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Northern Superior Resources Inc V.SUP

Alternate Symbol(s):  NSUPF

Northern Superior Resources Inc. is a Canada-based gold exploration company focused on the Chibougamau Camp in Quebec, Canada. The Company has consolidated the land package in the region, with total land holdings exceeding 62,000 hectares (ha). The main properties include Philibert, Lac Surprise, Chevrier and Croteau. It also owns 72% of ONGold Resources Ltd., which is advancing exploration assets in Northern Ontario, including the district scale TPK Project. The Philibert Project is located 9 kilometers (km) from IAMGOLD Corporation’s Nelligan Gold project. It holds a majority stake of 75% in the Philibert Project, with the remaining 25% owned by Mines Royales and Soquem Inc., and retains an option to acquire the full 100% ownership of the project. Chevrier hosts an inferred mineral resource of 652,000 ounces Au and an indicated mineral resource of 260,000 ounces Au. Croteau hosts an inferred mineral resource of 640,000 ounces Au. Lac Surprise hosts the Falcon Zone Discovery.


TSXV:SUP - Post by User

Post by Zbopon Dec 18, 2007 3:44pm
246 Views
Post# 14040889

From SWG financials

From SWG financialsDuring the nine month period ended September 30, 2007, the Company sold all of its common shares of Lake Shore Gold Corp. (“Lake Shore”) and recorded a gain of $3,346,000. As well, during the same period the Company purchased 1,361,000 common shares of Superior Diamonds Inc. (“Superior”) at a cost of $517,000. Due to the Company and Superior no longer having a director and president in common as at July 1, 2007, the Company no longer accounts for its investment in Superior using the equity method as it has determined that it no longer has significant influence. The Company now classifies its investment in Superior as available-for-sale and records the changes in market price in comprehensive loss.
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