Northern Shield Receives $702,781 in refunds
Northern Shield Receives $702,781 in refunds
OTTAWA, ON
,
July 9, 2024
/CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the
"Company") (TSXV: NRN) is pleased to announce that the Company has received certain refunds
pertaining to its 2017 and 2018 Quebec Tax Return and Mining Tax Return. The total amount
returned to the Company to date, including interest, amounts to
$702,781
. A further refund of
approximately
$70,000
is expected very shortly.
In 2023, the Court of
Quebec
ruled in the Company's favour in a case the Company initiated against
the Quebec Revenue Agency with the practical consequence of the judgement being that Northern
Shield's right to object to the notices of assessment in dispute had been restored. Northern Shield
filed a Notice of Objection immediately after that ruling and the refund announced today is the result
of the objection process running through to fruition.
A denial of tax credits had also previously been placed on the Company's 2016 Quebec Tax Return
and Mining Tax Return which was eventually settled by Revenue Quebec in the Company's favour in
2021 after Northern Shield filed a Notice of Objection and subsequently commenced a judicial
litigation case.
"This has been an exercise in patience and persistence. Although one does not embark on such a
course without confidence of success, the six-year time frame to recover the monies rightfully
owed to the Company, has tested all our patience. But persistence has paid off and we look
forward to focussing on advancing our exploration projects."
-
Ian Bliss President
/CEO
, Northern Shield
Northern Shield Resources
Northern Shield Resources Inc. is a Canadian-based company known as a leader in generating high-
quality exploration targets that views greenfield exploration as an opportunity, an opportunity to find
a Tier 1 asset, near surface, and at relatively low cost. We implement a model driven approach in
exploration to reduce any risk associated with early-stage projects for ourselves, our shareholders,
and the environment. This approach is what led us to firstly option the Root & Cellar Property from a
Newfoundland
based prospector, who found and exposed the mineralization, and then its
advancement as a large alkaline-related gold-silver-tellurium and porphyry copper system.
Forward-Looking Statements Advisory
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
Northern Shield Resources Inc.
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http://www.newswire.ca/en/releases/archive/July2024/09/c1685.html
%SEDAR: 00007505E
For further information:
Northern Shield Resources Inc., Ian Bliss, President and CEO, Tel.: (613)
232-0459, Fax: (613) 232-0760, [email protected]
CO: Northern Shield Resources Inc.
CNW 08:00e 09-JUL-24