Northern Spirit Resources Inc.

September 27, 2010 14:45 ET

Northern Spirit Agrees to Assign Belize Production Sharing Agreements

CALGARY, ALBERTA--(Marketwire - Sept. 27, 2010) -


Richard F. Boyd, CEO of Northern Spirit Resources Inc. (the "Corporation") (TSX VENTURE:NS), announces that the Corporation has entered into an agreement to assign its interest in the two Production Sharing Agreements ("PSAs") in Belize referred to in the July 5, 2010 news release to an arm's length undisclosed Calgary-based international oil and gas exploration company (the "Purchaser"), for a consideration of $100,000 plus a 1.5% gross overriding royalty in favour of the Corporation on the lands relating to the PSAs. The Purchaser has also agreed to loan the Corporation $185,000 to cover the immediate obligations under the PSAs which loan is deemed to be paid upon completion of the transfer. The Corporation has reserved a right of first refusal to acquire a 20% working interest in the event of a disposition to a third party. The transaction and the transfers of the PSAs are subject to the approval of the Government of Belize. The Corporation also announces that to conclude the aforesaid transaction, the 1.5% GORR issued to arm's length parties who were instrumental in the acquisition of the two Belize Production Sharing Agreements and referred to in the July 5, 2010 news release has been converted into 300,000 common shares. The Corporation now has 15,596,856 issued and outstanding common shares.

WARNING: the Corporation relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary material include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Corporation does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

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 release.

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