VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 23, 2013) - Nickel North Exploration Corp. (TSX VENTURE:NNX) (the "Company" or "Nickel North") is pleased to announce that on August 23, 2013, it acquired all of Sino Minerals Corp.'s 100% interest in 14 mining claims covering a total area of approximately 2,860.4 hectares located in the Province of Ontario and known as the Nairn Property (the "Nairn Property"), subject to a 2% net smelter returns royalty over six of the claims and third party freehold patent surface rights over eight of the claims. In consideration for the Nairn Property, the Company issued to Sino Minerals Corp. ("Sino Minerals") 2,000,000 common shares at a deemed price of $0.25 per share for a deemed purchase price of $500,000.
Sino Minerals is an affiliate of Goldrock Resources Co., Ltd. and SinoTech (Hong Kong) Corporation Limited. After this transaction, Goldrock Resources Co., Ltd., SinoTech (Hong Kong) Corporation Limited and Sino Minerals Corp., collectively are the largest shareholders of the Company, and will hold 23,750,000 common shares of the Company, representing approximately 36.13% of all issued and outstanding common shares of the Company.
On behalf of Nickel North Exploration Corp.
Phillip Mudry, P Geol., President and CEO
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