CALGARY, July 23 /CNW/ - NewNorth Projects Ltd. (NNP.TSXV) announced
today the completion of the sale, on June 30, 2008 of a portion of subdivided
lands located in Fort McMurray, Alberta. The property was purchased on May 1,
2006 by a limited partnership, in which NewNorth Projects Ltd. has a 50%
interest. NewNorth's proportionate share of the sale was $2.6 million with
gross profit of approximately $1.9 million. Terms of the sale include
- $1 million cash
- One year term mortgage, principal of $1.6 million, bearing interest at
12% per annum
NewNorth Projects Ltd. is an integrated land development and building
Development Corporation operating in Alberta and the Northwest Territories.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Mr. Greg N. Herndier, President and Chief
Executive Officer or Mr. Craig Johnson, Senior Vice President at (403)