Press Release - February 11, 2005
NORTHERN SHIELD RESOURCES INC. NRN: TSX-V
NORTHERN SHIELD RESOURCES ACQUIRES DIAMOND PROSPECT NEAR TEMAGAMI, ONTARIO
Ottawa (February 11, 2005) - Northern Shield Resources Inc. ("Northern Shield") [TSX-V: NRN] is pleased to announce today that it has entered into a purchase agreement with two individuals (the “Vendors”) to acquire a 100% interest in the Pipeline Property, near Temagami, Ontario. The Property consists of 13 separate claims totalling 241 units (3,856 hectares) and are located in Askin, Eldridge, Hartle, Herbert, La Salle, Olive and South Lorraine Townships in the Sudbury Mining Division of Ontario. The claims cover circular magnetic anomalies that have similar signatures to known kimberlite pipes. Recently, two other TSX-V listed companies have publicly announced the discovery of diamonds recovered from till samples from their respective properties in the Temagami area.
In order to complete the purchase, Northern Shield must pay an aggregate of $25,000 and issue 210,000 common shares to the Vendors. The Vendors shall retain a 2% NSR (Net Smelter Return) on any metals produced from the Property and a 2% GORR (Gross Over Riding Royalty) on the production of any diamonds from the Property. Northern Shield shall have the right to purchase up to half the NSR and GORR by paying $500,000 for each 0.5% portion of such NSR and GORR. The issuance of the shares to complete the purchase is subject to TSX-V approval.
The property lies along the “Attawapiskat-Timiskaming Corridor” the same controlling structures that host the De Beers Victor Pipe in the James Bay Lowlands.
Northern Shield is an innovative, results-driven Canadian company focused on diamond and Platinum Group Element (PGE) exploration in Ontario. Its mission is to create a successful mineral exploration company through technical excellence and efficient management, where success is measured by the identification and development of high-quality mineral exploration projects, which may ultimately be optioned, sold or developed for maximum return on investment. For further information on Northern Shield and its properties, please visit our website at www.northern-shield.com or contact:
For further information please contact:
Northern Shield Resources Inc.
Ian Bliss
President and CEO
Tel.: (613) 232-0459
Fax: (613) 232-0760
info@northern-shield.com
Renmark Financial Communications Inc.
Tina Cameron : tcameron@renmarkfinancial.com John Boidman : jboidman@renmarkfinancial.com
Media, Cynthia Lane: clane@renmarkfinancial.com Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
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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.
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