TSX Venture Exchange symbol FNR and FNR.RT
SASKATOON, Oct. 23, 2014 /CNW/ - 49 North Resources Inc. ("49 North" or the "Company") (TSXV: FNR,TSXV: FNR.RT) reports that Omineca Mining and Metals Ltd. (TSXV: OMM) and its wholly owned subsidiary CVG Mining Inc. (collectively "OMM" or "Omineca") filed a comprehensive amended mine plan under a Notice of Work with the British Columbia Ministry of Energy and Mines (please see OMM News Release - October 22, 2014). 49 North currently owns 69.9% of the issued and outstanding voting shares of Omineca.
The Notice of Work and its mine plan outline OMM's next phase of advanced exploration to demonstrate its approach to mining the 2,700ha Wingdam Gold Project located 43 km east of Quesnel, British Columbia within the prolific Cariboo Goldfields, a renowned placer gold-producing district. The Wingdam Gold Project is currently permitted under a British Columbia Ministry of Natural Resource Operations permit and a British Columbia Ministry of Environment Effluent Discharge permit, and has been under care and maintenance since September 2012.
49 North Management is pleased that the highly skilled team at Omineca has been able to advance this project prudently during what has been a challenging resource investment climate. We look forward to seeing the next phase of the Notice of Work get underway targeting near term gold production. With production to be processed underground using a simple gravity separation wash plant; milling, leaching and tailings facilities and the attendant costs associated with traditional mining are not required to produce alluvial gold at Wingdam.
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. 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 such 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., Tom MacNeill, President and Chief Executive Officer, 306-653-2692 or [email protected]