NAI

Northern Abitibi Mining Corp. (TSX VENTURE:NAI) ("Northern Abitibi") is pleased
to announce that the sale of its 100% owned Viking Property to Spruce Ridge
Resources ("Spruce Ridge") in exchange for up to 10,000,000 common shares in the
capital of Spruce Ridge (the "Shares") plus cash payments has closed. 


To earn a 100% interest in the Viking project Spruce Ridge must pay $200,000 in
staged cash payments over 12 months and issue up to 10 million Shares to
Northern Abitibi. To date, Spruce Ridge has made payments totalling $50,000 to
Northern Abitibi and issued 5 million Shares at a deemed value of $0.12 per
Share. Within 6 months Spruce Ridge must make an additional $50,000 payment, and
within 12 months Spruce Ridge must pay another $100,000 (Spruce Ridge can elect
to issue up to 50% of the final cash payment by issuing additional Shares) and
issue up to 5 million Shares. If, on the date of payment, the Shares are trading
between $0.25 and $0.50 cents the 12 month share issuance is reduced to 3
million Shares and if the Shares are trading above $0.50 cents the 12 month
share price payment will be reduced to 2 million Shares. Northern Abitibi has a
100% property interest in the Viking Property subject to a 2% to 4% sliding
scale net smelter royalty held by Altius Resources Inc. 


Pursuant to this sale, Northern Abitibi now holds 5,000,000 Shares or 12.5% of
Spruce Ridge's issued and outstanding common shares at the date hereof on a
non-diluted basis. In 12 months, Northern Abitibi could hold up to 10,000,000
common shares of Spruce Ridge or up to 22.1% of Spruce Ridge's issued and
outstanding shares at the date hereof on a non-diluted basis. Spruce Ridge may
also elect to issue up to 50% of the final cash payment in shares.


The Shares were acquired pursuant to the exemption from the prospectus
requirement in section 2.14 of National Instrument 45-106 and are held for
investment purposes only and these investments will be reviewed on a continuing
basis and holdings may be increased or decreased in the future.


Shane Ebert, President/Director

Except for the historical and present factual information contained herein, the
matters set forth in this news release, including words such as "expects",
"projects", "plans", "anticipates" and similar expressions, are forward-looking
information that represents management of Northern Abitibi's internal
projections, expectations or beliefs concerning, among other things, future
operating results and various components thereof or the economic performance of
Northern Abitibi. The projections, estimates and beliefs contained in such
forward-looking statements necessarily involve known and unknown risks and
uncertainties, which may cause Northern Abitibi's actual performance and
financial results in future periods to differ materially from any projections of
future performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, among other things, those
described in Northern Abitibi's filings with the Canadian securities
authorities. Accordingly, holders of Northern Abitibi shares and potential
investors are cautioned that events or circumstances could cause results to
differ materially from those predicted. Northern Abitibi disclaims any
responsibility to update these forward-looking statements.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Northern Abitibi Mining Corp.
Shane Ebert
1.250.964.2699


Northern Abitibi Mining Corp.
Jean Pierre Jutras
1.403.233.2636
www.naminco.ca

Grafico Azioni Northern Abitibi Mining Corp. (TSXV:NAI)
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Grafico Azioni Northern Abitibi Mining Corp. (TSXV:NAI)
Storico
Da Giu 2023 a Giu 2024