Mineral Hill Announces Letter of Intent for its Praxis Goldfields Project
Mineral Hill Industries Ltd. announce that it has concluded a letter of intent with North Ridge Resources Ltd. to enter in an “Earn-In-Option” agreement with respect to the Company’s gold exploration project Praxis Goldfields. Under the LoI, North Ridge will be required to spend a minimum of $900,000 over three years on exploration costs on Goldfields and will issue a minimum of 300,000 common shares to the Company. As MHI s primary focus in 2009 will be the further development of its renewable energy project, operated through its subsidiary Nass Energy Inc, the Company is looking forward to working with North Ridge as partner to complete the 2009 exploration program of its Goldfields project.
North Ridge is a private company with a seasoned and exploration experienced Board of Directors which is determined to start the field work in summer of 2009.
MHI regrets to announce the resignation of Dr. Peter Lewis as a director and member of MHI’s exploration committee and the environmental & safety committee, due to his heavy outside commitments. The Company also regrets that Mr. Patrick H. Pettman is also leaving the Board to devote more time to his other personal commitments. The Board of Directors and Management record their appreciation to Dr. Lewis and Mr. Pettman for their invaluable contributions to the Company during their term as directors and committee members of the Company.