Noka Re-Negotiates Lodge Pole Point Project
April 14, 2015—Noka Resources Inc. (TSX-V: NX) (the “Company” or “Noka”) is pleased to announce that it has renegotiated the terms of the acquisition by which the Company can earn a 100% interest in the Lodge Pole Point Project (the “Property”), which straddles the southern border of the Athabasca Basin in Saskatchewan, west of the Key Lake uranium mine.
The Company has reduced its commitments from payments totalling $1,600,000 over the next 48 months and completing $2,000,000 in exploration expenditures on the Pproperty within four years to a one-time payment of $50,000 and an advance royalty payment of $20,000 due annually, beginning in 2016.
Regarding the new terms, Nav Dhaliwal, President & CEO, commented: “Tthe new terms represent a marked savings to Noka, as money previously earmarked for property payments can now be channelled into furthering this marquee project. This is a tangible milestone in the Company’s restructuring, one that should result in increased shareholder value.”
The Lodge Pole Point Pproject hosts several kilometers of northeast trending conductors, delineated through both airborne and ground EM surveys, and first pass drilling by JNR Resources who in 2000 intersected alteration and base metal enrichment common to uranium deposits.
The initial exploration at Lodge Pole will be focused in and around drill hole LEB01-01, which was spotted on the ice of Lodge Pole Lake, immediately east of the west shore. This drill hole returned anomalous trace element values from strongly altered and structurally disrupted basement lithologies. Furthermore, Hole # -01 is located at the southern end of the Horse South grid on the same conductive corridor and approximately 6.1 km southeast of drill hole DF-63 (SMDI 2540) which returned strongly altered and structurally disrupted sandstone. Also of interest is that the Horse South grid is approximately 12.1 km northwest of the well defined Lazy Edward Bay radioactive diabase boulder field. . (SMDI 2062)
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Noka’s Head Technical Advisor, as well as a Qualified Person.
About Noka Resources Inc.:
Noka Resources Inc. is a junior exploration company with a focus on uranium in the prolific Athabasca Basin of Northern Saskatchewan. Noka’s exploration strategy is focused on relatively underexplored areas of the Athabasca Basin Region, targeting favourable geology and structure amenable to near surface, unconformity-style uranium mineralization.
With a total prospective land position of 493,236 hectares, Noka holds one of the largest geologically prospective land packages in the region through a 100% interest in the Clearwater and Athabasca North group of properties, a 40% interest in the Carpenter Lake Property, a 100% interest in the Lodge Pole Point Project, as well as a 25% interest in the Western Athabasca Syndicate group of properties.
For further information, please contact Nav Dhaliwal, President, at [email protected] or visit www.nokaresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
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This press release contains "forward-looking information" that is based on Noka’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Noka’s exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Noka’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Noka disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.