Northern Empire Resources Corp.
TSX VENTURE : NM

December 22, 2014 07:30 ET

Northern Empire Acquires El Reventon Silver Project, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 22, 2014) - THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Northern Empire Resources Corp. (TSX VENTURE:NM) ("Northern Empire"), a mineral exploration company following the "Project Generator" business model, announces that it has entered into an Assignment Agreement with Northair Silver Corp. ("Northair") and its wholly owned Mexican subsidiary to acquire certain mineral claims in the Mexican State of Durango, referred to as the El Reventon silver project ("El Reventon" or the "Project").

Subject to an Assignment Agreement dated December 19, 2014, Northair agreed to assign and transfer to Northern Empire (the "Assignment") its 100% interest in three mineral concessions comprising the Project. In consideration of the Assignment, Northern Empire has agreed to pay Northair the sum of C$10,000; issue to Northair 200,000 common shares in the capital of Northern Empire; and grant Northair a one percent (1%) net smelter royalty from any future production on the Project. Northern Empire shall be entitled at any time to buy-back the full net smelter royalty by paying to Northair C$1,000,000.

The closing of the Assignment shall be subject to receipt of all necessary regulatory approvals including the acceptance of the TSX Venture Exchange.

Northern Empire's Chairman, John Robins stated, "the signing of the agreement for El Reventon is consistent with our Project Generator business model to expand our portfolio with low acquisition and holding cost projects, which offer considerable exploration potential."

About El Reventon

The El Reventon silver project, is located in Durango State, Mexico and is comprises of three contiguous mineral concessions with a combined area of 3436 hectares. El Reventon is road accessible, approximately 170 kilometres northwest of the capital city of Durango.

Results announced from previous exploration work revealed the presence of a number of high grade silver-lead-zinc vein systems as well as the potential for other bulk tonnage deposits.

Multiple targets warrant testing within the El Reventon Project, including the Reventon Breccia, where drill results announced in 2007 and 2008 included: 155.4 metres of 71.3 g/t silver, 0.46% lead and 0.61% zinc from hole RC-08-08; and 22.9 metres of 287 g/t silver, 1.39% lead and 3.48% zinc from hole RC-08-13. See Northair's SEDAR profile to review releases dated June 25, 2008, October 31, 2012, and September 16, 2013.

Pending a comprehensive review of all existing data sets, Northern Empire will prepare a project summary and accompanying figures to be posted on the Company's website.

About Northern Empire

Northern Empire is a newly formed company which will follow the "Project Generator" business model to take advantage of the depressed market conditions in the resource sector to acquire low acquisition and low holding cost properties with significant exploration potential.

A Project Generator identifies, acquires, and performs early stage exploration on compelling exploration targets before finding project partners to bear the financial risk associated with advanced exploration.

Northern Empire's experienced board and management team feels that executing the Project Generator business model is the most practical way to provide investors the potential excitement and value creation of mineral discoveries, without the financial risks and equity dilution of standard exploration programs.

ON BEHALF OF THE BOARD OF NORTHERN EMPIRE RESOURCES CORP.

"Jim Paterson"

Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Northern Empire Resources Corp. The Acquisition described above is subject to a number of conditions precedent, and there is no assurance that (i) all conditions will be satisfied, (ii) the Acquisition will occur on the bases outlined above, or close at all; or (iii) if closed, that the Company will be able to practically or profitably implement the Project Generator business model. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Northern Empire does not assume the obligation to update any forward-looking statement, except as required by applicable law.

Contact Information

  • Jeff Sundar, Corporate Development
    Northern Empire Resources Corp.
    604 764-5944