LAS VEGAS, NEVADA–(Marketwire -01/13/12)- North Springs Resources Corp. (OTC.BB: NSRS.OB - News)(Pinksheets:NSRS.OB - News) (the “Company” or “North Springs”) is pleased to provide this update regarding the recently announced Letter of Intent (“LOI”) to acquire a ten percent (10%) interest in a high-potential gold exploration property in Ghana, Africa.
The property concession covers an area of approximately 5,100 acres located in the southeastern portion of Ghana’s historic Ashanti Gold Belt and is situated less than one mile from the border of a gold mining property that is currently producing in excess of 175,000 oz. of gold and $280 million in gross revenue per year.
Previous exploration conducted by Newmont Gold and others has included extensive geophysical (aeromagnetic) interpretation, soil and stream sediment sampling, trenching, auger drilling, and rock chip sampling. To date, four distinct mineralized gold zones have been identified on the property, two of which share contact with the unique geological structure that hosts gold mineralization at the open pit gold mines currently operating less than one mile away.
“This has all the makings of a world-class exploration play and an incredible opportunity for North Springs to quickly become a significant player in the Ashanti Gold Belt, one of the world’s hottest gold mining regions,” said Harry Lappa, President of North Springs. “The results from the project have been very promising and the property’s close proximity and similar geology to so many multi-million ounce gold deposits make this one of the most exciting prospects we have evaluated recently.”
The Ashanti Gold Belt is considered one the world’s premier gold producing regions. Many of the world’s largest and most successful gold mines are located within the Ashanti Gold Belt within a 60 mile radius of this property including, but not limited to, Obuasi (AngloGold Ashanti – 381,000 oz./year – 33.4 million oz. total), Ahafo (Newmont – 545,000 oz./year – 25.3 million oz. total), Tarkwa/Damang (Gold Fields – 928,000 oz./year – 19.6 million oz. total), Bogosso/Prestea (Golden Star – 180,000 oz/year – 3.8 million oz. total), Wassa/HBB (Golden Star – 280,000 oz./year – 4.7 million oz. total), Iduapriem (AngloGold Ashanti – 185,000 oz./year – 4.9 million oz. total), Akyem (Newmont – start in 2013 – 7.2 million oz. total), Chirano (Kinross – 48,000 oz./year – 2.4 million oz. total), and Nzema (Adamus/Endeavour – 100,000 oz./year – 3.0 million oz. total).
Terms of the LOI call for North Springs to advance $150,000 to the vendors within ten (10) days and make an additional payment of $100,000 within thirty (30) days. North Springs also anticipates funding a multi-phase work commitment on the property in 2012. The proposed transaction remains subject to, among other things, North Springs and the current property holders entering into a definitive agreement. There can be no assurance that the transaction will be completed as proposed or at all. If and when a definitive agreement is memorialized, additional details regarding this transaction will be forthcoming.
About North Springs Resources Corp.
North Springs Resources Corp. is focused on the evaluation, acquisition, exploration, and development of mineral resource properties. Currently, we are in the evaluation and acquisition phase of operations. The Company is led by a skilled and experienced management team and independent consulting geologists with many years of experience. North Springs is committed to creating value for its shareholders by advancing its current holdings and by acquiring new properties with significant potential.
For additional information, please visit www.northspringsresources.com.
Harry Lappa, President
