debt free

thats right 15 mil payed in four months

Northern Star Resources Ltd (ASX: NST) is pleased to advise that it is completely
debt-free following the final repayment on the $15 million bank loan it used to help
acquire the Paulsens gold mine in WA.
The elimination of this debt means Northern Star has the financial strength to
continue its aggressive exploration program at Paulsens and to consider other
growth opportunities.
This position is further enhanced by the fact that the Company is totally unhedged,
enabling it to take full advantage of the record gold price.
Northern Star has enjoyed a bumper start to its ownership of Paulsens, with the
project producing a record 30,602 ounces in the September quarter, generating
revenue of $40.5 million.
The Stage One mine plan, which underpinned Northern Star's decision to pay
Intrepid Mines $40 million for Paulsens, ran until early 2011 and provided for
production of 51,000oz from the Voyager One lode. This was quickly expanded by
NST to 65,000oz.
Further drilling and subsequent exploration success has since led to the
establishment of a Stage Two mine plan within the Voyager 1 resource, which will
see the project continue beyond 2011. Diamond drilling is currently underway to
further extend Stage Two.
Diamond drilling is also underway to establish the existence of the Voyager Two
lode, which has the potential to further increase mine life and production at Paulsens
significantly. The Voyager Two discovery hole hit 2m at 40.5gpt (see ASX release
October 14, 2010).
Northern Star expects to release results from these drilling programs over the
coming weeks.
ASX ANNOUNCEMENT
26 NOVEMBER 2010
Australian Securities Exchange
Code: NST
Board of Directors
Mr Chris Rowe
Non-Executive Chairman
Mr Bill Beament
Managing Director
Mr Michael Fotios
Non-Executive Director
Mr Peter Farris
Non-Executive Director
Ms Karen Brown
Company Secretary
Issued Capital
Shares
292 M
Options 84M ($6.8M Funding)
Current Share Price
$0.27
Market Capitalisation
$79 million
Projects Commodities
Paulsens gold
Golden Crown gold
Range gold, silver
Emull Zn, Cu, gold