Mr. Michael Allen reports
NORTHERN EMPIRE REVIEWS 2017 AND PROVIDES OUTLOOK FOR 2018
Northern Empire Resources Corp. has summarized the progress of the company in 2017 and provided plans for the first half of 2018.
Michael G. Allen, president, chief executive officer 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
Feb. 15 -- announced letter of intent to acquire the Sterling gold project, a 55-square-kilometre land package, featuring the permitted Sterling mine;April 3 -- announced resource estimate for the Sterling gold project -- 709,000 ounces Au at 2.23 grams per tonne Au with a 1.0 g/t cut-off within four 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 kilometres;July 10 -- strengthened management with appointment of Douglas J. Hurst as executive chairman;Aug. 1 -- commenced 5,200-metre drill program at Sterling gold project;Sept. 18 -- reported first drill results: 47 metres of 1.47 g/t Au (Daisy deposit) and 82.30 metres of 1.25 g/t Au (Secret Pass deposit);Oct. 18 -- strengthened board of directors with the appointment of Raymond W. Threlkeld;Oct. 23 -- expanded Sterling gold project to 116 square km;Nov. 2 -- reported drill results: 12.19 metres of 8.37 g/t Au (Sterling mine);Nov. 28 -- completed $15-million bought-deal financing;Dec. 4 -- reported drill results: 10.00 metres of 14.59 g/t Au (Sterling mine);Dec. 12 -- announced new 15,000-metre 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 (first half)
Complete 15,000-metre 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-metre 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 kilometres.
Qualified persons
Michael G. Allen, PGeo, president of Northern Empire, and a qualified person as defined by National Instrument 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 Resources Corp.
Northern Empire Resources 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 square km land package.
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