SASKATOON, SASKATCHEWAN - (CNW - January 3, 2012) Mr. Tom
MacNeill, the President and Chief Executive Officer of 49
North Resources Inc. ("49 North") (TSXV: FNR), is pleased to
announce its 80% owned subsidiary, Kimpar Resources Inc.
("Kimpar"), has completed a sale (the "Sale") to Captock
Financial Inc. ("Capstock") (TSXV: CPK) of Kimpar's legal and
beneficial right, title and interest in and to 246 mining
claims comprising approximately 12,000 acres of
copper-molybdenum lands, granite aggregate quarries and a
deposit of absolute black granite, all located in the Gaspe
region of Quebec (collectively, the "Properties") together
with Kimpar's right, title or interest in all information and
all know-how respecting the Properties. For further details
respecting the Sale see Capstock's Filing Statement dated
effective December 19, 2011, news release dated September 1,
2011 and news release dated December 30, 2011 (copies of
which are available under Capstock's profile at www.sedar.com).
The Sale constitutes the Qualifying Transaction for Capstock
and effective at the opening of market on January 3, 2012,
the trading symbol for Capstock changed from CPK.H to CPK,
and the common shares of Capstock began trading on the TSX
Venture Exchange (the "TSXV"). Pursuant to the policies of
the TSXV, Capstock is no longer a Capital Pool Company and is
now classified as a Tier 2 Mining issuer. The newly appointed
board of directors for Capstock consists of Andrew Davidson,
Denis Clement, Victor Goncalves and Tim Termuende, with R.A.
Bruce McDonald retaining his respective director position
with Capstock.
The completion of the Sale marks a significant achievement in
49 North's business strategy of enhancing shareholder value
through the advancement of early stage resource properties.
With the closing of the Sale, the Properties progress from a
concept to a TSXV listed and properly capitalized resource
exploration project. Identifying the potential of the
Properties, 49 North used its experience in, and knowledge of
the junior resource sector to consummate this liquidity
transaction.
49 North is a Saskatchewan focused resource investment
company with strategic operations in financial, managerial
and geological advisory services and merchant banking. Our
diversified portfolio of assets includes direct project
involvement in the resource sector, as well as investments in
shares and other securities of junior and
intermediate mineral and oil and gas exploration companies.
Additional information about 49 North is available at www.sedar.com.
For more information contact:
49 North Resources Inc. Tom MacNeill
President and Chief Executive Officer
306-653-2692 or ir@fnr.ca.
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