NORTH COUNTRY GOLD CORP. ANNOUNCES INCREASE TO THE PRIVATE PLACEMENT UNIT FINANCING
October 6, 2010
Edmonton, Alberta – North Country Gold Corp. (the “Company”) (TSX VENTURE: NCG) is pleased to announce that, in connection with its previously announced commercially reasonable efforts private placement offering (the “Offering”) led by Canaccord Genuity Corp. (the “Agent”), the Company has increased the size of the Offering from up to 10,000,000 units (the “Units”) to up to 12,000,000 Units at a price of $0.50 per Unit, for gross proceeds of up to $6,000,000. All other terms contained in the previous announcement remain unchanged.
About North Country Gold:
North Country Gold Corp. (TSX VENTURE: NCG) is 100% owner of the mineral rights to 557,323 acres (225,569 hectares) of land comprising 216 active mineral claims and 14 mineral leases on the gold-rich Committee Bay Greenstone Belt in Canada's Nunavut Territory. Management has identified numerous high-grade gold targets within five distinct mineral development centers on the Belt and is focusing on advancement of the Three Bluffs centre and its deposit, which is located approximately 300 kilometres northeast of the new Meadowbank Mine near Baker Lake.
Three Bluffs is a NI 43-101 compliant high-grade gold deposit, which currently hosts an indicated resource of 508,000 ounces (2,700,000 tones at 5.85 g/t Au) and an additional inferred resource of 244,000 ounces (1,270,000 tones at 5.98 g/t Au). The deposit is open to depth and there is significant potential to expand the current resource along strike. The 2011 program will follow-up on the outstanding results of the 2010 drilling program and continue to explore for additional mineralization proximal to the existing resource.
North Country Gold Corp. is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.
On behalf of the Board
North Country Gold Corp.
John Williamson, P.Geol
President and CEO
For more information on North Country Gold Corp., please visit the Corporation’s website: www.northcountrygold.com or contact:
Brian Budd
Director of Corp. Development
Email: [email protected]
Tel: 604-646-4525
Neither the 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.
This release includes certain statements that may be deemed to be forward-looking statements. All statements in this release, other than statements of historical facts that address access to capital, regulatory approvals, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially form those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedar.com.
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