(via Thenewswire.ca)
Toronto, Ontario - January 29, 2014, Noble Mineral Exploration Inc. (the "Company", "Noble" or "NOB") (TSX-V:NOB, FRANKFURT:NB7, OTC.PK:NLPXF) is pleased to provide an update regarding its proposed agreement with a US private equity firm (the "Purchaser") to sell the surface rights and timber rights to Block A of the Company's Project 81 (approximately 145,000 acres, or 58,000 hectares), located in the Timmins area of northern Ontario. Noble has received confirmation that the Purchaser has substantially completed its due diligence review of the property, and that subject to title review being completed and to certain title transfer issues being resolved, the Purchaser is prepared to go forward with the purchase.
As disclosed by Noble in its press release of October 24, 2013, the Company has signed a purchase and sale agreement for the sale of the surface and timber rights to Block A of the Company's Project 81. The original agreement provided the Purchaser with a deadline of January 20, 2014 for completing its due diligence, and that deadline was extended to January 27, 2014. With the Purchaser having confirmed that it has substantially completed its due diligence, the parties have agreed to provide each other with a further period of two weeks for the satisfaction of title review and title transfer issues.
The sale would be subject to approval by shareholders and the TSX Venture Exchange. IBK Capital Corp. is acting as financial advisor to Noble on this transaction.
About Noble Mineral Exploration Inc.
Noble Mineral Exploration Inc. is a Canadian based junior exploration company holding in excess of 72,000 hectares of property in the Timmins, Iroquois Falls and Smooth Rock Falls areas of Northern Ontario. The Company also holds a portfolio of diversified exploration projects at various stages of exploration Gold in the Wawa area of Northern Ontario, and Uranium in Northern Saskatchewan.
More detailed information is available on the website at www.noblemineralexploration.com
Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Noble Mineral Exploration Inc.
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
eMail: info@noblemineralexploration.com
Investor Relations
Phone: 416-214-2250
eMail: ir@noblemineralexploration.com
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