TORONTO, ONTARIO--(Marketwire - July 18, 2011) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (News - Market indicators)(www.nuinsco.ca) today announced that it has expanded its already strong presence in the Middle East North Africa ("MENA") region by entering into an option agreement with Makaseb Holding LLC, to acquire an 85% interest in that company's Sudanese subsidiary UAE for Gold Minerals and Investment Company Ltd. ("UAE Gold"). UAE Gold owns 100% of the J. Tobar (Block 64) concession, located in northeastern Sudan that hosts the Hamil Gold Vein System, a high-grade, gold vein network that is at least 800m by 300m at surface, as well as other gold occurrences scattered around the concession.
Full tenure has been granted by the Sudanese government that allows for Nuinsco to begin full-scale exploration on the J. Tobar concession as soon as practicable. The J. Tobar concession is 3,440 square kilometres in area and is located in the Sudanese Red Sea State approximately 420 kilometres northeast of Khartoum. It is also approximately 100 kilometres south of the multi-million ounce Hassaï gold mine that has been in production since 1992 and is 40% owned by TSX-listed La Mancha Resources Inc. The rocks underlying northeastern Sudan are part of the Arabian-Nubian shield, a Precambrian mineralized domain that underlies parts of Egypt, Sudan, Eritrea, Ethiopia, Israel, Jordan, Saudi Arabia and Yemen and hosts hundreds of known gold occurrences.
The terms of the option provide for an initial payment of $200,000 and a commitment to spend approximately €400,000 on due diligence and property evaluation over the next six months. Prior to the end of the option period, Nuinsco must deliver $4,000,000 in cash or Nuinsco shares or, under certain circumstances, shares of NuMENA Minerals Corporation ("NuMENA"). NuMENA was recently created by the Company as a vehicle to acquire and explore mineral projects in the MENA region. Nuinsco intends to complete a spin-out of NuMENA to its shareholders before the end of 2011.
"Nuinsco recognizes the tremendous potential for mineral discoveries in this essentially unexplored region, and is dedicated to expanding its MENA presence and to creating a standalone public company that will allow its shareholders to participate fully as exploration and mining growth in the MENA region," said Paul Jones, President. "We are very encouraged by initial field work on the J. Tobar project, and La Mancha's success at Hassaï is a positive indication of Sudan's commitment to building a mining industry."
| Nuinsco currently has the following property interests in the MENA region: |
- Bukari and Umm Samra, gold concessions in Egypt's Eastern Desert. Extensive grab sampling at Bukari has returned assays peaking at 4.34 oz/tonne gold (135 g/t) and averaging 3.28 g/t gold (uncut) at the Talat Gadalla showing based on all 328 samples taken from surface programs (see news release dated April 19, 2011).
- Berta and Elmalaan, base metals concessions in northeastern Turkey. Drilling has returned significant grades and widths on both projects, including 710.9 metres grading 0.28% copper and 0.07 g/t gold between 3.80 metres and 714.7 metres at Berta (see news release dated April 25, 2007).
About Nuinsco Resources Limited
Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on world-class mineralized belts in Canada, Turkey and Egypt. In addition to its property holdings, Nuinsco owns common shares in Coventry Resources Limited (ASX:CVY) and Victory Nickel Inc. (TSX:NI). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
Please visit the Company's website at www.nuinsco.ca. Should you wish to receive Company news via email, please email juliet@chfir.com and specify "Nuinsco Resources" in the subject line.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historic fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals from government authorities in Egypt and elsewhere, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such.
To view the Figure associated with this release, please visit the following link:
http://media3.marketwire.com/docs/Sudan_location_%20map.pdf
