Northern Empire Minerals Ltd. ("Northern Empire") has obtained regulatory approval to extend the term of an aggregate of 2,874,172 non-transferable share purchase warrants issued pursuant to a Short Form Offering completed in December, 2001.
As originally issued, each two share purchase warrants entitle the holder to purchase one common share of Northern Empire at a price of $0.45 per share. The expiry date of these warrants has been amended from December 17, 2002 to June 17, 2003. Insiders of Northern Empire hold warrants to purchase an aggregate of 15,000 shares.
The application to extend the warrants was made to allow affected shareholders the opportunity to fully assess the 2002 exploration results. Complete results are not expected until the first quarter of 2003.
Northern Empire is a diamond exploration company with an aggressive acquisition and joint venture development philosophy. During the 2002 exploration season over $7million dollars was spent on Northern Empire's diamond exploration projects. Northern Empire's contribution to these costs was less than $900,000, representing only 14.4% of total project expenditures.
The Company has established itself as one of the leading diamond explorers in Nunavut. Northern Empire has interests in 16 properties totaling more than 3.5 million acres in the Coronation Diamond District, Melville Peninsula, Rankin Inlet area, and Otish Mountains region of Quebec.
On behalf of the Board,
NORTHERN EMPIRE MINERALS LTD.
"John E. Robins"
John E. Robins, P. Geo.
President