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HN

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Share Name Share Symbol Market Type
TSXV:HN TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

High North Resources Ltd.: Corporate Update-Montney #2 Spudded

24/09/2013 6:05pm

Marketwired Canada


High North Resources Ltd. (TSX VENTURE:HN) (the "Company" or "High North") is
pleased to announce that drilling has commenced on the Company's second Montney
horizontal well. 


The Montney #2 well was spudded on Sept. 22st and drilling in ongoing.
Completion design of the Company's Montney #1 well is underway.


Recent activity of other operators in the area surrounding the Company's Block H
lands has been encouraging. Directly offsetting Block H, 10 Montney horizontal
oil wells have been licensed with six drilled to date. Two of these wells have
been reported producing at rates of 486 and 360 BOE(1) per day. 


The Company also wishes to announce that it has entered into an Amending
Agreement with Cava Resources Inc. (the "Optionor") dated September 18, 2013
whereby the terms of the original Option Agreement dated February 20, 2013 (as
announced on February 22, 2013) have been amended. The $200,000 payment due to
the Optionor has been restructured as follows:




a.  the Corporation shall issue 300,000 units to the Optionor at a deemed
    issue price of $0.35 per unit, with each unit comprised of one common
    share of the Corporation and one-half of one warrant. Each full warrant
    is exercisable into a common shares of the Corporation for a period of
    24 months at an exercise price of $0.50 per share; 
    
b.  $10,000 upon the execution of the Amending Agreement; 
    
c.  $10,000 by October 1, 2013; 
    
d.  $10,000 by November 1, 2013; and 
    
e.  $65,000 by December 23, 2013.



The Amended Agreement has been exercised, subject to TSX Venture Exchange
approval. All securities to be issued to the Optionor shall be subject to a
statutory four month hold period from the date of issuance. 


In its efforts to further strengthen the Company's presence in its area of
operations, Colin Soares, President of the Company, has been appointed to the
role of Chief Executive Officer. Mr. Arn Schoch, former CEO, will continue as a
member of the board of directors of the Company.


Mr. Soares is a professional engineer who received his BSc in chemical
engineering from the University of Waterloo in 1978. Mr. Soares has a history of
identifying strategic opportunities and increasing value through optimization of
horizontal drilling and completions. Mr. Soares was president and founder of
Rocor Resources Inc., a privately owned exploration company that proved the
Montney resource play in the Monias, B.C., area, south of Fort St. John. Rocor
Resources was sold to Petrobank for over $50-million in 2008.


(1) BOE Cautionary Statement - BOEs may be misleading, particularly if used in
isolation. A BOE conversion ratio of 6 Mcf:1Bbl is based on an energy
equivalency at the burner tip and does not represent a value equivalency at the
wellhead.


About High North Resources Ltd.

High North Resources Ltd. is a TSX.V listed oil and gas development company with
assets near the Peace River Arch area of Northwestern Alberta. The Company has
an option to acquire 129 sections (82,560 acres) of oil and gas leases
strategically concentrated into seven blocks with hydrocarbon potential, ranging
from the Cretaceous Dunvegan through to the Devonian Granite Wash formation.
Multiple conventional and unconventional oil targets are present including the
Montney, Duvernay and Nordegg formations.


READER ADVISORY

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 news release contains certain statements that may be deemed
"forward-looking statements. Forward looking statements are statements that are
not historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although High North 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 may differ materially from those in forward looking
statements. Forward looking statements are based on the beliefs, estimates and
opinions of High North's management on the date the statements are made. Except
as required by law, High North undertakes no obligation to update these
forward-looking statements in the event that management's beliefs, estimates or
opinions, or other factors, should change.


The forward-looking statements contained in this press release are made as of
the date of this press release, and the Company does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or otherwise,
except as expressly required by securities law.


THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES
HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT
THEREFROM.


The TSX Venture Exchange Inc. has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the contents of
this press release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
High North Resources Ltd.
Colin Soares, President/Director
(403) 463 7393
Investor Relations: (604) 687 1779
csoares@highnorthresources.com
www.highnorthresources.com

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