Nebu Resources Inc.
TSX VENTURE : NBU

Nebu Resources Inc.

November 20, 2008 16:00 ET

Nebu Resources and Exploration Partner Quest Uranium Receive Encouraging Uranium Results From the George River Project, Northeastern Quebec

Highlights: - Highly anomalous uranium results were returned during routine prospecting and geological mapping on the Nanuk property, forming part of a single, extensive zone measuring 50 to 500 metres wide and at least 4.0 kilometres in strike length - Bedrock and boulder grab and channel sampling has returned up to 2.43% U3O8 and has confirmed the presence of widespread uranium mineralization reported in September 2008 - Diamond drilling of geological fences across the LK and Willy uraniferous zones has confirmed the depth continuity to mineralization and favourable geology defined by surface exploration - Prospecting on the Stewart Lake property has led to the discovery of a Rare Earth Element (REE) mineralized granite body returning appreciable quantities of REE, zirconium, yttrium, niobium and uranium

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2008) - Nebu Resources Inc. (TSX VENTURE:NBU) along with exploration partner Quest Uranium Corporation (TSX VENTURE:QUC), are pleased to announce that geochemical results from the Nanuk property (see Figure 1) has confirmed the presence of extensive uranium mineralization on the property (see Press Release : September 4, 2008) . The mineralized area, traced continuously over a strike length in excess of 4.0 kilometres and over widths of 50 to 500 metres returned outcrop grab sample results of between 0.21% and 0.52% U3O8 (4.7-11.8 lbs/t) and bedrock channel sample results of up to 0.11% U3O8 (2.64 lbs/t) over 2.0 metres. In addition, an extensive uranium-mineralized boulder field defined over the DC zone (see Figure 2) returned in excess of 70 uraniferous boulders, 19 of which graded between 0.11% and 2.44% U3O8 (2.24 to 54.6 lbs/t). Anomalous radioactivity underlying the boulders is believed to reflect the in-situ presence of an extensive bedrock uranium zone.

Prospecting crews also discovered uranium (U), zirconium (Zr), yttrium (Y), niobium (Nb) and Rare Earth Element (REE) mineralization associated with a course-grained granitic body within the Stewart Lake claim block. Grades obtained from sampling of the area are similar to those reported for the Strange Lake deposit, Quebec and Thor Lake deposit, Northwest Territories. More exploration work will be required in 2009 to define the extent of the mineralized granite and the economic significance of the discovery.

"We are very pleased with the results of the 2008 exploration program, operated by Quest Uranium, on the Nanuk and Stewart Lake properties," said Brian Murray, Nebu's President and CEO. "The extent of the mineralized area at Nanuk is quite large and harbours tremendous potential. More work is required to fully assess it's potential economic impact. In addition, the discovery of rare earth minerals at Stewart Lake adds an exciting dimension to the area's economic potential."

2008 EXPLORATION PROGRAM

Nanuk Property Results

The Nanuk Zone is a large area of uranium mineralization discovered in 2007. The uranium mineralization is hosted within leucogranites, intermingled with biotite gneisses that cover a surface area measuring 25 km2. The mineralization discovered on the property is associated with strong radiometric anomalies.



Table 1 - Significant U3O8 Grab Sample Assays, Nanuk Property Exploration,
George River area, Quebec

