VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 4, 2013) - Nickel North Exploration Corp. (TSX VENTURE:NNX) (the "Company" or "Nickel North") is pleased to announce that on June 27, 2013, it entered into a property purchase agreement with Sino Minerals Corp. ("Sino Minerals"), whereby Nickel North has agreed to purchase all of Sino Minerals'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 agreed to issue to Sino Minerals 2,000,000 common shares at a deemed price of $0.25 per share for a deemed purchase price of $500,000. The closing of the purchase is subject to a number of conditions, including the approval of the TSX Venture Exchange.
Sino Minerals is an affiliate of Goldrock Resources Co., Ltd. and Sinotech (Hong Kong) Corporation Limited, the largest shareholders of the Company, which, together, hold 21,750,000 common shares of the Company, representing approximately 34.13% of all issued and outstanding common shares of the Company.
On behalf of Nickel North Exploration Corp.
Phillip Mudry P Geol., President and CEO
For more information, please visit www.NickelNorth.com.
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.