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North Springs Resources Signs Definitive Agreement to Acquire Interest in Arizona Gold Property with Estimated 350,000 ozs. of Gold Jan 4, 2012 9:00:00 AM LAS VEGAS, NEVADA -- (MARKET WIRE) -- 01/04/12 -- North Springs Resources Corp. (OTCBB: NSRS)(PINKSHEETS: NSRS) (the "Company" or "North Springs") is pleased to announce it has entered into a Definitive Joint Venture Agreement to acquire up to a 35% interest in the Goldstar/One Arm Joe Gold Project (the "Goldstar Property") located near Wickenburg, Arizona, USA. The decision to acquire an interest in the Goldstar Property was a strategic decision by North Springs that is consistent with its goal of becoming a near term gold producing company.
On December 29, 2011, North Springs entered into a Definitive Joint Venture Agreement with DNP Mining LLP, an Arizona limited liability company ("DNP") to conduct mineral exploration activities on the Goldstar Property. Pursuant to the JV, North Springs shall acquire a twenty percent (20%) working interest in the Goldstar Property in exchange for paying an aggregate of five hundred thousand dollars ($500,000) in funding for phase 1. The Company has the right to acquire an additional fifteen percent (15%) working interest in the Goldstar Property upon supplying funding equal to three million dollars ($3,000,000) to finance phase 2.
The Goldstar/One Arm Joe Project consists of 9,000 feet of quartz veins in two zones (Goldstar: 6,000 feet and One Arm Joe: 3,000 feet) over nine (9) claim blocks totaling 180 acres near the City of Wickenburg, Arizona. (The total number of feet was previously inadvertently reported to be in the hundreds - the correct number is 9,000). To date, surface sampling (over 500 assays have been taken), mapping, trenching, assaying, and metallurgy have been conducted and assisted in calculating the property's estimated reserve of 500,000 tons with an average grade 0.7oz of gold per ton - which could yield approximately 350,000 ounces of gold. Based on current gold spot prices, this would equate to over $550 million in gross mineral value.
"The Goldstar/One Arm Joe Property is a great new project with significant gold reserves in place. We are committed to exploring the potential of this tremendous property with a goal of moving quickly towards full-scale production," stated Harry Lappa, President, North Springs Resources. "In fact, we expect to be drilling this project within weeks and plan on announcing details of the phase 1 program within the next few days. It's a very exciting time to be a North Springs shareholder."
About North Springs Resources Corp.
North Springs Resources Corp. is focused on the evaluation, acquisition, exploration, and development of mineral resource properties. Currently, we are in the evaluation and acquisition phase of operations. The Company is led by a skilled and experienced management team and independent consulting geologists with many years of experience. North Springs is committed to creating value for its shareholders by advancing its current holdings and by acquiring new properties with significant potential.
For additional information, please visit www.northspringsresources.com.
Harry Lappa, President
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS", AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE", "ANTICIPATE", "BELIEVE", "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH NATURAL RESOURCE EXPLORATION AND DEVELOPMENT AND NEEDS FOR FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL REPORT ON FORM 10-K AND ON FORM 10-Q AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. FINRA, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
Contacts: LiveCall Investor Relations for North Springs Resources Corp. Gerry Belanger, Investor Contact (201) 984-5646 email@example.com www.northspringsresources.com Source: North Springs Resources Corp.