CISCO, TX - September 30, 2013 - Northern Minerals & Exploration Ltd. (formerly Punchline Resources Ltd.) (OTCQB: NMEX) (OTCBB: NMEX) ("Northern Minerals" or the "Company") is pleased to provide the following corporate update.
The Company is pleased to report that it has completed a name change, symbol change, and share consolidation of its issued and outstanding shares of common stock on the basis of one (1) new share for every ten (10) old shares. Effective on August 13, 2013, the Company began trading under the new name "Northern Minerals & Exploration Ltd." and ticker symbol "PUNLD." Subsequently on September 18, 2013, the Company began trading under the new stock symbol "NMEX." The Company's new CUSIP number is 665416 103. After the 1 for 10 consolidation of the common stock, there are presently 5,044,484 common shares issued and outstanding.
On September 19, 2013, Roger Autrey was appointed as Corporate Secretary of the Company. Mr. Autrey has over 20 years of international oil and gas experience in sales and marketing for both private and publicly traded companies. Ramzan Savji, who has resigned as Corporate Secretary, remains President, CEO, CFO, and Director. Effective with the addition of Mr. Autrey, the Company has relocated its corporate offices to Cisco, Texas.
Northern Minerals new corporate and investor website is located at www.northernmineralsexploration.com . Investors and other interested parties are encouraged to visit the new website to get the latest corporate information and to subscribe for direct updates. Recent corporate filings made with the Securities Exchange Commission (SEC) can also be viewed at www.sec.gov.
Northern Minerals is pleased to announce it has entered into an Amended and Restated Option Agreement dated August 26, 2013 for the Winnemucca Mountain ("Property"). This amended and restated option agreement increases the ownership interest that the Company may earn in the Property to 80% (previously 70%), and defers the obligation to incur an initial $150,000 in exploration expense until July 1, 2014. To view the Amended and Restated Option Agreement dated August 26, 2013, please see the Company's most recent current report on www.sec.gov.
The Property is located in Humboldt County, immediately west of the town of Winnemucca in the northern part of the State of Nevada. The Property covers 3,800 acres and is located in an area of numerous gold mines.
Northern Minerals consultants recently completed mapping and geochemical sampling of the 3,000 feet long Swordfish Zone on the Property. Using this surface work along with historic drilling results, the Company then completed 3D modeling of the gold/silver mineralization. Based on the results of this initial work, Company consultants have recommended further exploration on the Property, including geophysics, core and reverse circulation (RC) drilling.
"The Winnemucca Mountain Property provides Northern Minerals with the immediate opportunity to move forward on a very promising resource exploration project containing a previously well-defined gold mineralization zone with significant upside potential," said Ramzan Savji, CEO and President of Northern Minerals. "In addition, we have made significant progress by increasing our optioned earn-in right in the Winnemucca Property from 70% to 80%."
Mr. Savji concluded, "Management believes that amending the terms of the previous option agreement, adopting a new name to more accurately reflect our business, and consolidating our issued and outstanding share capital are all positive steps that will assist the Company in its development. We also look forward to Mr. Autrey's involvement in Northern Minerals as his experience in sales and marketing will significantly benefit the Company's operations. In addition, he offers increased exposure to the oil and gas industry which will greatly assist the Company in evaluating oil and gas projects for potential acquisition in the future."
In late 2012, Northern Minerals drilled a total of five angled RC holes totaling 2,100 feet. Three holes were drilled at Wonder and two at the Empress Mine. No high-grade gold/silver was intersected and after further study and interpretation of the results, the Company has decided to terminate its lease on the property.
About Northern Minerals & Exploration Ltd.
Northern Minerals is an emerging mineral and resource exploration company focused on both domestic and international exploration and development projects. The Company's current focus is the Winnemucca Mountain Property in Nevada. The Company may also evaluate additional projects for potential acquisition and/or participation.
Some information in this press release constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements including the completion of a change of name and share consolidation. The words "may," "will," "expect," "potential," "anticipate," "forecast," "believe," "estimate," "project," "plan," and similar expressions are intended to identify forward-looking statements. Forward looking statement include but are not limited to statements regarding current and future exploration plans and potential or anticipated exploration results in relation to the Winnemucca Property, and future plans and objectives of Northern Mineral & Exploration Ltd. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Northern Minerals & Exploration Ltd herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Northern Minerals & Exploration Ltd disclaims any obligation to update forward-looking statements contained in this press release, except as may be required by law.
For further information regarding Northern Minerals, contact:
Northern Minerals Investor Relations
Phone: (254) 442-2627
SOURCE: Northern Minerals & Exploration Ltd.