OTTAWA,
ON, July 17, 2023 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is
pleased to announce that the Company has received a favourable
judgement from the Court of Quebec
in a litigation case against the Quebec Revenue Agency.
The crux of the dispute related to the non-receipt of various
notices of assessment refusing significant tax credits relating to
mineral resources to which the Company wished to object. Northern
Shield never received the 2017 and 2018 Notices of Assessment
allowing it to object within 90 days of receipt of such
notices.
The Court of Quebec ruled in
the Company's favour with the practical consequence of the
judgement being that Northern Shield's right to object to the
notices of assessment in dispute has been restored.
A similar denial of tax credits had been placed on the Company's
2016 Quebec Tax Return and Mining Tax Return which was eventually
fully settled by the Quebec Revenue Agency in the Company's favour
in 2021 after Northern Shield filed a Notice of Objection and
subsequently commenced a judicial litigation case.
The Quebec Revenue Agency has 30 days to appeal the judge's
decision.
Northern Shield Resources
Northern Shield Resources Inc. is a Canadian-based company known
as a leader in generating high-quality exploration targets that
views greenfield exploration as an opportunity. An opportunity to
find a Tier 1 asset, near surface, and at relatively low cost. It
implements a model driven approach in exploration to reduce any
risk associated with early-stage projects for ourselves, our
shareholders, and the environment. It is this approach that led to
the discovery of an alkaline driven gold-silver-tellurium-porphyry
copper system at its Root & Cellar Project in Newfoundland.
Forward-Looking Statements Advisory
Neither
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Northern Shield Resources Inc.
