Northern Sphere Announces Sale of Scadding Property
Toronto, Ontario--(Newsfile Corp. - April 30, 2019) - Northern Sphere Mining Corp. (CSE: NSM) (OTC Pink: NSMCF) ("Northern Sphere" or the "Company") is pleased to announce it has entered in to a Purchase and Sale Agreement with MacDonald Mines Exploration Ltd. ("MacDonald" or "BMK") to sell its 51% ownership of the Scadding Mine property and 100% of surrounding exploration claims (the "Scadding Project"). Under the terms of the Agreement, Northern Sphere will receive: $100,000 cash upon regulatory approval; 10,000,000 shares of BMK upon transfer of title; and MacDonald will complete a minimum of $300,000 of exploration expenditures within one year of this agreement.
This transaction provides the Company with working capital and also provides Northern Sphere shareholders with upside exposure to the Scadding Project through approximately 9.7% ownership of MacDonald's outstanding common shares following the completion of the transaction. MacDonald currently holds a large land position in the vicinity of the Scadding Project and both companies should benefit from the consolidation of the district.
About Northern Sphere
Northern Sphere is a mineral exploration company focused on the acquisition, exploration and development of precious and base metal projects. For further details on Northern Sphere, please refer to our web site (www.northernsphere.com) and Northern Sphere's Canadian regulatory filings on SEDAR at www.sedar.com.
For further information please contact:
Kelly Malcolm, Interim CEO and Director
Suite 2150, 121 King West, Toronto, Ontario, Canada, M5H 3T9
CAUTIONARY STATEMENT: The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Northern Sphere's objectives, goals or future plans, statements regarding exploration results, exploration plans and the timing of a potential resource estimate. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent to preparing a resource estimate within expected timeline, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Northern Sphere's public documents filed on SEDAR. Although Northern Sphere believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this press release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Northern Sphere disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. We seek safe harbour.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44410