May 08, 2012 12:14 ET
Northern Abitibi Receives $100,000 Grant
CALGARY, ALBERTA--(Marketwire - May 8, 2012) - Northern Abitibi Mining Corp. (TSX:NAI) ("Northern Abitibi") is pleased to announce that it has received a payment of $100,000 from the Newfoundland Junior Exploration Assistance program in support of the Company's 2011 exploration activities at the Viking project. This incentive program is offered by the Government of Newfoundland and Labrador to encourage mineral exploration, and the contribution is greatly appreciated by the Company.
Northern Abitibi is currently pursuing a number of options to move the Company forward and maximize the value of the Viking gold deposit in this challenging market environment. Details of exploration plans or corporate developments will be released as soon as they are finalized.
The Viking Property
The Viking Property contains numerous high grade veins within larger bulk tonnage style zones of gold mineralization located within a 3 to 4 kilometre long gold-in-soil anomaly. Drilling highlights include high grade intercepts of 5.75 metres grading 33.7 g/t gold, 3.7 metres grading 50.1 g/t gold, 0.5 metres grading 218.8 g/t gold as well as lower grade intercepts including 27 metres grading 7.9 g/t gold, 23.0 metres grading 5.1 g/t gold, and 57.4 metres grading 2.8 g/t gold. The Viking property contains an Indicated Resource of 3,232,000 tonnes grading an average of 0.95 g/t gold (98,000 ounces) plus an Inferred Resource of 2,123,000 tonnes grading an average of 0.66 g/t gold (45,000 ounces). The property is located in the mining friendly jurisdiction of Newfoundland and Labrador and has excellent access and local infrastructure, with a paved highway and power line located less than one kilometre from the project. Northern Abitibi has a 100% property interest in the Viking project subject to a 2% to 4% sliding scale net smelter royalty held by Altius Resources. A detailed description of the Viking project is available on our website ([ www.naminco.ca ]).
Dr. Shane Ebert, P. Geo. is the Qualified Person responsible for the preparation of this news release.
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.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.