---------------------------------------------------------------------------
U
Sample Property Easting Northing Rock Type Sample Zone U Assay
# (ppm) (%)
---------------------------------------------------------------------------
202348 Nanuk 409574 6187068 Pegmatite Boulders Nanuk 7130
Grid
---------------------------------------------------------------------------
202937 Nanuk 410783 6185241 leuco- Outcrop SW 2650
granite Nanuk
---------------------------------------------------------------------------
203227 Nanuk 410993 6189787 leuco- grab Willy 2170
granite
---------------------------------------------------------------------------
203293 Nanuk 410537 6189796 leuco- grab Willy 2540
granite
---------------------------------------------------------------------------
203397 Nanuk 408773 6192691 leuco- grab Willy 5180
granite
---------------------------------------------------------------------------
206251 Nanuk 410559 6191425 granite Boulder DC 6080
---------------------------------------------------------------------------
206258 Nanuk 410502 6191413 granite Boulder DC 2430
---------------------------------------------------------------------------
206260 Nanuk 410492 6191389 granite Boulder DC greater 2.44
than
10000
---------------------------------------------------------------------------
206328 Nanuk 410567 6191453 granite Angular DC 2330
Boulder
---------------------------------------------------------------------------
206341 Nanuk 410841 6191090 granite Angular DC 2520
Boulder
---------------------------------------------------------------------------
206343 Nanuk 410838 6191515 granite Angular DC 2580
Boulder
---------------------------------------------------------------------------
206346 Nanuk 410971 6191770 granite Angular DC 6160
Boulder
---------------------------------------------------------------------------
206371 Nanuk 410953 6187678 granite Outcrop JM 4150
---------------------------------------------------------------------------
206375 Nanuk 411555 6186306 granite Outcrop Nanuk 2720
Grid
---------------------------------------------------------------------------
206379 Nanuk 411706 6185468 granite Outcrop Nanuk 3690
Grid
---------------------------------------------------------------------------
206385 Nanuk 408845 6192480 granite Angular NW of 3590
Boulder DC
---------------------------------------------------------------------------

(1) Assays performed by Actlabs of Ancaster, Ontario using the Delayed
Neutron Count Method (DNC) and Fusion-XRF finish.


A total of 450 line kilometres of gridding was completed over the Nanuk mineralized region and follow-up detailed prospecting and geological mapping completed. Four new zones of uranium mineralization (Nanuk LK, DC, JM and SG, see Figure 2) were discovered to the north of previously-defined mineralized areas. In-fill prospecting and mapping shows excellent continuity to the mineralization between the new Nanuk JM and Willy (previously Nanuk 1) zones and has been traced at surface over widths of between 50 and 500 metres. Good continuity of the uraniferous zone over a minimum strike length of 4,000 metres has been observed. The most continuous uranium mineralization is associated with leucogranites that have been flooded by intense silica and biotite. Brecciated leucogranite is common in these areas. Biotite-rich and occasionally sulphide-bearing sedimentary gneisses are interleaved with the leucogranite and occur as large blocks within the intrusive host to mineralization.



Table 2 - Significant U3O8 Channel Sample Assays, Nanuk Property
Exploration, George River area, Quebec

---------------------------------------------------------------------------
Channel
Sample # Easting Northing Rock Type Sample Length Zone U
Type (m) (ppm)
---------------------------------------------------------------------------
203226 410993 6189787 leucogranite channel 1.0 Willy 1470
---------------------------------------------------------------------------
203229 411019 6189886 leucogranite channel 1.0 Willy 1390
---------------------------------------------------------------------------
203277 410590 6189611 leucogranite channel 1.0 Willy 1180
---------------------------------------------------------------------------
203320 411000 6187110 leucogranite channel 1.0 Willy 1080
---------------------------------------------------------------------------
203326 410995 6187102 leucogranite channel 1.0 Willy 1430
---------------------------------------------------------------------------
203357 412487 6187194 leucogranite channel 1.0 Willy 1000
---------------------------------------------------------------------------
203358 412487 6187194 leucogranite channel 1.0 Willy 1190
---------------------------------------------------------------------------
Total interval 2.0 1095
---------------------------------------------------------------------------
203376 411689 6185977 leucogranite channel 1.0 Willy 1290
---------------------------------------------------------------------------


Diamond drilling to test the geology and mineralization across the LK and Willy zones confirmed the depth continuity to favourable geology and uranium mineralization defined from surface exploration over the zones. Drilling returned wide zones of anomalous uranium mineralization, associated with hematite-biotite-silica altered magmatic granitic breccias.

