55 North Mining Inc. announced that it has entered into a binding letter of intent (“LOI”) with European Cobalt Ltd. pursuant to which European Cobalt Ltd. will acquire 100% of the rights, title and interest in the Edleston Gold Project south of the Timmins gold camp in Ontario Canada. European Cobalt has agreed to pay a non-refundable cash payment of CAD 100,000 to 55 North within 5 days of the Execution Date. At the completion of the exclusivity period of 30 days, if European Cobalt elects to proceed with the acquisition of Edleston, European Cobalt shall make a cash payment of CAD 600,000 and issue 100,000,000 common shares of EUC at a deemed issue price of A $0.02 per share on the Australian Securities Exchange (“ASX”) to 55 North. All of the common shares issued by EUC, will be subject to a three-month voluntary escrow from the date of issue. The definitive agreement is subject to shareholder approval and a shareholder meeting will be scheduled for on or around August 07, 2020. The Management of 55 North is also examining methods of moving the shares of EUC earned in this transaction directly to the individual shareholders of 55 North.