Northland Buys Anglo American's Royalty and Back-In Right in Swedish IOGC Projects
12 Diciembre 2007 - 8:15AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (OSLO: NAUR)(FRANKFURT: NBS) is
pleased to announce that it has reached an agreement with Anglo
American Exploration BV to buy Anglo's 2.5% royalty interest and
back-in rights on two permits in northern Sweden which host the
Stora Sahavaara and Tapuli projects, and a number of other iron
oxide, copper, gold (IOCG) targets.
Northland will pay Anglo US $3.65-million for Anglo's royalty
and back-in rights in the two exploration permits, together known
as the Pajala properties - which cover approximately 18,000
hectares of ground.
Northland signed an option agreement on the permits with Anglo
in December 2004 and completed and exercised its option to acquire
100% ownership of the permits in January of 2007. Northland is
currently advancing the Stora Sahavaara and Tapuli magnetite
projects towards feasibility study.
Buck Morrow, the President of Northland, said: "The buyout of
Anglo's royalty and back-in rights is something we've been thinking
about for a while and we're very happy to have completed successful
negotiations with Anglo. Tapuli and Stora Sahavaara are important
projects for Northland which we now own 100% free of any royalties
or back-in rights. Anglo has been a good partner to Northland and
I'd like to thank its exploration management for their important
contribution to our work in northern Sweden."
Background
Northland Resources Inc. is a well-structured, debt free junior
exploration company with a portfolio of high quality iron, gold,
and base metal exploration projects in Sweden and Finland.
ON BEHALF OF THE BOARD
Ralph Rushton
NORTHLAND RESOURCES INC.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Northland Resources Inc. Buck Morrow President Toll
Free: 1-866-719-8962 Northland Resources Inc. Ralph Rushton
Investor Relations - North America Toll Free: 1-866-719-8962
Northland Resources Inc. Gabriella Roos Investor Relations - Europe
+44 791 286 9936 Website: www.northlandresourcesinc.com
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