Northern Superior, Neskantaga First Nation Sign Historic Early Economic Benefits Agreement for the Ti-Pa-Haa-Kaa-Ning Gold Project
Northern Superior Resources Inc. (TSX VENTURE: SUP) (Northern Superior), its Joint Venture partner Lake Shore Gold Corp. (Lake Shore Gold) and Neskantaga First Nation (Neskantaga) are pleased to announce the signing of an Early Economic Benefits Agreement (EEBA). This agreement defines the working relationship between the parties at the current early stage of exploration associated with the Ti-pa-haa-kaa-ning gold project in northwestern Ontario. This EEBA allows Northern Superior to continue exploration for three years or until the exploration program proceeds to an advanced exploration stage involving the delineation of a resource.
Dr. Tom F. Morris, President and CEO of Northern Superior, commented: “This EEBA is comprehensive document that has taken a great deal of effort and time on both sides to create. Northern Superior would like to thank the community of Neskantaga and their negotiating team for their patience, fairness and understanding with what we are trying to achieve, for not only our shareholders but for the community of Neskantaga as well. We look forward to moving this project towards a more advanced stage of exploration with Neskantaga’s continued involvement and support.”
Northern Superior has made significant progress with understanding the geology of the very large Ti-pa-haa-kaa-ning gold property, covering approximately 33,248 hectares, in less than one year of exploration activity. This includes the understanding of the relationships between the recently discovered gold grain dispersal apron, greenstone belt and historic anomalous gold assay results reported late in 2007 and earlier this year (see press releases dated October 15th, 2007, January 21st, 2008).
The Ti-pa-haa-kaa-ning gold project is a 50/50 joint venture between Northern Superior and Lake Shore Gold with Northern Superior as the operator. The joint venture was formed in 2007 when each company contributed a total of 48 claims covering 9,072 hectares. Nine of these claims are subject to an underlying 1.5% net smelter royalty payable to a third party, to a maximum of $2.5 million.
About Northern Superior Resources Inc.
Northern Superior Resources Inc. is a junior exploration company whose focus is exploring for gold and diamonds on the Superior Province of the Canadian Shield. Northern Superior is also advancing gold and base metal properties as a by-product from its diamond exploration programs. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
ON BEHALF OF THE BOARD
Thomas F. Morris, PhD., FGAC, P.Geo., President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Northern Superior Resources Inc. Thomas F. Morris President and CEO (416) 703-4830 (416) 703-5391 (FAX) Northern Superior Resources Inc. Mark Utting Investor Relations (416) 703-4830 (416) 703-5391 (FAX) Northern Superior Resources Inc. Timea Carlsen Corporate Relations (604) 630-8264 (604) 630-1153 (FAX) Email: email@example.com Website: www.nsuperior.ca
SOURCE: Northern Superior Resources Inc.