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

North Springs Resources Corp.

January 12, 2012 09:00 ET

North Springs Resources Signs Letter of Intent to Acquire Interest in Advanced Gold Property Located Less Than One Mile from $2 Billion Mine in Ghana

LAS VEGAS, NEVADA--(Marketwire - Jan. 12, 2012) - North Springs Resources Corp. (OTCBB:NSRS)(PINKSHEETS:NSRS) (the "Company" or "North Springs") is pleased to announce it has signed a Letter of Intent to acquire an interest in an advanced gold exploration property in Ghana, Africa. The property is located within 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. Extensive soil and stream sediment sampling, trenching, auger drilling, and rock chip sampling indicates that the property has the potential to host both low-grade large tonnage and high-grade lode gold deposits similar to other multi-million ounce gold mines with similar geology operating in the immediate area.

"Acquiring a large concession of this quality located right next door to a producing mine in one of hottest gold mining regions of the world will be a major accomplishment for the Company," said Harry Lappa, President of North Springs. "Many other companies are active in the area, including major players like Newmont, Goldfields, AngloGold, and Kinross, because they know that this is gold mining elephant country. We believe that acquiring a piece of this property will put us right in the middle of the action and position the Company for a potential multi-million ounce gold discovery."

The Republic of Ghana, formerly known as the Gold Coast, is Africa's second largest gold producing country, after only South Africa. Foreign mining investment in Ghana has benefited significantly from the country's stable democratic government system and well established mining laws. Over the last century, Ghana has produced approximately 60 million ounces of gold and has a current estimated gold reserve of well over 100 million ounces with a gross mineral value estimated to be in excess of $162 billion dollars based on today's gold spot prices. Despite Ghana's long history of gold mining, the rate of new discovery and production in Ghana is still increasing. According to data from the Ghana Chamber of Mines, 2010 saw gold production in Ghana rise by 1.4% to 2.97 million ounces, with revenue from sales of the precious metal during the year increasing 27.5 percent to $3.62 billion.

The proposed transaction remains subject to, among other things, North Springs and the current property holders entering into a definitive agreement and completion of satisfactory due diligence by all parties. 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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