SUDBURY, ONTARIO -- (Marketwire) -- 07/10/12 -- Northern Superior Resources Inc. (TSX VENTURE: SUP) (the "Company") is pleased to announce that Rainy River Resources Ltd. (TSX: RR) ("Rainy River") has completed its third and final private placement of $500,000 with the Company which is required for Rainy River to maintain its option to earn a 51% interest in the Company's Ti-paa-haa-kaa-ning gold project, northwestern Ontario.
In connection with the private placement, the Company issued 2,631,579 common shares to Rainy River at a price of $0.19 per share. The price was calculated in accordance with the terms the option agreement between the Company and Rainy River dated September 9, 2010 and was based on the volume weighted average trading price of the Company's common shares for the 20 trading day period which ended on June 17, 2012. No commission, dealer or finders fees were payable in connection with the private placement. The common shares issued in connection with the private placement are subject to a hold period under applicable securities laws, which hold period expires on November 6, 2012. This financing received conditional approval from the TSX Venture Exchange on June 26, 2012.
Dr. T.F. Morris President and CEO commented: "Management and staff of Northern Superior Resources appreciate Rainy River's continued support of the Ti-paa-haa-kaa-ning gold project exploration program through this private placement. We look forward to the continuation of the TPK exploration program."
200,000 Northern Superior Shares Issued for Mineral Property
The Company is also pleased to announce that it has received TSX Venture Exchange approval in respect of the option agreement between the Company and Murgor Resources Inc. (TSX VENTURE: MGR) ("Murgor") dated June 5, 2012 (the "Murgor Option") which was described in the Company's press release dated June 7, 2012, and has issued the first tranche of 200,000 shares to Murgor as required pursuant to the terms of the Murgor Option.
Dr. T.F. Morris President and CEO commented: "The Company has already initiated exploration, and therefore its 70% earn-in, on Murgor's Waconichi property, located near Chibougamau, Quebec. This agreement is a key component to the Company's exploration program in the Croteau Est area of west-central Quebec."
About Northern Superior Resources Inc.
Northern Superior is a junior exploration company focused on exploring for gold in the Superior Province of the Canadian Shield. The Company is currently focused on exploring its Croteau Est property in Quebec. The Company has a number of 100% owned properties (see Company web site, www.nsuperior.com) in the Stull Wunnumin and Chibougamau gold districts that were identified and developed from the Company's extensive geoscientific data base and from which additional gold exploration projects are being generated. The Company is currently seeking to option-out a number of these properties.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
For Investors
Forward looking statements: This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act or 1995 (collectively, "forward looking statements"). Forward looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", " expect", " potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved or other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results, interpretation of results, the timing and success of exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of Northern Superior are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Northern Superior's expectations include exploration risks, changes in project parameters as plans continue to be refined, results of future resources estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward looking statements.
Neither the 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.
Contacts:
Northern Superior Resources Inc.
Thomas F. Morris PGeo., PhD., FGAC
President and CEO
(705) 525-0992
(705) 525-7701 (FAX)
info@nsuperior.com
www.nsuperior.com
