TORONTO, ONTARIO--(Marketwired - Jun 5, 2014) - Further to the joint press release dated February 14th, 2014, Bold Ventures Inc. (TSX VENTURE:BOL) (the "Company" or "Bold") and Northern Superior Resources Inc. (TSX VENTURE:SUP) ("Northern Superior") are pleased to announce the signing of the formal agreement granting Bold an option to earn up to a 60% interest in Northern Superior's 100% owned Lac Surprise property.
This large property is located approximately 50 Km south of Chapais and within the historic Chibougamau - Chapais gold camp in west central Quebec and is comprised of 333 claims totaling 18555 hectares 45,830 acres.
Under the agreement, Bold can earn a 50% working interest in the property by spending an aggregate of $2,000,000 on exploration of the property and issuing to Northern Superior a total of 350,000 common shares of Bold all over a three year period, 50,000 shares of which were issued upon signing the agreement. Bold is obligated to spend a minimum of $500,000 on exploration of the property in the first year, at the end of which a further 50,000 common shares of Bold are issuable. The second year optional commitment is 100,000 common shares of Bold and $500,000 in exploration work. The third year optional commitment calls for $1,000,000 in exploration work on the property and the issuance of 150,000 common shares of Bold.
Bold will also hold the option to earn an additional 10% in the project by delivering a positive feasibility study within five years from the date of execution of the formal option agreement. If Bold takes up all parts of the option it will have earned a 60% interest in the property.
Recently, renewed exploration activity in the area has yielded several new gold discoveries made by Toma Gold/Iamgold (at Monster Lake); Vanstar (at Nelligan) and Soquem (at MOP II). All three of these companies are carrying out major drilling programs.
Vanstar Mining Resources Inc. has recently announced additional results from its flagship Nelligan project (see Vanstar Resources Inc. news release dated May 28, 2014 at www.vanstarmining.com). This new gold discovery is situated directly east of the Lac Surprise property.
Iamgold Corporation and TomaGold Corporation also recently announced results from drilling at the Monster Lake Project located approximately 10 km north northeast of the Lac Surprise property (see TomaGold news release dated May 27, 2014 and visit www.tomagoldcorp.com).
A finder's fee of 150,000 common shares of Bold was issued to an arm's length, third party. The securities issued are subject to a hold period expiring on October 5, 2014.
New maps and descriptions describing this project may be viewed on our website at www.boldventuresinc.com.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Quebec.
Richard E. Nemis, President and Chief Executive Officer
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.
Cautionary Note Regarding Forward‐Looking Statements: This Press Release contains forward‐looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward‐looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward‐looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.