July 16, 2008
Noble Hydrocarbons Alta Ltd. (“NHA”): Exploration Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 15, 2008) - Noble Metal Group Incorporated (TSX VENTURE:NMG) -
The Company announces that it has today entered into an exploration agreement with Cougar Minerals Corporation ("Cougar") of Vancouver for the exploration of NHA's oil shale exploration permitted lands located near Hudson Bay, Saskatchewan. NHA holds in the Hudson Bay area an oil shale exploration permit covering parts of 5 townships comprising 37,980 hectares (93,851 acres). The property trends from the southwest of Hudson Bay to the northeast of Hudson Bay. The northeast corner of NHA's oil shale exploration permit abuts the southwest corner of the coal permits recently granted by the Saskatchewan government to Goldsource Mines Inc. (TSX VENTURE:GXS) following on the latter's recent coal discovery northeast of the town of Hudson Bay.
NHA's exploration rights are exclusive and extend from the surface to the top of the Precambrian geological layer. The exploration agreement with Cougar provides the latter with an option to earn a 25% interest in any non-hydrocarbon discovery made in the permitted lands in return for an initial investment in exploration expenses of up to $550,000. The monies were received by NHA on signing of the Agreement. Cougar's interest can be expanded to 50% in any non-hydrocarbon resource on a further investment in exploration expenses on the Hudson Bay permit in the same amount. All expenses are to have been incurred by July 31, 2009.
Should coal be encountered by NHA during the course of its exploration of the permit area, it has confirmed with Saskatchewan Industry and Resources that it has the option of converting part of its oil shale exploration permit lands to a coal lease.
NHA's consulting geologist Ivan Young, P. Geo. is in the process of selecting targets for NHA's drilling program on the Hudson Bay permit. Cougar's consulting geologist, Krzysztof Mastalerz, Ph.D, P.Geo. will be working with Ivan Young as part of a Geological Team.
Cougar is listed on the CNQ Stock Exchange (CNQ:COUG).
ON BEHALF OF THE BOARD OF DIRECTORS
NOBLE METAL GROUP INCORPORATED
JJ McIntyre, President
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For statements of historical fact relating to the Company, this news release contains certain "forward-looking information" within the meaning of applicable securities law. "Forward-looking information" is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events "may", "will", or "could" occur. There are uncertainties inherent in forward-looking information including factors beyond the company's control, and no assurance can be given that the programs will be completed on time, on budget or at all. The reader is cautioned not to place undue reliance on forward-looking statements.
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