North Springs Resources Corp.
OTC Bulletin Board : NSRS
PINKSHEETS : NSRS

North Springs Resources Corp.

January 11, 2012 09:00 ET

North Springs Resources Completes Goldstar Property Funding Commitment and Announces Drill Program to Prove 350,000 Ounce Gold Estimate

LAS VEGAS, NEVADA--(Marketwire - Jan. 11, 2012) - North Springs Resources Corp. (OTCBB:NSRS)(PINKSHEETS:NSRS) (the "Company" or "North Springs") is pleased to announce it has completed the acquisition of a twenty percent (20%) working interest in the Goldstar/One Arm Joe Gold Project (the "Goldstar Property" or "Goldstar") located near Wickenburg, Arizona, USA. The Company acquired the 20% interest by funding $500,000 in exploration and development expenditures at the Goldstar Property. The current phase of exploration at Goldstar is expected to begin immediately and will include final preparations for a 15-hole diamond core drill program scheduled to begin later this month. The drill program will focus on five target areas with proven gold bearing quartz vein structures already identified at the property.

The Goldstar Property consists of 9,000 feet of gold bearing quartz veins in two zones (Goldstar: 6,000 feet and One Arm Joe: 3,000 feet) over nine (9) claim blocks totaling 180 acres. A small section of the 6,000 foot long Goldstar quartz vein zone is adjacent to the entire southern border of the Grijalva Mine, a former underground gold-silver-copper mine with production from quartz veins over a 29 year period between 1908 and 1936. The Goldstar Property is also located 20 miles northeast of the famous Vulture Mine, which became the most productive gold mine in Arizona history, producing 340,000 ounces of gold and 260,000 ounces of silver from high-grade quartz veins.

Previous exploration at the Goldstar Property, including extensive surface sampling (500+), mapping, trenching, assaying, and metallurgy, assisted in calculating the property's estimated reserve of 500,000 tons with an average grade of 0.7oz gold per ton - which could yield approximately 350,000 ounces of gold. Based on a recent review of geologic data and sample assay results, the original grade and tonnage estimates made by the project geologists have been validated. Based on current gold spot prices, the Goldstar Property may contain over $550 million in gross mineral value and possibly be the largest hardrock gold mine in Arizona history.

"Historically, Arizona has produced more than 16 million ounces of gold - that's over $25 billion worth at today's prices, but since 1998 almost all Arizona gold production has come as a byproduct of large-scale copper mining and many great hardrock gold projects like this one went undeveloped," stated Harry Lappa, President, North Springs Resources. "But over the last few years, higher gold prices have encouraged smart miners to re-visit Arizona and gold mining activity has increased steadily. North Springs was fortunate to acquire such an advanced project with a known gold estimate. We are confident that the planned exploration and drilling at Goldstar could quickly prove up the current 350,000 ounce estimate and provide us with enough data to make the decision to build a new mine and quickly go into production."

The Company has the right to acquire an additional fifteen percent (15%) working interest in the Goldstar Property (35% total) by funding another $3,000,000 of exploration and development.

Further information regarding the Goldstar/One Arm Joe Gold Project and other North Springs business will be made as additional information becomes available.

About North Springs Resources Corp.

North Springs Resources Corp. is focused on the evaluation, acquisition, exploration, and development of mineral resource properties. Currently, we are in the evaluation and acquisition phase of operations. The Company is led by a skilled and experienced management team and independent consulting geologists with many years of experience. North Springs is committed to creating value for its shareholders by advancing its current holdings and by acquiring new properties with significant potential.

For additional information, please visit www.northspringsresources.com.

Harry Lappa, President

THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS", AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE", "ANTICIPATE", "BELIEVE", "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH NATURAL RESOURCE EXPLORATION AND DEVELOPMENT AND NEEDS FOR FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL REPORT ON FORM 10-K AND ON FORM 10-Q AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. FINRA, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

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