TSX Venture Exchange Symbol FNR
SASKATOON, Sept. 25, 2012 /CNW/ - 49 North Resources Inc. ("49 North" or
the "Company") (TSXV: FNR), through Allstar Energy Limited ("Allstar",
a 100% owned subsidiary of 49 North) announces the commencement of a
substantial 3D seismic program on its 100% owned Riverside lands.
Mr. Ashley Drobot, P.Geo, President and CEO of Allstar, reports that
Allstar has recently commenced a 20.6 square kilometer 3D seismic
program which is centered around the existing two wells on the
Riverside lands. The current seismic program is key to providing
geological information and direction in planning future exploration and
development on the Riverside property. The program and interpretation
are expected to be complete in October and should provide a significant
number of additional drill targets. The total cost of the program is
estimated at approximately $1,000,000 and is being funded by joint
venture partner Westcore Energy Inc. ("Westcore") (TSXV: WTR). Details
of the arrangement with Westcore were included in the joint press
release of July 25, 2012.
In addition to the program just commenced, the Company has recently
acquired 2.59 square kilometers of industry 3D seismic on the Riverside
property. 49 North is very encouraged with the initial review of the
purchased seismic, and has identified as many as five (5) initial new
drilling targets. The Riverside property consists of 33,000 acres of
highly prospective heavy oil lands in West Central Saskatchewan.
49 North is a Saskatchewan focused resource investment company with
strategic operations in financial, managerial and geological advisory
services and merchant banking. Our diversified portfolio of assets
includes direct project involvement in the resource sector, as well as
investments in shares and other securities of junior and intermediate
mineral and oil and gas exploration companies. Additional information
about 49 North is available at www.sedar.com.
Forward Looking Information: This release contains forward-looking
information within the meaning of applicable Canadian securities
legislation. In particular but without limitation, this press release
includes references to discovered and undiscovered oil and natural gas
resources and Allstar's future drill program. There is no certainty
that any portion of the resources will be discovered. If discovered,
there is no certainty that it will be commercially viable to produce
any portion of the resource. There is no certainty the drill program
will be fully or partially completed. Forward-looking information
involves known and unknown risks, uncertainties and other factors that
may cause actual results or events to differ materially from those
expressed or implied by such forward-looking information, including the
discovery of new drill targets, the availability of adequate and secure
sources of funding to complete, equip and bring new wells on-stream,
prevailing commodity prices and the performance of 49 North personnel.
In addition, the forward-looking information contained in this release
is based upon what management believes to be reasonable assumptions.
Readers are cautioned not to place undue reliance on forward-looking
information as it is inherently uncertain and no assurance can be given
that the expectations reflected in such information will prove to be
correct. The forward-looking information in this release is made as of
the date hereof and, except as required under applicable securities
legislation, 49 North assumes no obligation to update or revise such
information to reflect new events or circumstances.
Neither 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.
SOURCE: 49 North Resources Inc.
For further information:
49 North Resources Inc.
President and Chief Executive Officer
306-653-2692 or firstname.lastname@example.org.