NewNorth Announces Results for the Quarter Ending March 31, 2012

    




 CALGARY, May 28, 2012 /CNW/ - NewNorth Projects Ltd. ("NewNorth")   today announced its financial results for the quarter ending  March 31, 2012. 

 Mr. Greg Herndier, President and Chief Executive Officer of NewNorth,  reports a net loss after tax of $377,000 which includes debenture  interest of $23,000. 

 After tax loss per share, basic and diluted is $0.03. 

 Select information: 




        --  On January 19, 2012, NewNorth redeemed all of its outstanding
            debentures.  This is an early redemption as the debentures were
            not due until May 30, 2012.  The principal payout was
            $4,749,423.  Interest of $23,000 was paid to the holders of the
            debentures.

        --  At March 31, 2012, the Company's current ratio (current assets
            to current liabilities) is 8.36:1 and the adjusted debt to
            equity ratio is 0.33:1 which exceeds NewNorth's operating loan
            covenants requirements of a current ratio not to be less than
            1.25:1 and an adjusted debt to equity ratio not to exceed 2:1.




 Management believes that the value of the net assets of NewNorth  significantly exceeds the current share value. 

 NewNorth is an integrated land and building development Corporation  operating in Alberta, the Northwest Territories and Nunavut. 

 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. 

 The contents of this release have not been approved or disapproved by  any securities authority or stock exchanges. 



NewNorth Projects Ltd.


CONTACT:  Mr. Greg N. Herndier, Chief Executive Officer or Mrs. ShannonCook,Controller at [phone]. 


    

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