North Springs Resources Corp.
OTC Bulletin Board : NSRS

North Springs Resources Corp.

December 20, 2011 09:00 ET

North Springs Resources Corporate Update

LAS VEGAS, NEVADA--(Marketwire - Dec. 20, 2011) - North Springs Resources Corporation (OTCBB:NSRS) (the "Company" or "North Springs") is pleased to offer the Company's analysis and overview of the Company and its outlook.

North Springs Resources was formed to acquire and develop near-term production mineral projects or mineral properties with the potential of significant resources. The Management of North Springs Resources has considerable mining expertise, sophistication, commitment, intellect and a well-balanced understanding of the mineral resource industry and the financial markets. The Company has also built a strategic network of relationships within the mining industry that will enable them to identify mining targets that are ready to be developed. The result is a well-balanced corporation managed by an inspiring team of qualified professionals.

"We have a goal to become a producing gold and silver company and we will be aggressive in our search, acquisition and development of gold prospects in North America and abroad. Our acquisitions will be carefully chosen to bring significant return to our shareholders. North Springs will target and position itself to acquire past-producing and/or significant exploration projects and work toward their full development to drive revenues and build core reserves. We are a motivated and driven company with big goals," stated Harry Lappa, President, North Springs Resources. "With the North Springs Gold Property, we have chosen a strategically located property in one of the most prolific Gold and Silver mining districts. North Springs Resources has positioned itself for success and will continue to acquire properties with strategic locations for discovery or have existing resources on them. We will be diligent and responsible to our shareholders as we move North Springs Resources forward."

North Springs Property:

The North Springs Gold Project is located about 8 miles northwest of town of Silver Peak, Nevada. The Silver Peak Mountain Range lies in the southern reaches of the Great Basin, within the Walker Lane structural corridor. The Walker Lane is a 100-km-wide region of right lateral, wrench-faulting which separates the Sierra Nevada batholith to the west and southwest and the Great Basin to the east and northeast.

The North Springs land package consists of approximately 16 unpatented federal lode mining claims that cover two separate areas, the Roadrunner Block and the Coyote Summit Block, and total approximately 320 acres. The geology at North Springs is similar to that of the nearby Mineral Ridge Gold Deposits, and indeed, may actually be a continuation of the same gently-dipping, sheet-like body which hosts gold mineralization there. Gold mineralization at Mineral Ridge and the adjacent areas is hosted by localized pegmatitic alaskite and accessory quartz veins that exist near a granite-metasediment contact.

Both the North Springs Gold Property and the Mineral Ridge Gold Deposits are situated along a regional northwest trending, large anticline known as the Mineral Ridge Metamorphic Core Complex. This complex contains extensive high-grade gold veins (52 miles of underground workings on low-angle veins) and stacked, low angle, shear zones which have been open pit mined in several deposits. The Mineral Ridge Gold Deposits currently contain a current resource estimate of 500,000 ounces of gold. Scorpio Gold Corporation and Golden Phoenix Minerals, Inc.'s "Mineral Ridge" Joint Venture has a mineral resource estimate "of 221,000 ounces of gold in the measured and indicated categories and 136,000 ounces of gold in the inferred category within the area of the Drinkwater and Mary pits. The current mine plan contemplates 3.2 million tons of mineralized material being mined over a period of 41 months." (from the Scorpio Gold Website; www.scorpiogold.com).

The North Springs Gold Property occupies very similar geology, alteration, mineralization, geochemistry and structural setting to the Mineral Ridge Gold Deposits. In fact, the North Springs Gold Property sits less than three (3) miles from Scorpio Gold's Mineral Ridge property. Historical sampling at the North Springs Gold Property has identified gold mineralization up to 0.8 ounces per ton from surface workings (complete results are available on our website at www.northspringsresources.com). The North Springs Gold project contains several untested gold targets that include open-pit, disseminated mineralization and high-grade shear zones and feeder veins, similar to those that have been mined by several mining companies at the nearby Mineral Ridge deposits.

Management believes that in addition to its proximity to major discoveries (namely the Mineral Ridge Deposit), the North Springs Gold Property's physical location makes it an ideal property for exploration and development. Existing infrastructure, including manpower and accessibility for the North Springs Property, is supported by the close proximity to the towns of Silver Peak and Tonopah, Nevada. State highways and paved roads provide easy access, while moderate temperatures allow for year-round physical work on the property.

Political support for the mining industry enjoyed by the state of Nevada was another determining factor for management when selecting the North Springs Property. Favorable laws, positive safety regulations, and the lack of political unrest seen in many other parts of the world are among the main reasons that Nevada's gold production accounted for more than 79% of total U.S. production and 7.2% of the world's gold production in 2009 (Economic Overview of Nevada's Mineral Industry report; Nevada Mining Association). Nevada State Geologist and Director of the Nevada Bureau of Mines and Geology Jonathan Price recently stated that Nevada is still in its biggest mining boom, one that produced more than 200 million ounces of gold in Nevada from 1981 to 2009.

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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