Business
Northern Shield signs Option and Joint Venture Agreement with Impala Platinum Holdings Limited
OTTAWA, May 4, 2012 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") (TSXV: NRN) ...
About this update from Northern Shield Resources Inc.
[{"type":"text","content":"\n\n\n\n\n\nOTTAWA, May 4, 2012 /CNW/ - Northern Shield Resources Inc. (\"Northern\n Shield\") (TSXV: NRN) is pleased to announce that it has signed a\n definitive Option and Joint Venture Agreement (the \"Agreement\") with\n Impala Platinum Holdings Limited of South Africa (\"Impala\") on Northern\n Shield's 100% owned Idefix PGE property in northern Quebec. The\n Agreement was entered into further to the Letter of Intent signed\n between the two companies on January 23, 2012. (see Northern Shield's\n press release on that date) The terms of the Option and Joint Venture\n Agreement allow Impala to earn a 50% interest in Idefix by making cash\n payments to Northern Shield totaling $300,000 over two years and\n incurring $3.2 million in exploration expenditures at Idefix or the\n surrounding area over three years, with total expenditures of\n $1,950,000 committed for the first two years of the Agreement. Impala\n can also earn a 50% interest in up to two additional \"designated\n properties\" within an agreed upon area of mutual interest in Quebec by\n incurring a further $1.25 million of expenditures per additional\n property. The property expenditures to be incurred include a 10%\n project management fee to be paid to Northern Shield who will be the\n operator of the projects.  A 50/50 joint venture would be formed as\n interests are earned in each project.\n\n\nImpala and Northern Shield will be planning the up-coming exploration\n program in the very near future, but anticipate exploration to start no\n later than July 1st and perhaps sooner if unseasonably warm temperatures continue and speed\n the break-up of lake ice. \"We are very much look forward to getting\n back on the ground with Impala and exploring this very promising\n property,\" says Northern Shield's President and CEO, Ian Bliss.\n\n\nAs announced in November 2011, Northern Shield collected twenty-one grab\n samples from a gabbro sill during the reconnaissance of the Idefix\n property of which nine returned assays greater than 1 g/t Pt+Pd+Au and\n 3 samples assayed greater than 7 g/t Pt+Pd+Au. The sample which\n contains the highest Pt+Pd+Au value of 8.8 g/t also returned 2.4%\n copper. Northern Shield's new analysis combined with previously\n reported data suggests a PGE-bearing zone approximately 7- 50 meters\n wide and with a strike length of 1,350 mete...