June 29, 2022

NMEX signs Memorandum of Understanding for acquisition & development of Mexican Caribbean Resort Property

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QUITMAN, Texas, Nov. 21, 2017 (GLOBE NEWSWIRE) — Northern Minerals & Exploration Ltd. (OTCPK:NMEX) (“Northern” or the “Company”) on November 16, 2017 entered into a Memorandum of Understanding (“MOU”) with Pemer Bacalar SAPI DE CV (“Bacalar”) to further pursue the acquisition and development of approximately 33.5 hectares (82.74 acres) on the Caribbean Coast in the state of Quintana Roo (“Property”). The signing of this MOU is pursuant to the Letter of Intent (“LOI”) signed with Starcom SA DE CV (“Starcom”) as previously disclosed in a news release disseminated on September 27, 2017.

Starcom is a shareholder of NMEX and a principal owner of Bacalar, a company incorporated under the state laws of, Quintana Roo. The MOU entered into between Bacalar and NMEX sets forth certain conditions for continuing due diligences in an effort of moving toward a definitive agreement on the Property. For further information see the Company’s SEC Form 8K filing made on November 20, 2017.

The Property is a part of the Riviera Maya and is located near the recently discovered Ichkabal Mayan ruins and is situated on the Caribbean coast of the Yucatan Peninsula. Nearly 10 million people visited the state of Quintana Roo last year, according to the Tourism Secretariat of Quintana Roo (SEDETUR).

Engagement of International Business Development Advisor:

Mr. Victor Francisco Miranda has been engaged by the Company to serve as its International Business Development Advisor on evaluating and guiding the Company in its pursuit and development of real estate projects in Mexico. Mr. Miranda has extensive background in evaluating ventures on both sides of the US – Mexico border, on the Mexican insurance industry, with focus employee benefits, and the planning, permitting and development of construction projects in Quintana Roo, Mexico.

Ivan Webb, Vice President, reported that he is pleased that NMEX is going forward toward negotiating definitive terms for the acquisition and development on Property with Bacalar and especially pleased to have Mr. Miranda join NMEX as an Advisor.

For further information on Northern and its exciting projects please review the Company’s website at www.nmex.us or the Company’s filings at www.otcmarkets.com.

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