North South Petroleum Corp.
TSX VENTURE : NAS.H
NEX BOARD : NAS.H

June 24, 2016 17:43 ET

North South Petroleum Corp.: Option to Acquire 50% of CVL South Lithium Property Expires

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 24, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

North South Petroleum Corp. (the "Company" or "North South") (NEX:NAS.H) announces that further to the news release of May 18th 2016 the Company will not be proceeding with the acquisition of an option to earn up to a 50% interest in Lithium X Energy Corp.'s wholly-owned CVL South Lithium Property located in Nevada's Clayton Valley.

On June 20th 2016 the Company announced an agreement to acquire an interest in five other Nevada based lithium properties as well as a 100% interest in certain water rights. Dev Randhawa, proposed CEO of the Company, commented, "The agreement concluded June 20th with Nevada Sunrise gives us the ability to earn a 70% interest in three properties, a 50% interest in two others and the ability to acquire a 100% interest in certain water rights, a critical component of any lithium project in the Clayton Valley Basin. We will be moving forward to advance the exploration and development of these properties and continue evaluating other assets worldwide to enhance our portfolio. We wish Lithium X and its management team all the best in advancing their projects in Nevada and elsewhere."

The Company wishes to announce that the financing announced June 20th 2016 has been amended such that the financing will be a minimum of $2.5 million and a maximum of $4 million. All other terms of the financing remain unchanged.

NORTH SOUTH PETROLEUM CORP.

Nick DeMare, Corporate Secretary

Neither 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

  • North South Petroleum Corp.
    Nick DeMare
    Corporate Secretary
    604-685-9316
    604-683-1585 (FAX)