NewNorth announces asset sales

    




 CALGARY, Jan. 20, 2012 /CNW/ - NewNorth Projects Ltd. ("NewNorth")   today announced that it has sold the final phase of the  Sheep River Cove project in Okotoks, Alberta.  NewNorth also announces  the sale of its interest in the partnership, DCC-NNP LP ("DCC"), that  NewNorth formed with the Deton'Cho Corporation (Deton'Cho). 

 The Sheep River project is a residential housing project in Okotoks, AB  that NewNorth has been developing since 1993.  The final phase, Sheep  River Cove, Phase 4, has been sold to a local homebuilder in Okotoks.   The gross proceeds from the sale were approximately $2,800,000.   NewNorth has received the entire proceeds from the sale. 

 NewNorth has also sold its interest in DCC.  In 2009, NewNorth entered  into a partnership with the Deton'Cho Corporation which is the economic  business arm of the Yellowknives Dene First Nation.  DCC was set up to  develop land on Twin Pine Hill in Yellowknife, NWT.  The gross proceeds  from the sale of NewNorth's interest in the partnership are $910,000.   The transaction will close on June 1, 2012. 

 The proceeds from both sales will be used to pay down NewNorth's  outstanding debenture which is due in May, 2012 and were paid out on  January 19, 2012. 

 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:  please contact Mr. Greg N. Herndier, Chief Executive Officer orMrs.Shannon Cook, Controller at [phone]. 


    

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