Le Lézard
Classified in: Mining industry, Business
Subject: EARNINGS

Canadian North Resources Inc. Reports Financial Results for the Quarter Ended September 30, 2022


TORONTO, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Canadian North Resources Inc. ("the Company", TSXV: CNRI, FSE:EO0, which is "E-O-zero") is pleased to report its financial results for the third quarter ended September 30, 2022.

Key Results & Achievements:

"We have achieved a technical milestone in the third quarter, with the filing of the NI-43-101 Technical Report on an updated resource estimate at the Ferguson Lake Project." said Dr. Kaihui Yang, President & CEO "In addition, we have completed 18,144 meters of drilling for the definition of near surface mineral resources, and the initial assay results indicated the extension of the mineralized zones over 1,300 meters along the strike and at depth. I am confident that the newly drilled holes will increase the current mineral resource estimates significantly."

Operational Highlights in Quarter 3:

For the quarter ended September 30, 2022, the Company ended the quarter with cash and cash equivalents of $6,368,021 and reported a net loss and comprehensive loss of $1,264,080 or $0.01 per share.

Subsequent to Quarter 3, the Company achieved the following:

For the quarter end financial statements and Management's Discussion and Analysis, please see the Company website at www.cnresources.com or on SEDAR.

About Canadian North Resources Inc.

Canadian North Resources Inc. is an exploration and development company focusing on the metals for the clean-energy, electric vehicles, battery and high-tech industries. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project ("the Ferguson Lake Project") in Nunavut, Canada.

Further information please visit the website at www.cnresources.com, or contact:

Dr. Kaihui Yang, President and CEO

Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)

Email: [email protected]

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.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law. 



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