North Sur Resources Inc.

North Sur Resources Inc.

December 19, 2014 09:05 ET

North Sur Resources Inc. Terminates Option on Uptown Gold Property

CALGARY, ALBERTA--(Marketwired - Dec. 19, 2014) - North Sur Resources Inc. ("North Sur" or the "Company") (TSX VENTURE:NST) announces the termination of its option agreement on the Uptown Gold Property located near Yellowknife, NWT. North Sur completed the arm's length acquisition of Manson Creek Resources Ltd.'s option to acquire the Uptown Gold Property from Panarc Resources in August 2013. North Sur has informed both Manson Creek and Panarc Resources of the decision to terminate and will continue to assess the most productive way forward for the Company.

In order to continue within the framework of the Uptown option agreement, North Sur would have been required to make combined cash payments and exploration expenditures of roughly $450,000.00 by January 23, 2016. Given the current challenging financial market conditions, the North Sur Board of Directors ("Board") has decided that a move to conserve capital will best serve the company's shareholders going forward. The Board believes that North Sur's ability to raise sufficient capital to fund the continued exploration commitment under the option agreement would be very difficult. The management and Board of North Sur continue to review and analyze other business opportunities across all sectors in an attempt to maximize shareholder value in the Company.

The Uptown Gold Property comprises six contiguous mineral claims totaling 3,267.24 hectares. The Property is located 3km north of Yellowknife, adjacent to the well known Giant gold mine and in close proximity to the historic Con gold mine.

Cornell McDowell P.Geol., President and CEO of North Sur Resources Inc., is the Qualified Person responsible for the preparation of this news release and disclosure of the technical information.

Forward-Looking Statements

Certain statements contained in this news release, including statements or information that contain terminology such as "anticipate", "believe", "intend", "expect", "estimate", "may", "could", "will", "the review and analysis of other business opportunities" and similar expressions constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, that address activities, events, or developments that North Sur or a third party expect or anticipate will or may occur in the future, including our future growth, results of operations, performance and business prospects, outlook and opportunities are forward-looking statements. In particular, this news release contains forward-looking statements concerning the further evaluation and exploration of the Uptown property.

Forward-looking statements are based on a number of material factors, expectations or assumptions of North Sur which have been used to develop such statements and information but which may prove to be incorrect. Although North Sur believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because North Sur can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results and developments may differ materially from the results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond our control.

Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and the other cautionary statements and risk factors and uncertainties contained in this news release. Additional information regarding some of these risks, expectations, assumptions and other factors may be found in the Company's Management's Discussion and Analysis. The reader is cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this news release. Except as required by applicable Canadian securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.

Contact Information

  • North Sur Resources Inc.
    Cornell McDowell
    President and CEO