OTTAWA,
ON, July 9, 2024 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is
pleased to announce that the Company has received certain refunds
pertaining to its 2017 and 2018 Quebec Tax Return and Mining Tax
Return. The total amount returned to the Company to date, including
interest, amounts to $702,781. A
further refund of approximately $70,000 is expected very shortly.
In 2023, the Court of Quebec
ruled in the Company's favour in a case the Company initiated
against the Quebec Revenue Agency with the practical consequence of
the judgement being that Northern Shield's right to object to the
notices of assessment in dispute had been restored. Northern Shield
filed a Notice of Objection immediately after that ruling and the
refund announced today is the result of the objection process
running through to fruition.
A denial of tax credits had also previously been placed on the
Company's 2016 Quebec Tax Return and Mining Tax Return which was
eventually settled by Revenue Quebec in the Company's favour in
2021 after Northern Shield filed a Notice of Objection and
subsequently commenced a judicial litigation case.
"This has been an exercise in patience and persistence.
Although one does not embark on such a course without confidence of
success, the six-year time frame to recover the monies rightfully
owed to the Company, has tested all our patience. But persistence
has paid off and we look forward to focussing on advancing our
exploration projects."
-Ian Bliss
President/CEO, Northern Shield
Northern Shield Resources
Northern Shield Resources Inc. is a Canadian-based company known
as a leader in generating high-quality exploration targets that
views greenfield exploration as an opportunity, an opportunity
to find a Tier 1 asset, near surface, and at relatively low cost.
We implement a model driven approach in exploration to reduce any
risk associated with early-stage projects for ourselves, our
shareholders, and the environment. This approach is what led us to
firstly option the Root & Cellar Property from a Newfoundland based prospector, who found and
exposed the mineralization, and then its advancement as a large
alkaline-related gold-silver-tellurium and porphyry copper
system.
Forward-Looking Statements Advisory
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Northern Shield Resources Inc.