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

North Springs Resources Corp.

January 13, 2012 09:00 ET

North Springs Resources Provides Update Regarding Letter of Intent to Acquire High-Potential Gold Project in Ghana-125 Million Ounces of Gold Located Within a 60 Mile Radius

LAS VEGAS, NEVADA--(Marketwire - Jan. 13, 2012) - North Springs Resources Corp. (OTCBB:NSRS)(PINKSHEETS:NSRS) (the "Company" or "North Springs") is pleased to provide this update regarding the recently announced Letter of Intent ("LOI") to acquire a ten percent (10%) interest in a high-potential gold exploration property in Ghana, Africa.

The property concession covers an area of approximately 5,100 acres located in the southeastern portion of Ghana's historic Ashanti Gold Belt and is situated less than one mile from the border of a gold mining property that is currently producing in excess of 175,000 oz. of gold and $280 million in gross revenue per year.

Previous exploration conducted by Newmont Gold and others has included extensive geophysical (aeromagnetic) interpretation, soil and stream sediment sampling, trenching, auger drilling, and rock chip sampling. To date, four distinct mineralized gold zones have been identified on the property, two of which share contact with the unique geological structure that hosts gold mineralization at the open pit gold mines currently operating less than one mile away.

"This has all the makings of a world-class exploration play and an incredible opportunity for North Springs to quickly become a significant player in the Ashanti Gold Belt, one of the world's hottest gold mining regions," said Harry Lappa, President of North Springs. "The results from the project have been very promising and the property's close proximity and similar geology to so many multi-million ounce gold deposits make this one of the most exciting prospects we have evaluated recently."

The Ashanti Gold Belt is considered one the world's premier gold producing regions. Many of the world's largest and most successful gold mines are located within the Ashanti Gold Belt within a 60 mile radius of this property including, but not limited to, Obuasi (AngloGold Ashanti - 381,000 oz./year - 33.4 million oz. total), Ahafo (Newmont - 545,000 oz./year - 25.3 million oz. total), Tarkwa/Damang (Gold Fields - 928,000 oz./year - 19.6 million oz. total), Bogosso/Prestea (Golden Star - 180,000 oz/year - 3.8 million oz. total), Wassa/HBB (Golden Star - 280,000 oz./year - 4.7 million oz. total), Iduapriem (AngloGold Ashanti - 185,000 oz./year - 4.9 million oz. total), Akyem (Newmont - start in 2013 - 7.2 million oz. total), Chirano (Kinross - 48,000 oz./year - 2.4 million oz. total), and Nzema (Adamus/Endeavour - 100,000 oz./year - 3.0 million oz. total).

Terms of the LOI call for North Springs to advance $150,000 to the vendors within ten (10) days and make an additional payment of $100,000 within thirty (30) days. North Springs also anticipates funding a multi-phase work commitment on the property in 2012. The proposed transaction remains subject to, among other things, North Springs and the current property holders entering into a definitive agreement. There can be no assurance that the transaction will be completed as proposed or at all. If and when a definitive agreement is memorialized, additional details regarding this transaction will be forthcoming.

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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