Northern Continental Resources Inc.
TSX VENTURE : NCR

Northern Continental Resources Inc.

December 11, 2007 13:38 ET

Northern Continental Resources Inc. Closes Financing With the MineralFields Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 11, 2007) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION ON US NEWS WIRE SERVICES

Northern Continental Resources Inc. (TSX VENTURE:NCR) is pleased to announce the closing of a non-brokered private placement of $1,500,000 through the sale of 3,750,000 flow-through units ("FT Units") at $0.40 each to the MineralFields Group, as originally announced on November 26, 2007. Each FT Unit consisted of one flow-through common share and one-half (1/2) of a non-transferable share purchase warrant, with each whole warrant to entitle the holder to purchase one additional ordinary common share at a price of $0.60 until December 7, 2008. The proceeds from this flow-through private placement will be used for exploration of NCR's Russell Lake uranium property in Saskatchewan. (The balance of the flow-through private placement announced November 26, 2007, as well as the hard dollar private placement also announced on that date, are expected to close shortly.)

In connection with the closing disclosed above, NCR will pay to Limited Market Dealer Inc. a 5% cash finder's fee, and issue to it non-transferable warrants entitling it to purchase up to 253,750 common shares at a price of $0.60 per share until December 7, 2008.

All of the securities issued in connection with this initial closing, including the securities issued in payment of the finder's fee, are subject to a hold period in Canada until April 8, 2008.

"We are very pleased to be entering into this relationship with MineralFields Group," said Alan Crawford, President and CEO of NCR. "This is an important milestone in the growth of Northern Continental Resources Inc. and we look forward to working with MineralFields Group as we develop our holdings in Saskatchewan."

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group.

About NCR's Russell Lake Uranium Project

A winter diamond drilling program at Russell Lake is set to begin in early January. The program is a joint venture in which NCR holds a 60% controlling interest. Permitting for 21 diamond drill holes is under way, with a planned average target depth of 500 metres, totaling 10,500 metres. Drilling targets have been selected after a three-year, $3-million geophysical program which identified numerous zones with the potential to host uranium mineralization. For further information on NCR and the Russell Lake project, please visit our website at www.northerncontinental.ca.

NORTHERN CONTINENTAL RESOURCES INC.

Alan Crawford, President

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Northern Continental Resources Inc.
    Alan Crawford
    President
    (604) 685-9255 or Toll Free: 1-800-449-4435
    Website: www.northerncontinental.ca