Nebu Resources Inc.

Nebu Resources Inc.

November 25, 2008 08:30 ET

Nebu Resources Inc. Announces Option on Golden Mile Property in Nevada

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2008) - Nebu Resources Inc. (the "Company" or "Nebu") (TSX VENTURE:NBU) is pleased to announce that it has signed an Option to Purchase Agreement with Portage Minerals Inc. ("Portage") to acquire Portage's option to earn a 70% interest in 5 patented and 19 unpatented mineral leases in Mineral County, Nevada. The agreement is subject to regulatory approval.

Nebu has agreed to pay to Portage a total of $92,800 Cdn and issue to Portage 800,000 common shares to acquire the option to earn a 70% interest in these claims which Portage has with Columbus Gold (US) Corp. In addition, Nebu must incur a total of $2,500,000 in exploration expenditures on these claims over the next 4 years and issue a further 300,000 common shares to Columbus Gold (US) Corp. to earn its interest.

The Golden Mile Property is located along the Walker Lane Gold Trend approximately 80 kilometers northwest of Tonopah in the Bell Mining District. The main mineralized zones are located primarily on private patented land with easy road access.

The Golden Mile Property has been previously explored, among others, by both Battle Mountain Gold and Teck Corp. Work carried out on the property has identified several Au-Cu bearing skarn zones over a 700 meter by 300 meter area. The Au-Cu mineralization is related to the contact zone between a Cretaceous-Tertiary aged intrusive and Triassic-Jurassic limestones and calcareous siltstones.

Historic drill results (all previous drilling on the property has been done by reverse circulation) include: 6.1 meters grading 27.1 gpt Au (Teck Corp. 1999, hole GMT-2) and 9.14 meters grading 13.8 gpt Au (Columbus Gold 2006, hole MI-12). The Company has obtained these drill results from the referenced reports, but they have not been independently verified by the Company and should not be relied upon.

Nebu intends to continue its compilation of all of the historical data. Subsequent to this analysis, an initial diamond drill program of approximately 2000 metres will be undertaken in 2009.

Bruce W. Mackie, P. Geo., a qualified person under the definitions established by National Instrument # 43-101, has reviewed the technical information contained in this release on behalf of Nebu Resources Inc.

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

Contact Information

  • Nebu Resources Inc.
    R. Brian Murray
    (416) 985-7810
    (416) 863-4943 (FAX)
    Nebu Resources Inc.
    John V. Hickey
    (416) 903-6649