North Springs Resources Corp.
OTCBB : NSRS
PINKSHEETS : NSRS

North Springs Resources Corp.

February 08, 2012 09:14 ET

North Springs Resources Receives Additional Results from Imperial Property in Nevada-Widespread Gold and Silver Mineralization Encountered-Possible Carlin-Type Deposit Outlined

LAS VEGAS, NEVADA--(Marketwire - Feb. 8, 2012) - North Springs Resources Corp. (OTCBB:NSRS)(PINKSHEETS:NSRS) (the "Company" or "North Springs") is pleased to announce that it has received additional geochemical results, including silver values from the initial sampling program conducted during phase one exploration at the Imperial Gold Silver Property, located about 13 miles south of South Peak, Nevada, in the Railroad Springs Mining District (the "Imperial Property"). The additional results include silver and multi-element assays for samples taken from underground workings at the historic Imperial Mine site and surface sampling of one geochemical target. Gold values for these samples were announced February 6, 2012. Analysis of the samples was conducted by ALS Chemex, an independent third-party laboratory in Reno, Nevada.

"As we had hoped, all of the underground samples from the initial phase one exploration program tested positive for silver, another important confirmation that our assessment of the potential at Imperial is correct," stated Harry Lappa, President of North Springs. "The consistency, grade, and potential scale of the gold and silver mineralization encountered at the old Imperial Mine site and Resources Target area are all very bullish indicators for the project."

In the Upper Adit, five (5) samples were taken across the ceiling perpendicular to the exposed vein from 10 to 210 feet from the portal. In addition to gold content, testing confirmed the presence of silver in all samples, ranging from 0.03 to 0.79 oz/ton. Associated elements that were also highly anomalous include arsenic, copper and zinc. The gold and silver results of the sampling of the Imperial Upper Adit are listed below.

Imperial Project Upper Adit Vein Sampling

Distance
From Sample True
Sample Portal Width Width Gold* Silver Gold* Silver
Number (feet) (feet) (feet) (oz/ton) (oz/t) (g/t) (g/t)
IUU 10 10 6 6 0.059 0.05 2.02 1.6
IUU 65 65 5 5 0.378 0.20 12.95 7.0
IUU 93 93 4 4 0.127 0.11 4.34 3.9
IUU 128 128 5 5 0.429 0.79 14.70 27.0
IUU 210 210 6 6 0.055 0.03 1.88 1.0
* = Gold values for these same samples were announced February 6, 2012.

In the Lower Adit, six (6) samples were taken from 50 to 510 feet from the portal. In addition to gold content, testing confirmed the presence of silver in all samples, ranging from 0.01 to 0.91 oz/ton. Associated elements that were also highly anomalous include arsenic, copper and zinc. The gold and silver results of the sampling of the Imperial Lower Adit are listed below.

Imperial Project Lower Adit Vein Sampling

Distance
From Sample True
Sample Portal Width Width Gold* Silver Gold* Silver
Number (feet) (feet) (feet) (oz/ton) (oz/t) (g/t) (g/t)
IUL 50 50 4 4 0.046 0.41 1.58 14.0
IUL 90 90 5 5 0.072 0.14 2.47 4.8
IUL 137 137 4 4 0.247 0.91 8.46 31.0
IUL 250 250 6 6 0.028 0.01 0.97 0.4
IUL 430 430 4 4 0.558 0.23 19.1 8.0
IUL 510 510 6 6 0.032 0.23 1.08 8.0
* = Gold values for these same samples were announced February 6, 2012.

At the Resource Target area, silver results from seventeen (17) surface samples have also been received. Previous testing for gold content identified an open-ended target over 800 feet long at surface. Silver results from these same samples ranged from <0.2 to 4.5 g/t. Unlike the underground workings of the Imperial Mine site, anomalous elements associated with the Resource Target area include arsenic and antimony. The gold and silver results of the sampling at the Resource Target area are listed below.

Imperial Project Resource Target Surface

Sample Sample Sample Width Gold Silver
Number Description (feet) (g/t) (g/t)
IS 1 Gossanous silicified siltstone outcrop Grab 0.62 0.6
IS 2 Gossanous jasperoid outcrop 6 foot channel <0.05 <0.2
IS 3 Gossanous jasperoid float Grab 0.29 <0.2
IS 4 Gossanous jasperoid outcrop 6 foot channel 0.11 <0.2
IS 5 Partly silicified limestone outcrop 4 foot channel 0.15 0.2
IS 6 Gossanous jasperoid float Grab 0.22 <0.2
IS 7 Partly silicified bleached siltstone float Grab 0.11 0.6
IS 8 Gossanous jasperoid outcrop 3 foot channel 0.11 0.3
IS 9 Gossanous jasperoid subcrop Grab 0.22 <0.2
IS 10 Partly silicified bleached siltstone subcrop Grab <0.05 0.2
IS 11 Partly silicified bleached siltstone subcrop Grab 0.11 <0.2
IS 12 Gossanous jasperoid breccia subcrop Grab <0.05 0.3
IS 13 Partly silicified bleached siltstone subcrop Grab <0.05 <0.2
IS 14 Gossanous jasperoid subcrop Grab 0.07 1.5
IS 15 Gossanous jasperoid subcrop Grab 0.40 0.8
IS 16 Gossanous jasperoid float Grab 0.11 0.5
IS 17 Jasperoid breccia outcrop 6 foot channel 0.51 4.5

Results of surface and underground sampling indicate potentially two separate mineralizing events at the Imperial Property. In one area of the property, a higher temperature mineralizing event is believed to be associated with the veins sampled underground at the Imperial Mine site. This mineralization has a close association between gold/silver and base metals. In another area of the property, surface sampling indicates there was probably a separate lower temperature mineralizing event with gold associated with antimony. This lower temperature event shows several key characteristics of a "Carlin-type" system which includes the presence of jasperoid and a thin-bedded calcareous host rock. Carlin-type deposits represent some of the largest hydrothermal gold deposits in the world, including the Goldstrike Mine in Nevada, the largest Carlin-type deposit in the world, containing more than 35,000,000 ounces of gold.

Additional work anticipated at the Imperial Property may include further surface sampling and the compilation of all historic exploration data, including the creation of a digital drilling database to be used to plan any future drilling.

About North Springs Resources Corp.

North Springs Resources Corp. is focused on the evaluation, acquisition, exploration, and development of mineral resource properties. 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.

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