Big North Capital Inc. Enters into Letter of Intent to Option Griffith and Brougham Graphite Properties in Southern Ontario

Mar 15, 2012 (ACCESSWIRE-TNW via COMTEX) -- Vancouver, B.C., March 15, 2012 - BIG NORTH CAPITAL INC. CA:NRT +12.50% (the "Company" or "Big North"), announced today that the Company has signed a letter of intent to option approximately 6,500 hectares in southern Ontario prospective for graphite exploration. Property highlights include:

-Approximate6,500-hectare land position in central southeastern Ontario

-Area of well-established access and infrastructure

-Close to major end-use markets: United States and Europe

-Other companies with active development projects in the region include Northern Graphite Corp. (Bissett Creek) and Ontario Graphite Ltd. (Kearney).

The property consists of two approximately equal-size claim blocks in Lyndoch-Griffith and Brougham Townships, respectively, that total approximately 6,500-hectares located about 140 kilometres south of Ottawa. The claim blocks, known as the Griffith Graphite Property and the Brougham Graphite Property (together, the "Property"), contain or adjoin numerous historical graphite occurrences. The Property is located in an area of well-established access and infrastructure.

The Property covers substantial tracts of graphite-prospective Grenville-age marble+/-gneiss geology and are unexplored for graphite using modern technology. The Brougham Graphite Property is anchored by two historic graphite occurrences (based on Ontario Geological Survey maps from the 1970's) to the southeast. The Griffith Graphite Property covers a large area of favourable geology with the historic Little-Bryan and Beidelman-Lyall graphite occurrences to the west/south respectively and a marble quarry with reported graphite to the east. Hosted by gneisses, the historic Little-Bryan graphite occurrence is currently being explored by Standard Graphite Corp.

There is currently a considerable amount of graphite exploration activity in the Grenville geologic province of southern Ontario. The Grenville province is characterized by a suite of Precambrian-age, high grade metamorphic rocks that by virtue of their initial carbon-bearing composition and metamorphic and deformation history, are prospective for graphite, particularly the coarse flake variety. Two of the most advanced projects in the region are those of Northern Graphite Corp. at their Bissett Creek Deposit and Ontario Graphite Ltd. (private) at their Kearney Deposit.

Letter of Intent

Big North has entered into a letter of intent with Zimtu Capital Corp. ("Zimtu") CA:ZC -3.76% and two of Zimtu's prospecting partners (collectively, the "Vendors") with respect to an option to earn a 100% interest in the Property. Pursuant to the terms of the letter of intent Big North will earn an undivided 100% interest in the Property by making the following payments and issuing the following common shares to the Vendors:

-$40,000 upon signing the letter agreement;

-$40,000 and 1,000,000 common shares in the capital of Big North upon TSX Venture Exchange acceptance of the definitive agreement for the transaction (the "Effective Date");

-500,000 common shares in the capital of Big North on or before the 14 month anniversary of the Effective Date; and

-500,000 common shares in the capital of Big North on or before the 24 month anniversary of the Effective Date.

The Vendors and Big North are arm's length parties as defined by TSX Venture Exchange ("TSX-V") policy. The Vendors will retain a 2% Net Milling Royalty on the Property, 1% of which can be purchased by Big North for C$1-million. A finder's fee may be paid in connection with this transaction up to the maximum permitted by the policies of the TSX-V. The transaction is subject to a number of conditions and approvals, including, but not limited to, satisfactory due diligence, settlement of a definitive agreement, required corporate approvals and TSX-V approval. There can be no assurance that the transaction will be completed as proposed or at all.

Mr. Bill Brereton, P.Eng, a qualified person as defined by National Instrument 43-101, and independent of Big North, supervised the preparation and has approved the technical information in this news release.

For further information please contact Spiro Kletas at (604) 723-0710.

ON BEHALF OF THE BOARD

(signed) "Spiro Kletas" Spiro Kletas President, Chief Executive Officer and a Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.