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NAI

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Delayed by 15 minutes
Share Name Share Symbol Market Type
TSXV:NAI 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 -

Northern Abitibi Completes Viking Property Sale to Spruce Ridge Resources Today and Files Early Warning Report

23/12/2013 8:35pm

Marketwired Canada


Northern Abitibi Mining Corp. (TSX VENTURE:NAI) ("Northern Abitibi") is pleased
to announce the closing of its previously announced sale of the 100% owned
Viking Property to Spruce Ridge Resources ("Spruce Ridge" - TSXV:SHL) in
exchange for $150,000 cash and 11,000,000 common shares in the capital of Spruce
Ridge (the "Shares").


In October 2012, Spruce Ridge made a payment of $50,000 to Northern Abitibi and
issued 5,000,000 Shares at a deemed value of $0.12 per Share and in April 2013,
Spruce Ridge made an additional $50,000 payment. Currently today, as the final
closing payment, Spruce Ridge paid $50,000 and issued 6,000,000 Shares at $0.05
per Share. Pursuant to the agreement, Spruce Ridge elected to issue up to 50% of
the final cash payment of $100,000 by issuing 1,000,000 Shares at $0.05 per
Share. The Viking Property is subject to a 2% to 4% sliding scale net smelter
royalty held by Altius Resources Inc.


Pursuant to this sale, Northern Abitibi now holds 11,000,000 Shares or 22.7% of
the issued and outstanding common shares of Spruce Ridge at the date hereof on a
non-diluted basis. The Shares were acquired pursuant to the exemption from the
prospectus requirement in section 2.14 of National Instrument 45-106 and are
held for investment purposes only. This investment will be reviewed by Northern
Abitibi on a continuing basis.


Shane Ebert, President/Director

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.


Except for the historical and present factual information contained herein, the
matters set forth in this news release, including words such as "expects",
"projects", "plans", "anticipates" and similar expressions, are forward-looking
information that represents management of Northern Abitibi's internal
projections, expectations or beliefs concerning, among other things, future
operating results and various components thereof or the economic performance of
Northern Abitibi. The projections, estimates and beliefs contained in such
forward-looking statements necessarily involve known and unknown risks and
uncertainties, which may cause Northern Abitibi's actual performance and
financial results in future periods to differ materially from any projections of
future performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, among other things, those
described in Northern Abitibi's filings with the Canadian securities
authorities. Accordingly, holders of Northern Abitibi shares and potential
investors are cautioned that events or circumstances could cause results to
differ materially from those predicted. Northern Abitibi disclaims any
responsibility to update these forward-looking statements.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Northern Abitibi Mining Corp.
Shane Ebert
1.250.964.2699


Northern Abitibi Mining Corp.
Jean Pierre Jutras
1.403.233.2636
1.403.266.2606 (FAX)
http://www.naminco.ca

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