Northern Abitibi Receives Approval for the Ches Property Option
May 13 2014 - 10:42AM
Marketwired
Northern Abitibi Receives Approval for the Ches Property Option
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.
Northern Abitibi Mining Corp.Shane Ebert1.250.964.2699Northern
Abitibi Mining Corp.Jean Pierre
Jutras1.403.233.2636www.naminco.ca
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