Noble Mineral Exploration Inc. Announces Imposition of Mining Land Taxes on Project 81 Patented Lands
TORONTO, ONTARIO--(Marketwired - Jul 29, 2015) - Noble Mineral Exploration Inc. (the "Company", "Noble" or "NOB") (TSX VENTURE:NOB)(FRANKFURT:NB7)(PINKSHEETS:NLPXF) The Company announces that it has been advised by the Ontario Ministry of Northern Development and Mines ("MNDM") that the Company's application for reduction or relief of mining land taxes being assessed against the Company's Project 81 Patented Lands beginning on January 1, 2012 has been rejected. MNDM has advised that mining land taxes would apply to Block A Patented Lands of Project 81 at the rate of $4.00 per hectare thereby assessing annual taxes to this block of approximately $223,842.00, and that the "tax portion of the Block A properties for 2012, 2013, 2014, and the current year will be applied to Noble's account". Tax arrears would amount to approximately $671,526. The MNDM has advised that interest amounting to approximately $85,600.00 on the arrears has been waived. At a recent meeting with senior management of the Company, the MNDM requested a subsequent submission from the Company that, if accepted, could result in the mitigation of the past mining land taxes due on Project 81 for the period up to March 2014. (Until March of 2014, title to the Project 81 Patented Lands included the surface (and timber) rights as well as the mineral rights. In April of 2014, the surface and timber rights for Project 81 were severed from the mineral rights.) Additional avenues are also being considered by the Company in order alleviate the mining land tax burden.
Block A Patented Lands of Project 81 are comprised of approximately 140,000 acres or 56,000 hectares. The Project, is located in the Timmins area of Northern Ontario and makes up the substantial portion of Project 81.
Noble is currently evaluating its options with respect to this development.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company holding approximately 73,000 +/- hectares of mineral rights, staked or acquired mineral claims in the Timmins/Cochrane areas of Northern Ontario. The Company also holds a portfolio of diversified exploration projects at various stages of exploration Gold in the Wawa area of Northern Ontario, and Uranium in Northern Saskatchewan. More detailed information is available on the website at www.noblemineralexploration.com.
Cautionary Statement:
Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
Noble Mineral Exploration Inc.
H. Vance White
President
416-214-2250
416-367-1954
info@noblemineralexploration.com
Noble Mineral Exploration Inc.
Investor Relations
ir@noblemineralexploration.com
www.noblemineralexploration.com
