pleased to commence discussions with Lac Seul First Nations in regard to the Horseshoe Lake Property. The Negotiation Protocol allows us to proceed with an initial diamond drill program to assess the airborne anomalies located during the recent VTEM geophysical survey." Says John A. Pollock, President and CEO Newstrike Resources Ltd.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Newstrike, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with mineral exploration and mining activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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.

Contact Information

  • Clifford Bull
    Chief of Lac Seul First Nation
    (807) 582-3503

    Newstrike Resources Ltd.
    John A. Pollock
    President and CEO
    (416) 628-6556

    Newstrike Resources Ltd.
    Donald Rankin
    Director
    (416) 628-6556
    www.newstrikeresources.com