🕐21.12.10 - 20:27 Uhr
Northern Tiger Resources Acquiring Sprogge Property, Yukon
=======================================================================
Re: News Release - Tuesday, December 21, 2010
Northern Tiger Resources Acquiring Sprogge Property, Yukon
=======================================================================
December 21, 2010: Northern Tiger Resources Inc.
("Northern Tiger" or
the "Company") (TSX-V:NTR) is pleased to announce the signing of a
non-binding letter of intent to acquire the Sprogge property from
Alexco Resource Corp.
(TSX:AXR, NYSE-AMEX:AXU) and Newmont Canada
Corporation, a subsidiary of Newmont Mining Corporation (NYSE:NEM) (the
"Vendors").
The Sprogge property is located in the southeast Yukon and
is adjoined to the east boundary of Northern Tigers 3Ace Property,
where the Company recently announced a new gold drill-hole discovery,
including an intercept grading 14.8 g/t gold over 10.9 metres (see news
release dated November 4, 2010).
"The Sprogge Property hosts an extensive gold-in-soil anomaly combined
with a large number of high-grade rock samples," says Greg Hayes,
President of Northern Tiger.
"Similar to 3Ace, Sprogge is one of a
handful of projects in this district that had very promising initial
exploration results in the late 1990s, but have seen only limited
subsequent follow-up.
We are currently planning an aggressive 20ll
exploration program to follow-up on our success at 3Ace and are very
pleased to be acquiring another compelling exploration target in the
immediate vicinity."
The most advanced target on the Sprogge Property is the Sugar Bowl
Zone, defined by a highly anomalous gold and pathfinder element
geochemical signature measuring 2,400 metres by 1,200 metres.
A 1,200
metre by 600 metre core area averages more than 200 ppb gold in soils
and returned a maximum gold-in-soil value of 10.3 g/t.
Rock chip
samples taken along a 2.5 kilometre ridge bisecting the Sugar Bowl Zone
contain numerous multi-gram gold values up to a maximum of 34.8 g/t,
and including 6.9 g/t gold over 12.0 metres and 9.6 g/t gold over 4.0
metres.
Four holes (762 metres) drilled in 2000 encountered
considerable hydrothermal alteration, but did not replicate the grades
found in the surface exploration.
The drilling program was hampered by
poor weather, however, and was only able to test the lowest elevation
targets along the northern boundary of the surface anomaly.
Most of the
Sugar Bowl Zone remains to be drill tested, and a number of other
geochemical targets warranting follow-up have been identified on the
property.
The historical information is from 2000 Geological and
Geochemical Assessment Report on the Sprogge Property dated April 23,
2001 and prepared by Doug Brownlee and Greg Johnson for NovaGold
Resources Inc.
The non-binding letter of intent contemplates the completion of a
Definitive Option Agreement whereby Northern Tiger will acquire an
option to earn a 100% interest in the property from the Vendors.
Under
the terms of the proposed agreement, Northern Tiger will be required to
make cash payments of $500,000 over a three year period and incur
$1,000,000 in exploration expenditures over a four year period.
The
Vendors will retain a 2% net smelter return interest (NSR) on the
property.
Northern Tiger can purchase 1% of the NSR for $1,000,000.
The Vendors will have a first right of offer on any proposed sale of
the property for four years.
This News Release has been reviewed and approved by Dennis Ouellette,
B.Sc., P.Geol., a Qualified Person as defined by NI 43-101.
Northern Tiger Resources Inc.
is a Canadian-based resource exploration
company focused on gold and copper exploration in the Yukon.
Through
its exploration alliance with Capstone Mining Corp.s wholly owned
subsidiary, Minto Explorations Ltd., Northern Tiger benefits from a
wide range of experience, knowledge and capabilities from early
exploration to mine production.
For further information please contact:
Greg Hayes, President and CEO
This news release may contain forward looking statements, being
statements which are not historical facts, including, without
limitation, statements regarding potential mineralization, exploration
results, resource or reserve estimates, anticipated production or
results, sales, revenues, costs, "best-efforts" financings or
discussions of future plans and objectives.
There can be no assurance
that such statements will prove accurate.
Such statements are
necessarily based upon a number of estimates and assumptions that are
subject to numerous risks and uncertainties that could cause actual
results and future events to differ materially from those anticipated
or projected.
Important factors that could cause actual results to
differ materially from the Companys expectations are in Company
documents filed from time to time with the TSX Venture Exchange and
provincial securities regulators, most of which are available at
www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.
=======================================================================
Copyright (c) 2010 NORTHERN TIGER RESOURCES (NTR) All rights reserved.
For more information visit our website at
http://www.northern-tiger.com/ or send mailto:
=======================================================================