NewNorth Projects Ltd. Provides Update in Respect of its Option Plan

CALGARY, April 8, 2013 /CNW/ - NewNorth Projects Ltd. ("NewNorth" or the "Corporation") (TSX VENTURE: NNP) provides an update in respect of the status of the Corporation's stock option plan (the "Plan") further to a continuous disclosure review by the TSX Venture Exchange ("TSXV").

The Corporation initially approved the Plan in 2006 and granted stock options ("Options") under it on one occasion effective July 25, 2006, where 1,050,000 Options were granted to officers and directors of the Corporation. In approximately March 2009, the board of directors of the Corporation (the "Board") resolved to no longer grant Options under the Plan as a form of compensation to its officers and directors. Since 2009, the Board has had no intention to grant any additional Options under the Plan and the Plan was left in place solely to govern the existing Options that were previously granted under it. As of the date hereof, a total of 480,000 Options remain issued and outstanding. No Options have ever been exercised and converted into common shares of the Corporation.

In the future, should the Board decide to grant Options under the Plan, it will, at such time, seek all necessary approvals to do so, including approval of its shareholders and the TSXV. Otherwise, the Plan will remain in place solely to govern the existing Options which are set to expire on July 25, 2016.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, certain information presented herein constitutes "forward-looking statements". More particularly, this press release contains statements concerning the future granting of stock options and certain conditions surrounding such future grants. The forward-looking statements contained in this document are solely opinions and forecasts which are uncertain and subject to risks. Forward-looking statements include but are not limited to uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties. Accordingly, readers are cautioned that the assumption used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation may prove to be imprecise and, as such undue reliance should not be placed on forward-looking statements.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Corporation undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE NewNorth Projects Ltd.

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