Northern Shield Obtains Right to Earn 50% Interest in the Ikertoq Nickel Project in West Greenland
Ottawa, Ontario (February 26, 2013) – Northern Shield Resources Inc. (“Northern Shield”) [TSXV: NRN] is pleased to announce that it has signed a binding Letter Agreement with Greenland Gold Resources Ltd., (“Greenland Gold”) whereby Northern Shield has the option to earn a 50% interest in the Ikertoq nickel project (the “Project”) in west Greenland. To earn a 50% interest, Northern Shield must incur €1,000,000 ($CDN 1,350,000) within 12 months of signing the definitive Option and Joint Venture Agreement and a further €1,750,000 ($CDN 2,400,000) of exploration expenditures on the project within 3 years of signing. The first year’s exploration must include a minimum of 1,250 metres of diamond drilling. When Northern Shield earns a 50% interest, the project will be explored by Northern Shield and Greenland Gold under a 50/50 joint venture. Northern Shield will be the Operator of the Project.