Stewart Lake Property Results

Previous exploration had identified numerous uraniferous outcrops, subcrop and large boulders traced by prospecting over a distance of approximately 2.5 km and over a width of up to 700 m. The mineralized host rocks are predominantly coarse-grained to very coarse-grained granitoids containing moderate to intense biotite and magnetite mineralization. The granitoid rocks located within this area are moderately fractured and brecciated. A prominent yellow staining and hematitic alteration is commonly found coating fractures and occurring as breccia filling within the granitoid units. The Stewart Lake mineralization is closely associated with a large east-northeast trending airborne radiometric anomaly (eU/eTh and eU); defined over a strike length of 4.0 km. Prospecting crews have completed their evaluation of the numerous radiometric anomalies present on the Stewart Lake property. Work there has confirmed the significance of the previously-defined mineralization on the property and will be the focus of future exploration on the property. Evaluation of the 2008 survey results is in progress. Assessment of this data will guide future exploration intentions for the property area.

In addition to the assessment of the uranium potential of the Stewart Lake area, prospectors located uranium (U), zirconium (Zr), yttrium (Y), niobium (Nb) and Rare Earth Element (REE) mineralization associated with a course-grained granitic body. The mineralized granite is associated with a large radiometric anomaly measuring 2.25 km by 1.5 km. Several grab samples from preliminary work over the target area returned combined Y oxide (Y2O3) and Total Rare Earth Element oxides (TREO) of up to 4.35%. Individual uranium (U3O8) and zirconium (ZrO2) analyses of up to 0.36% and 1.34%, respectively, were also returned from sampling of the granite. The individual analyses compare favourably with known Canadian REE resources, namely the Strange Lake REE-Zr-Y deposit in Quebec and Avalon Ventures' Thor Lake REE-Zr-Y-Be (beryllium) deposit, Northwest Territories. Very few technical details of this new occurrence are available to assess the importance of the new discovery at this time. More exploration work will be required in 2009 to define the extent of the mineralized granite and the economic significance of the discovery.

Nebu Wedge Hills Properties - Update

Analytical results have been received for 105 rock samples collected at sites characterized by elevated uranium equivalent values as detected by an airborne radiometric survey completed this past summer. Samples were analyzed using a delayed neutron counting technique by ActLabs, located in Ancaster, Ontario (ISO, Guide 25 accreditation).

Thirteen bedrock samples returned greater than 100 parts per million U3O8 (0.2 pounds per ton U3O8) and occur within the most northerly group of claims relative to Wedge Hills. The distribution of the elevated values is scattered over an area measuring 15 kilometres east-west by 5 kilometres north-south.
Host rocks are predominantly pink granite and grey gneiss with uranium enrichment associated with small biotite rich inclusions.

Future exploration activities (geological mapping and sampling) will focus on evaluating individual uranium enriched zones as indicated by the sampling completed in the past field season.

Quality Control

G. A. Harron, P. Eng., a qualified person under the definitions established by National Instrument # 43-101, has reviewed the information contained in this release. Dr. George Jenner, P. Geo., is the qualified person on the George River Project for Quest Uranium under National Instrument 43-101 and has reviewed this news release.

Material for analysis has been obtained from grab samples from outcrop and boulders, as well as from channels cut into outcrop. A strict QA/QC program is followed which includes uranium standards and duplicates. Analyses are being performed by Activation Laboratory Limited of Ancaster, Ontario.

About Nebu Resources Uranium

Nebu Resources Inc. is a junior exploration company focused on uranium prospects in Quebec. Nebu's shares are listed for trading on the TSX Venture Exchange under the symbol NBU.V and currently has 31,225,833 common shares issued and outstanding.

This press release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".

To view Figure 1 - Nanuk Project Location Map, George River area, Quebec, please visit the following link: http://media3.marketwire.com/docs/NBU_Figure1.pdf

To view Figure 2 - Nanuk Property Airborne Magnetometer and Occurrence Map, please visit the following link: http://media3.marketwire.com/docs/NBU_Figure2.pdf

To view Figure 3 - Nebu's Claim Map, please visit the following link: http://media3.marketwire.com/docs/NBU_Figure3.pdf

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information