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October 23, 2014 --- Vol. 08, No. 43October 2014

Nunavut

GOLD – WPC Resources Inc. Oct. 23 reported completion of a technical report prepared in compliance (or accordance) with NI 43-101 guidelines for its 100 percent-owned Hood River property in Nunavut. The report, prepared by Paul Cowley, P. Geo, and titled, “Technical Report on the Hood River Property, Nunavut, Canada,” summarizes attributes of the property, including its geology and exploration history. The report is available on SEDAR. Most notably, nine of 22 known gold zones and two base metal occurrences within the property are described in detail. Verification samples taken by Cowley during a 2014 exploration program reported gold assays of up to 57.1 grams per metric ton gold. WPC also said it has undertaken and completed its 2014 field program on the Hood River project and the Ulu gold property in which the junior is earning up to an 80 percent interest. Field personnel consisting of five geologists, plus support staff, operated from the Ulu camp with access to the properties provided by helicopter and by fixed-wing aircraft using the camp’s 1.2-kilometer-long airstrip. Through the course of the field work, a total of eight gold occurrences on the Hood River property were examined and sampled to assess targets for a 2015 drill program. To date, WPC has received the results of more than 100 samples from the Blackridge, Crown and the newly discovered Cowley showings of the Hood River project. Each sample was analyzed for 37 elements including gold, silver, copper, zinc and lead. Among highlights of the field work and geochemical results: The newly discovered Cowley Zone is a northeast-oriented, 1.0-meter to 3.35-meters wide, +12-meter-long sub-vertical zone expressed in outcrop and boulder train of highly silicified mafic volcanic unit containing 5-15-percent disseminated arsenopyrite and gold values typically ranging between 1.00 and 2.83 ppm gold with two grab samples returning exceptional values of 12.4 ppm gold and 37.1 ppm gold. The zone trends to the northeast under cover. WPC President Stephen Wilkinson commented, “With about one-third of the results reported, thus far, we are pleased to see the confirmation of the widespread and high-grade gold mineralization on the Hood River project. We anticipate reporting on the remainder of the results over the next two weeks on the other Hood River gold zones and the Ulu property sampling. In addition, we are planning on assaying those samples that had geochemical values in excess of 2 (parts-per-million gold).”

FINANCE – Northquest Ltd. Oct. 21 unveiled plans to complete a non-brokered private placement that includes issuing up to 10 million common shares at a price of C12 cents per share, to raise aggregate gross proceeds of up to C$1.2 million. Additionally, Nord Gold N.V. holds a pre-emptive right to purchase such number of shares in the offering as would result in it maintaining its proportionate shareholding in Northquest following the completion of the offering, on a fully-diluted basis. Nordgold currently holds an aggregate of 12,777,777 Shares and an additional 6,388,889 convertible securities of Northquest, representing about 25.26 percent of all of the issued and outstanding shares as of the date hereof on a fully diluted basis. Northquest will increase the size of the offering proportionately in the event that Nordgold opts to exercise this pre-emptive right, in whole or in part. Accordingly, in the event that Nordgold opts to exercise such pre-emptive right in full, the size of the offering will be increased to up to an aggregate of 13,615,400 shares to raise aggregate gross proceeds of up to C$1,633,848. Northquest may pay a finder’s fee to certain eligible registrants in connection with the offering in an amount equal to 7 percent of the gross proceeds raised by such finders, and issue up to such number of broker warrants to such finders as is equal to 7 percent of the aggregate number of shares sold pursuant to the offering, each such broker warrant being exercisable to acquire one share at an exercise price of C16 cents for a period of two years.

DIAMONDS – North Arrow Minerals Inc. Oct. 16 reported that a majority of the 1,500-metric-ton Qilalugaq Project bulk sample has been received by the processing laboratory in Thunder Bay, Ont. and that processing of the sample is underway. The bulk sample was collected in July and August 2014 from the Q1-4 kimberlite located nine kilometers from the Hamlet of Repulse Bay (Naujaat), Nunavut. The sample is being processed for the recovery of commercial sized (+0.85-millimeter) diamonds and the resulting diamond parcel will be used to provide an indication of Q1-4’s overall diamond value as well as the resulting diamond parcel will be used to provide an indication of Q1-4’s overall diamond value as well as the sample’s diamond content, size distribution and to establish whether or not fancy yellow diamonds seen in earlier-stage sampling persist into the larger diamond sizes. Sample processing is expected to take about four months. North Arrow is currently working to earn an 80 percent interest in the Qilalugaq Diamond Project from Stornoway Diamond Corp. by collecting and processing the current bulk sample.


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