AndhraNews.net
Home » Business News » 2012 » January » January 26, 2012

North Springs Resources Completes Agreement to Acquire Interest in Edum Banso Gold Project-Qualified Project Geologist to Lead Next Stage of Exploration


January 26, 2012 - Las Vegas, Nevada

North Springs Resources Corp. (OTCBB: NSRS)(PINKSHEETS: NSRS) (the "Company" or "North Springs") is pleased to announce that it has executed a Definitive Agreement with Discovery Gold Ghana Limited ("Discovery Gold") to acquire up to a thirty five percent (35%) interest in the Edum Banso Gold Project ("Edum Banso"), a high-potential gold exploration property in Ghana, Africa.

Terms of the Definitive Agreement call for North Springs to acquire an immediate 25% interest in Edum Banso by issuing 10,000,000 restricted common shares of Company stock to the current shareholders of Discovery Gold. North Springs can acquire an additional 10% interest in Edum Banso by paying $250,000 to Discovery Gold and funding a multi-phase $1,000,000 work commitment in 2012. The Company has already advanced $150,000 to Discovery Gold towards the total cash consideration with the balance of $100,000 payable within 30 days.

"The Edum Banso Gold Project is a prime example of a high-potential and almost drill-ready gold property that we think has huge near-term upside from several significant targets," said Harry Lappa, President of North Springs. "We look forward to working closely with our new partners and anticipate appointing a qualified Project Geologist to plan and lead the next stage of exploration."

Future exploration at the Edum Banso Gold Project will test known areas of gold mineralization and other geological structures which have already demonstrated the potential to host significant gold deposits. Planned exploration work at Edum Banso includes additional geological mapping, prospecting, soil sampling, trenching, and a reverse-circulation (RC) drill program targeting 15-30 locations.

The Edum Banso concession covers 20.60 km2 (5,100 acres) located approximately 35 km (21 miles) northwest of city of Takoradi in the southeastern portion of Ghana's historic Ashanti Gold Belt. The concession is situated less than one mile from the border of the HBB Father Brown/Adoikrom open pit gold deposits currently being mined by Golden Star Resources. Previous exploration conducted by Newmont Gold (2004) and others at Edum Banso included extensive geophysical (aeromagnetic) interpretation, soil and stream sediment sampling (5,758 samples), trenching (319 m total - 214 channel samples), auger drilling (252 holes), and rock chips (81 samples). To date, four distinct mineralized gold zones have been identified over an area approximately 5 miles long by a quarter mile wide, including two southern zones sharing contact with the unique circular shaped Mpohor Complex geologic structure, potentially one of the largest known gold bearing synvolcanic mafic intrusives on the African continent. The same Mpohor Complex structure and contact zones host the HBB Father Brown/Adoikrom deposits to the southeast.

Further updates regarding the Edum Banso Gold Project and other North Springs business will be made as additional information becomes available.

About North Springs Resources Corp.

North Springs Resources Corp. is focused on the evaluation, acquisition, exploration, and development of mineral resource properties. Currently, we are in the evaluation and acquisition phase of operations. The Company is led by a skilled and experienced management team and independent consulting geologists with many years of experience. North Springs is committed to creating value for its shareholders by advancing its current holdings and by acquiring new properties with significant potential.

For additional information, please visit www.northspringsresources.com.

Harry Lappa, President

THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS", AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE. EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH NATURAL RESOURCE EXPLORATION AND DEVELOPMENT AND NEEDS FOR FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL REPORT ON FORM 10-K AND ON FORM 10-Q AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. FINRA, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

Contacts:
LiveCall Investor Relations
for North Springs Resources Corp.
Gerry Belanger, Investor Contact
(201) 984-5646
info@northspringsresources.com
www.northspringsresources.com

MarketWire

Comment on this story

Share