Northern Empire and Sonoro Expand Hilltop Land Position Through Staking
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 18, 2015) - Northern Empire Resources Corp. (TSX VENTURE:NM) ("Northern Empire"), along with Sonoro Metals Corp. ("Sonoro"), today announced the acquisition through staking of 23,880 acres (9,664 hectares) to expand the Hilltop Gold Project ("Hilltop") located 90 km southeast of Fairbanks, Alaska, USA.
Pursuant to an option agreement announced on March 11, 2015, the two companies have expanded the size of Hilltop, from 7,840 acres (3,172 hectares) to an aggregate 31,720 acres (12,836 hectares), through claim staking. The new claim block is comprised of 147 - 160 acre State of Alaska claims and 9 - 40 acre State of Alaska claims. The Hilltop block is now contiguous with Northern Empire's Richardson Property to the east.
John Robins, Northern Empire's Chairman stated: "We have effectively quadrupled the size of our land position because of an opportunity identified by our technical team. Hilltop now covers a significant geophysical magnetic and resistivity anomaly generated by a State of Alaska Division of Geological and Geophysical Survey airborne survey completed in 1994 and also consolidates claims covering prospective structural extensions."
About the Hilltop Gold Project
Northern Empire holds a 100% interest in the block of claims forming the Hilltop Gold Project within the broader Richardson Gold District (excluding placer gold). Hilltop is an exploration stage gold project located 90 kilometers southeast of Fairbanks, Alaska and 70 kilometers northwest of Delta Junction in east-central interior Alaska. Hilltop is located approximately 75 km from Sumitomo's Pogo mine (4.973 million ounces at 12.5 g/t gold; http://www.sumitomocorp.co.jp/files/topics/25649_ext_31_en_0.pdf) and 135 south of Kinross's Fort Knox mine (3.8 million ounces at 0.45 g/t Au; http://www.kinross.com/operations/operation-fort-knox-alaska-usa.aspx). The 31,720 acre (12,836 hectare) Hilltop property is bordered on the south by the all-weather and paved Richardson Highway. In addition, the property is proximal to both a high power electrical transmission line and the Trans-Alaska Pipeline. Access into the interior of the property from the Richardson Highway is via a new system of logging roads and trails which makes most points within the Hilltop project area accessible for exploration activities.
To view a map of the Hilltop Gold Project, please visit the Richardson project section of Northern Empire's website at http://www.northernemp.com/projects/richardson/.
William J. (Bill) Cronk, P.Geo., is Northern Empire's Qualified Person who reviewed and approved the technical information contained in this news release.
Hilltop Option Agreement
The letter of agreement between Northern Empire and Sonoro announced on March 11, 2015, is subject to receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange.
To exercise the option and earn its 60% interest in the Hilltop Block, Sonoro must spend C$3,000,000 on exploration activities to advance the Hilltop Block and issue 1,000,000 Sonoro shares to Northern Empire, prior to December 31, 2019.
About Northern Empire
Northern Empire is a newly formed company which will follow the "Project Generator" business model to take advantage of the depressed market conditions in the resource sector to acquire low acquisition and low holding cost properties with significant exploration potential.
A Project Generator identifies, acquires, and performs early stage exploration on compelling exploration targets before finding project partners to bear the financial risk associated with advanced exploration.
Northern Empire's experienced board and management team feels that executing the Project Generator business model is the most practical way to provide investors the potential excitement and value creation of mineral discoveries, without the financial risks and equity dilution of standard exploration programs.
ON BEHALF OF THE BOARD OF Northern Empire Resources Corp.
Jim Paterson, 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.
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Northern Empire Resources Corp. The option to Sonoro described above is subject to a number of conditions precedent, and there is no assurance that (i) all conditions will be satisfied, (ii) the option will occur on the bases outlined above, or close at all; or (iii) if closed, that the option will be exercised. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Northern Empire does not assume the obligation to update any forward-looking statement, except as required by applicable law.