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 [email protected].