Northern Empire Reviews 2017 and Provides Outlook for 2018
Vancouver, British Columbia--(Newsfile Corp. - January 9, 2018) - Northern Empire Resources Corp. (TSXV: NM) (OTC Pink: PSPGF) (the "Company" or "Northern Empire") is pleased to summarize the progress of the Company in 2017 and reports plans for H1 2018.
Michael G. Allen, President, CEO and Director, stated, "On behalf of the Board and Management, I would like to thank our shareholders for your support during this transformational year. With the combination of the acquisition of the Sterling Gold Project, successful exploration, and significant financings we have grown the Company, and are well positioned to continue to increase shareholder value in 2018. With $18 million in the treasury we are cashed up and excited to advance the project in 2018 by drilling known targets, expanding resources and exploring for new oxide gold deposits within this high-grade camp."
2017 Highlights
February 15 - Announced LOI to acquire the Sterling Gold Project, a 55-square-kilometer land package, featuring the permitted Sterling Mine.
April 3 — Announced resource estimate for the Sterling Gold Project — 709,000 Oz Au at 2.23 g/t Au with a 1.0 g/t cut off within 4 deposits: Sterling Mine, Secret Pass, SNA, and Daisy.*
May 30 — Closed $25 million in financings. Completed acquisition of Sterling Gold Project. Coeur Mining became major shareholder.
June 22 — Expanded Sterling Gold Project to 95 square kilometers.
July 10 — Strengthened management with appointment of Douglas J. Hurst as Executive Chairman
August 1 — Commenced 5,200-meter drill program at Sterling Gold Project
September 18 — Reported first drill results: 47 meters of 1.47 g/t Au (Daisy Deposit), and 82.30 meters of 1.25 g/t Au (Secret Pass Deposit)
October 18 — Strengthened Board of Directors with the appointment of Raymond W. Threlkeld
October 23 — Expanded Sterling Gold Project to 116 square km
November 2 — Reported drill results: 12.19 meters of 8.37 g/t Au (Sterling Mine)
November 28 — Completed $15 million bought-deal financing
December 4 — Reported drill results: 10.00 meters of 14.59 g/t Au (Sterling Mine)
December 12 — Announced new 15,000-meter drill program
Approximately $2.2 million of warrants exercised over the course of 2017
*For further details of the resource estimate please see the Company's April 3, 2017 news release and July 18, 2018 technical report filed on SEDAR.
2018 Plans (H1)
Complete 15,000-meter drill program
Initiate baseline environmental studies
Initiate metallurgical studies on all known deposits
Drilling has commenced using two rigs on the Sterling Gold Project. The 15,000-meter program will be a combination of reverse circulation and core drilling.
Property Update
The Company has staked an additional 112 claims to capture newly identified targets, bringing the property to a total of approximately 125 square kilometers.
Qualified Persons
Michael G. Allen, P. Geo., President of Northern Empire, and a Qualified Person as defined by NI 43-101, has reviewed the technical information contained in this news release. He is the non-independent qualified person for this news release and has verified the data.
About Northern Empire
Northern Empire Resources (TSXV: NM) (OTC Pink: PSPGF) is a well-financed gold exploration and development company focused on an emerging gold district in southern Nevada. The Sterling Gold Project hosts four distinct deposits, including the fully permitted, open-pit Sterling Mine. Northern Empire is led by an experienced team of professionals with an exceptional record of creating value for shareholders (Newmarket Gold, Kaminak Gold, Underworld Resources, and International Royalty Corp). The Company completed a successful drill campaign in 2017 and will aggressively drill known mineralized zones in 2018 to expand resources and explore for new deposits on its 125 km2 land package.
ON BEHALF OF THE BOARD OF NORTHERN EMPIRE RESOURCES CORP.
"Michael G. Allen"
President, CEO and Director
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 NEWS RELEASE.
Certain information set forth in this news release contains "forward-looking statement", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company's expectations about the future performance based on current results and expected cash costs and are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "will", "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which, may cause the Company's actual performance and financial results in future periods to differ materially from any projects of future performance or results expressed or implied by such forward-looking statement. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological risks, the financial markets generally, the results of the due diligence investigations to be conducted by the Company. There can be no assurance that forward-looking statement will prove to be accurate, and actual results and future events could differ materially from those anticipate in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
For further information contact:
Michael G. Allen, President, CEO and Director
Tel: +1 (604) 646-4522