Noble Mineral Exploration Inc. Agrees to Sell James Bay Lowlands Properties
TSX.V: NOB FWB: NB7 OTC.PK: NLPXF
Noble Mineral Exploration Inc. Agrees to Sell James Bay Lowlands Properties
Toronto, Ontario – June 29, 2012, Noble Mineral Exploration Inc. (the "Company") (TSX-V:NOB, FRANKFURT:NB7, OTC.PK:NLPXF) is pleased to announce that it has signed a binding letter of intent with MacDonald Mines Exploration Ltd. (TSX-V: BMK, "MacDonald") to dispose of all of its property interests of in the James Bay Lowlands – Ring of Fire area of Northern Ontario. The transaction is subject to the approval of the Company's board of directors, as well as to the approval of the TSX Venture Exchange.
Under the agreement, the Company will paid the following for the properties: (a) $150,000 in cash, half of which to be paid on signing of the definitive agreement for the transaction (refundable if the properties are not transferred by a deadline that will be agreed to) and the other half paid within 120 days of the transfer of the properties; (b) 3,000,000 common shares of MacDonald; and (c) 3,000,000 common share purchase warrants of MacDonald, 1/3 being exercisable at $0.30 per share, 1/3 at $0.50 per share and the remaining 1/3 at $0.70 per share. These warrants will expire two (2) years after issuance. All securities issued in this transaction will be subject to applicable regulatory hold periods.
Vance White President and CEO of Noble commented "that this will allow Noble to fully focus on its activities on Project 81 in the Timmins area where we have identified a significant Nickel discovery and at the same time continuing to participate indirectly in the activities of MacDonald and the Ring of Fire area".
The Company is also pleased to announce that it has received final approval from the TSX Venture Exchange for the private placement that closed in April and May of 2012. A total of $1,133,000 was raised in that financing.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian based junior exploration company holding in excess of 72,000 hectares of property in the Timmins, Iroquois Falls and Smooth Rock Falls areas of Northern Ontario. The Company also holds a portfolio of diversified exploration projects at various stages of exploration and drilling for Vanadium, Nickel, Copper, Chromium and PGM in the ‘Ring of Fire’ McFauld’s Lake Area of Northern Ontario, Gold in the Wawa area of Northern Ontario, and Uranium in Northern Saskatchewan.
More detailed information is available on the website at www.noblemineralexploration.com
Cautionary Statement:
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Noble Mineral Exploration Inc.
H. Vance White, President Phone: 416-214-2250 Fax: 416-367-1954 eMail: [email protected]
Investor Relations Phone: 416-214-2250 eMail: [email protected]