Press Release - March 29, 2004

NORTHERN SHIELD RESOURCES INC.
NRN: TSX-V

NORTHERN SHIELD TO COMPLETE BROKERED FINANCING

For a Minimum of $1.0 Million and a Maximum of $1.5 Million

Ottawa (March 29, 2004) - Northern Shield Resources Inc. (“Northern Shield”) (TSX–V:NRN) announced today that it intends to complete a brokered financing for a minimum of $1 million and a maximum of $1.5 million under a TSX Venture Exchange (“TSX-V”) short form offering document (the “Financing”). The Financing will be conducted in Alberta and British Columbia and will consist of a minimum of 1,200,000 units (“Units”) and a maximum of 1,800,000 Units at a price of $0.25 per Unit and a minimum of 2,800,000 flow-through common shares (“Flow-through Shares”) and a maximum of 4,200,000 Flow-through Shares at a price of $0.25 per Flow-through Share. Each Unit will consist of one non-flow-through common share (“Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.28 for 12 months from the closing of the Financing.

The net proceeds of the Financing will be used to fund exploration programs on Northern Shield’s Bradley property (exploration for diamonds) and Highbank Lake property (exploration for platinum) and other properties (exploration for diamonds) in northern Ontario and to enhance Northern Shield’s working capital.

Canaccord Capital Corporation has been appointed as Northern Shield’s sole and exclusive agent for the Financing. The Financing is subject to TSX-V approval.

Northern Shield’s management believes that the key to mineral exploration success and the creation of investor value is found in a combination of ingenuity, technical expertise and efficiency.

If you would like more information about Northern Shield Resources Inc. and its properties, please visit our website at www.northern-shield.com or contact:

Ian Bliss
President
Northern Shield Resources
Suite 1600 – 150 Metcalfe Street
Ottawa, Ontario K2P 1P1
Tel: (613) 232-0459
Fax: (613) 232-0760
e-mail: ibliss@northern-shield.com

back to top

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Northern Shield, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Northern Shield’s expectations are exploration risks detailed herein and from time to time in the filings made by Northern Shield with securities regulations.

close window