NEMI Completes Sale of Interest in Peace River Coal Limited Partnership

VANCOUVER, Sept. 28, 2011 /CNW/ - NEMI Northern Energy and Mining Inc. (TSX: NNE.A) (the "Company") announces that it has completed the sale (the "Asset Sale") of the Company's interest in the Peace River Coal Limited Partnership to Anglo American Coal Canada Limited for a cash purchase price of C$73 million.  The Company now has cash assets of approximately $76 million.  As disclosed in the Company's information circular for the shareholders meeting approving the sale, management of the Company currently intends to use the majority of the Company's cash to provide securityholders with a liquidity event such as a cash distribution or a share buyback.  Any such liquidity event will be subject to, among other factors: regulatory and Stock Exchange approvals, appropriate income tax considerations and approval of the Company's board of directors following consultation with financial advisors. The Company expects to make an announcement in this regard within one to two weeks.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.

SOURCE NEMI Northern Energy

For further information:

Michael Cooney
NEMI Northern Energy & Mining Inc.
(T) (415) 339-8825

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NEMI Northern Energy & Mining Inc.

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