Tempest Drilling to Resume After Winter Break-up
OTTAWA, April 12, 2012 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") (TSXV: NRN) is pleased to announce that it has completed a non-brokered private placement (the "Private Placement") with SIDEX Limited Partnership for gross proceeds of $200,000 by issuing 909,091 units ("Units") at $0.22 per Unit. Each Unit consists of one common share and one half of one common share purchase warrant. Each whole warrant is exercisable for one common share at a price of $0.40 per common share for a period of 24 months. The Units are subject to a hold period of 4 months from the date of issuance and the Private Placement is subject to the final approval of the TSX Venture Exchange. The proceeds from the Private Placement will be primarily used for Northern Shield's PGE exploration efforts in Quebec.
Northern Shield also announces that it has completed five drill-holes totaling approximately 2100 m of the planned 3,000 meter drill program at the Tempest property in northern Ontario. There will be a brief pause in the drilling to allow for winter break-up. Assays for the five drill-holes completed to date are pending. Drilling will resume at Tempest in mid to late May. On completion of the 3000 meter drill program at Tempest the drill rig will be moved to Wabassi to commence a 10,000 m drill program. Northern Shield maintains a 100% interest in the Tempest property that is being explored for copper-zinc-silver VMS-type mineralization and gold. The Wabassi property is a 49/51 joint venture with Discovery Harbour Resource Corp and is also being explored for copper-zinc-silver VMS-type mineralization
All exploration programs will be overseen by Christine Vaillancourt, Chief Geologist for Northern Shield and a Qualified Person under National Instrument 43-101.
SIDEX was established by the government of Quebec and the Solidarity Fund QFL. The mission of SIDEX is to invest in companies engaged in mineral exploration in Quebec in order to diversify Quebec's mineral base, encourage new exploration models, stimulate investment for new commodities in existing districts and open new territories with high potential for discovery.
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) exploration in Canada and copper-zinc-silver exploration on its Wabassi and Storm properties in northern Ontario. 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 maximum return on investment. For further information on Northern Shield and its properties, please visit our website at www.northern-shield.com or contact:
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
For further information:
Northern Shield Resources Inc.
President and CEO
Tel.: (613) 232-0459
Fax: (613) 232-0760