Northern Abitibi Mining Corp

Published : August 14th, 2012

Consolidates the Viking District Through a Sale of Viking to Spruce R

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Northern Abitibi Mining Corp.
TSX VENTURE: NAI
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August 14, 2012
Northern Abitibi Consolidates the Viking District Through a Sale of Viking to Spruce Ridge Resources
CALGARY, ALBERTA--(Marketwire - Aug. 14, 2012) - Northern Abitibi Mining Corp. (TSX VENTURE:NAI) ("Northern Abitibi") is pleased to announce that it has entered into an option agreement with Spruce Ridge Resources ("Spruce Ridge") whereby Northern Abitibi will sell its 100% percent interest in the Viking Project to Spruce Ridge Resources in exchange for up to 10,000,000 shares in Spruce Ridge plus cash payments.

Highlights

--  The agreement will consolidate a large land package in the district and
    allow known mineralized trends to be explored along their entire strike
    lengths. The deal will give Northern Abitibi shareholders exposure to a
    much larger land package in the district through the large position they
    will hold in Spruce Ridge.

--  Spruce Ridge is well financed and has a favorable share structure and
    has good potential for share appreciation through continued exploration
    success in the Viking district.
 
Terms of the Deal

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 Spruce Ridge shares. Upon regulatory and shareholder approval Spruce Ridge will pay Northern Abitibi $50,000 cash and issue 5 million Spruce Ridge shares. 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 equivalent shares of Spruce Ridge) and issue up to 5 million additional shares. If the share price of Spruce Ridge is between $0.25 and $0.50 cents the 12 month share payment is reduced to 3 million shares and if the share price of Spruce Ridge is above $0.50 cents the 12 month share price payment will be 2 million shares.

The agreement will be subject to regulatory and shareholder approval. 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.

Northern Abitibi is currently evaluating exploration opportunities within North America.

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.

CONTACT INFORMATION:
Northern Abitibi Mining Corp.
Shane Ebert
1.250.964.2699

or

Northern Abitibi Mining Corp.
Jean Pierre Jutras
1.403.233.2636
www.naminco.ca
INDUSTRY: Manufacturing and Production - Mining and Metals

If you no longer want to receive announcements from us, please do not reply to this e-mail. Instead simply click .

Northern Abitibi Mining Corp

EXPLORATION STAGE
CODE : NAI.V
ISIN : CA6647241018
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Northern Abitibi Mining is a gold and cobalt exploration company based in Canada.

Its main exploration properties are SOUTH VOISEY BAY, TAYLOR BROOK, DOUAY NORTHWEST and VIKING in Canada.

Northern Abitibi Mining is listed in Canada. Its market capitalisation is CA$ 1.1 millions as of today (US$ 806 842, € 756 657).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 0.44, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Northern Abitibi Mining has 107 310 000 shares outstanding.

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Financings of Northern Abitibi Mining Corp
3/28/2011Announces Non-Brokered Financing
Nominations of Northern Abitibi Mining Corp
6/19/2012Appoints Interim Chief Financial Officer
Project news of Northern Abitibi Mining Corp
10/17/2012(Viking)Shareholders Approve the Sale of the Viking Property to Spru...
12/7/2011(Viking)Announces New Resource Estimate for Viking With 55% Increase...
9/19/2011=2E: New Zones of Gold Mineralization Discovered at Surface
8/18/2011(Viking)Announces Additional Drill Results From Viking and the Disco...
7/27/2011(Viking)Announces Additional Drill Results from Viking Including 1=2...
6/28/2011(Viking)Announces Drill Results from Viking Including 1=2E3 Metres G...
5/17/2011(Viking)Drilling Commences at Northern Abitibi's Viking Project
4/21/2011(Viking)Receives 2011 Exploration Permits and Signs Drill Contract
3/30/2011(Viking)Announces 2011 Exploration Plans for Viking
3/2/2011(Viking)Announces Initial Independent Gold Resource Estimate for Vik...
8/19/2010(Viking)Provides Summary of Additional Gold Targets at Its Viking Pr...
8/12/2010(Viking)Intersects More Gold at Viking
7/13/2010(Viking)Announces Additional Drill Results From Viking Including 8=2...
6/22/2010(Viking)Announces Widest MineralizedDrill Intersections at Viking to...
5/27/2010(Viking)Continues to Intersect High Grade Gold at Viking
5/3/2010(Viking)Commences Drilling at Viking
4/7/2010(Viking)Receives Exploration Permits for Viking Drill Program
11/18/2008(Viking) Drills High Grade Gold Including 218.79 g/t Over 0.5m & 50....
Corporate news of Northern Abitibi Mining Corp
3/9/2015Acquires Cariboo Gold Property in British Columbia
3/9/2015Northern Abitibi Acquires Cariboo Gold Property in British C...
12/17/2014Northern Abitibi Annouces Trenching Results for Ches Includi...
10/30/2014The 2014 Exploration Program Has Been Completed at Northern ...
10/2/2014Exploration to Commence at Northern Abitibi's Ches Property,...
8/21/2014Fire Delays Exploration at Northern Abitibi's Ches Property,...
6/2/2014Northern Abitibi Announces Results of Annual & Special Meeti...
5/13/2014Northern Abitibi Receives Approval for the Ches Property Opt...
4/28/2014Northern Abitibi Approves Exploration Budget for Ches Proper...
4/23/2014Northern Abitibi Options Ches Property in British Columbia
7/9/2013Enters Into an Agreement to Sell Its Interest in the Sarah L...
10/29/2012(Viking)Completes Viking Property Sale to Spruce Ridge Resources and...
8/14/2012(Viking)Consolidates the Viking District Through a Sale of Viking to...
5/8/2012Receives $100,000 Grant
1/9/2012Files Technical Report
1/28/2009Romarco Encounters 60.6 meters of 6.9 g/t Au at Haile
1/21/2009Gold Star Acquires West African Oil and Gas Consessions
1/22/2009Gold Company Assays 2.45 Metres Averaging 38.17 g/t Au From ...
1/21/2009Romarco Encounters a 57.4 Meter Aggregate Zone of 2.8 G/T Au...
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