North Springs Resources Corp.
OTCBB : NSRS
PINKSHEETS : NSRS

North Springs Resources Corp.

February 22, 2012 09:00 ET

North Springs Resources Signs Definitive Agreement to Acquire Interest in Various Producing Properties in Chihuahua Mexico-Inferred Gold and Silver Reserve Estimate Valued at $4.5 Billion

LAS VEGAS, NEVADA--(Marketwire - Feb. 22, 2012) - North Springs Resources Corp. (OTCBB:NSRS)(PINKSHEETS:NSRS) (the "Company" or "North Springs") is pleased to announce that it has signed a Definitive Agreement with Hyperion Management Mining S.A. ("Hyperion") to acquire a 10% interest in an option on various producing gold and silver properties in Chihuahua, Mexico. In aggregate, the various properties have an inferred reserve estimate of 730,000 oz. of gold and 94 million oz. of silver. Based on current gold and silver spot prices, the properties have a combined inferred reserve estimate of over 2.5 million oz. of gold equivalent.

Although a Definitive Agreement has been signed, closing of this transaction remains subject to further due diligence, including an additional Company initiated review conducted by an independent, qualified, and licensed Mexican geologist. The proposed transaction is expected to close within 3-5 business days.

"The last step remaining before closing this important transaction is the completion and receipt of a positive report from a qualified Mexican geologist," stated Harry Lappa, President of North Springs. "His independent and experienced review of the properties, the local geology, and most of all, the inferred gold and silver reserve estimates are expected to validate our own positive assessment of the properties. We hope to receive this report within the next two or three days."

Previously, this transaction was also to include a 10% interest in a new milling facility to be built in the area. Both parties remain committed to building a modern high-capacity mill closer to the properties and anticipate re-visiting this portion of the transaction at a later time. In addition, the Company and its partners have agreed to terminate the agreements for North Springs to acquire the Rio and Belo Properties in Guyana due to local laws and mining regulations not allowing the parties to move forward as quickly as the Company required to meet its aggressive exploration plans.

This potential acquisition remains subject to, among other things, completion of satisfactory due diligence by both parties. There can be no assurance that any transaction will be completed.

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.

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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