OTTAWA, Aug. 9 /CNW Telbec/ - (TSX:V-NRN) - Northern Shield Resources
Inc. ("Northern Shield") (TSXV:NRN) announced today that Impala Platinum
Holdings Limited ("Impala") has increased its interest in the PGEs and PGE
by-products in the Highbank Lake property from 20% to 45% pursuant to the
Option Agreement between Northern Shield and Impala. The additional 25%
interest was earned by incurring an aggregate of $2.5 million in exploration
expenditures at Highbank Lake by the third anniversary of the Option
Agreement. Under the Option Agreement, Impala has the option to earn up to an
additional 15% interest in the PGEs and PGE by-products at Highbank Lake by
incurring a further $2.5 million in exploration expenditures at Highbank Lake
by July 14, 2010. Impala of South Africa is the world's second largest
producer of platinum.
The 3000 meter drill program at Highbank Lake announced on June 12 is
approximately half way through the planned program with three holes completed.
The Highbank Lake property covers a recently discovered layered
intrusion, which extends for approximately 500 square kilometers, and is being
explored for reef-hosted PGE and chromium, and contact-type
PGE mineralization. Impala entered into an option agreement with Northern
Shield pursuant to which Impala has the option of incrementally earning a 60%
interest in the PGE and PGE by-products of the property by incurring
$5 million in exploration expenditures on the property within five years.
Northern Shield is an innovative, results-driven Canadian company focused
on PGE exploration. Its mission is to create a successful mineral exploration
company through technical excellence and efficient management, where success
is measured by the identification and development of high-quality mineral
exploration projects, which may ultimately be optioned, sold or developed for
optimal benefit. For further information on Northern Shield and its
properties, please visit Northern Shield's website at www.northern-shield.com.
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED
NOR DISPROVED THE CONTENTS OF THIS PRESS RELEASE
For further information:
For further information: Ian Bliss, President and CEO, Northern Shield
Resources Inc., (613) 232-0459, Fax: (613) 232-0760, firstname.lastname@example.org