Northern Empire and Montego Execute Purchase and Sale of Kiyuk Lake Property

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 29, 2016) – Northern Empire (TSXV:NM) today announced the signing of the definitive agreement related to the sale of the Kiyuk Lake Property to Montego Resources Inc. (CSE:MY) (“Montego”) referenced in a July 7, 2016 news release. Under the terms of the agreement, Northern Empire will transfer to Montego all of Northern Empire’s right, title, interest, and obligations in and to the Kiyuk Lake Property (the “Property”) in Nunavut Territory, Canada.
In consideration for the interest in the property, Montego will issue to Northern Empire 6,680,000 common shares in the capital of Montego, that number being equal to 19.9 per cent of the issued and outstanding Montego shares following the closing of the Montego financing announced August 24, 2016. Closing of the transaction is subject to receipt of all necessary regulatory approvals.
Kiyuk Lake location and title
Kiyuk Lake property consists of 57 mineral claims, aggregating 491 square kilometres in southern Nunavut, located 350 kilometres west of Arviat and 400 kilometres north of Lynn Lake. Access is cat train or by air to an ice runway in winter, or by float plane in summer. Northern Empire holds a 100-per-cent interest, subject to a 2-per-cent net smelter return to the original property vendor.
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