Norrep Performance 2011 Flow-Through Limited Partnership Completes Asset Transfer

CALGARY, ALBERTA--(Marketwire - April 13, 2012) - Hesperian Capital Management Ltd. is pleased to announce that the assets of Norrep Performance 2011 Flow-Through Limited Partnership (the "Partnership") have been transferred to Norrep Resource Class of Norrep Opportunities Corp. (the "Fund") effective April 13, 2012. The Partnership will be dissolved in accordance with the Partnerships Act (Alberta) on April 17, 2012.

The net asset values were calculated as at the close of business on April 12, 2012. The Partnership closed at a pre-distribution price of $5.72 per unit and a distribution of $0.73 per unit will be paid to investors on or about April 17, 2012.

There are no fees for investors related to the asset transfer and the transaction does not represent a taxable event. Investors may indefinitely defer a tax liability by continuing to hold the shares of Norrep Resource Class or by transferring, on a tax-deferred basis, to another fund class of Norrep Opportunities Corp. Please visit www.norrep.com for information on the Norrep Funds.

The Partnership received an aggregate of 400,374 mutual fund shares of the Fund with a net asset value of approximately $6,285,037. As a result of the transfer, each limited partner (investor) of the Partnership will receive, upon dissolution of the Partnership, approximately 0.3179 of a mutual fund share for each limited partnership unit based on a net asset value of $4.99 per unit. The estimated adjusted cost base of the Norrep Resource Class shares distributed to investors is $9.77 per share. Mutual fund shares will be distributed to limited partners within five business days following the date of dissolution of the Partnership.

Hesperian Capital Management Ltd. is an independent investment management firm managing approximately $663 million from offices in Calgary and Toronto. Please visit www.hesperiancapital.com for more details.

Certain information set forth in this press release, including a discussion of future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements.