TSX Venture Exchange symbol FNR
SASKATOON, SK, Sept. 27, 2011 /CNW/ - 49 North Resources Inc. ("49
North") (TSX-V:FNR) is pleased to announce it has entered into an
option agreement (the "Option Agreement") with Eagle Plains Resources
Ltd. ("Eagle Plains") (TSX-V:EPL). The Option Agreement was entered
using a subsidiary company of 49 North, 101191710 Saskatchewan Ltd.
("101191710"), and provides 101191710 the option to acquire a 60%
interest in the Goatfell Property located 30km east of Creston, British
Columbia. Please refer to the Eagle Plains press release of September
26, 2011 for further information about the Goatfell Property.
Under terms of the Option Agreement, 101191710 will complete exploration
expenditures of $3,000,000, make cash payments of $250,000 and issue
1,000,000 common shares to Eagle Plains over a four year period. The
Goatfell Property has no underlying royalties or encumbrances.
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 49 North acquiring a property interest in the
Goatfell Property through 101191710. There is no certainty that any
interest will be earned. 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. 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.