Noka Resources Announces Joint Venture on Carpenter Lake Uranium Property, Athabasca Basin, Saskatchewan
Vancouver, BC – November 10, 2014: Noka Resources Inc. (TSX-V: NX, FSE: 2NK) (“Noka” or the “Company”) is pleased to announce that Alpha Exploration Inc. (TSX-V: AEX) (“Alpha”) has earned a 60-per-cent interest in Noka’s Carpenter Lake Property (“Carpenter Lake”, or the “Property”), Athabasca Basin, Saskatchewan, Canada.
The Company has been notified by Alpha that it has earned a 60-per-cent interest in Carpenter Lake according to the option and joint venture agreement between the two companies dated January 13, 2014. In consideration for Alpha earning a 60-per-cent interest in the Property, Alpha paid to Noka $50,000 cash, issued 400,000 common shares in the capital of Alpha and spent $1.25-million in exploration expenditures. A joint venture has been formed, as per respective company interests (60-per-cent Alpha; 40-per-cent Noka). Alpha is the Operator of the joint venture.
Details on follow-up exploration work done in 2014 will be provided once programs and budgets are reviewed and approved by the Carpenter Lake joint venture.
About Carpenter Lake
Carpenter Lake is approximately 85 kilometres west of the past-producing Key Lake uranium mine and covers 20,637 hectares within five contiguous mineral dispositions. The Property spans the Cable Bay Shear Zone, and straddles the southern margin of the Athabasca Basin. Exploration on the Property is governed by a 60/40 joint venture between Alpha and Noka, respectively.
About Noka Resources Inc.
Noka Resources Inc. is a junior exploration company with a focus on uranium in the prolific Athabasca Basin of Northern Saskatchewan. Noka’s exploration strategy is focused in relatively underexplored areas of the Athabasca Basin Region, targeting favourable geology and structure amenable to near surface, unconformity-style uranium mineralization.
With a total prospective land position of 493,236 hectares, Noka holds one of the largest geologically prospective land packages in the region through a 100% interest in the Clearwater (which includes the Carpenter Lake) and Athabasca North group of properties, an option to earn 100% interest in the Lodge Pole Point Project, as well as a 25% interest in the Western Athabasca Syndicate group of properties.
For further information, please contact Nav Dhaliwal, President, at [email protected] or visit www.nokaresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
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This press release contains "forward-looking information" that is based on Noka’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Noka’s exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Noka’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Noka disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.