CALGARY, ALBERTA--(Marketwired - May 13, 2014) - Northern Abitibi Mining Corp. ("Northern Abitibi") (TSX VENTURE:NAI) is pleased to announce that it has received TSX Venture Exchange conditional approval for the option agreement to earn a 100% interest in the Ches copper-molybdenum-tungsten property located in central British Columbia.
Northern Abitibi can earn a 100% interest in the Ches Property by making staged cash and share payments over 4 years totaling $50,000 cash and 1.6 million shares at a deemed value of $0.05 per share, and spending a total of $500,000 on exploration. Upon signing and receiving TSX Venture Exchange approval, Northern Abitibi must issue 350,000 Northern Abitibi shares, and the Company must spend $50,000 on exploration within the first year. The Vendors will retain a 2% net smelter royalty, three quarters of which can be bought back by Northern Abitibi for $2 million dollars.
Northern Abitibi has issued a total of 350,000 common shares at deemed value of $0.05 per share to the Vendors which are subject to a hold period until September 8, 2014.
A budget of up to $67,000 has been approved for a first pass exploration program at the Ches Property. This exploration program will consist of mapping, soil and rock channel sampling, and excavator trenching to evaluate and expand known zones of mineralization exposed in logging road cuts. A permit application to conduct this work has been submitted to the Ministry of Energy and Mines and the program will commence in the summer of 2014 pending the receipt of all necessary permits.
An additional 1927 hectares have been staked around the Ches property enlarging the property over 4 times its original size, and bringing the total property size to 2390 hectares.
Barbara O'Neill, Corporate Secretary
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Northern Abitibi's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Northern Abitibi. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Northern Abitibi's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Northern Abitibi's filings with the Canadian securities authorities. Accordingly, holders of Northern Abitibi shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Northern Abitibi disclaims any responsibility to update these forward-looking statements.