NewNorth Projects Ltd. announces sale of Cochrane asset

CALGARY, Jan. 9, 2013 /CNW/ - NewNorth Projects Ltd. ("NewNorth") (TSXV: NNP) is pleased to announce that it has entered into a purchase and sale agreement with an arm's length party for the sale of its 185 acre wholly-owned country residential development property near Cochrane, Alberta for gross proceeds of $2 million. Closing of the transaction is expected to occur on or about March 1, 2013.

NewNorth is a land development Corporation operating in the province of Alberta.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, certain information presented herein constitutes "forward-looking statements". More particularly, this press release contains statements concerning the sale of the Cochrane asset and the timing of closing. The forward-looking statements contained in this document are solely opinions and forecasts which are uncertain and subject to risks. Forward-looking statements include but are not limited to uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties. Accordingly, readers are cautioned that the assumption used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation may prove to be imprecise and, as such undue reliance should not be placed on forward-looking statements.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Corporation undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: NewNorth Projects Ltd.

For further information:

For additional information, please contact Mr. Greg N. Herndier, Chief Executive Officer or Mrs. Shannon Cook, Controller at (403)531-0280.