Nuinsco Resources Limited

Nuinsco Resources Limited

October 09, 2007 10:52 ET

Nuinsco Announces Management Restructuring in Line with Exploration Focus

Equity investments, Corner Bay Mine offer platform to finance exploration in Canada, Turkey

TORONTO, ONTARIO--(Marketwire - Oct. 9, 2007) - Nuinsco Resources Limited ("Nuinsco")(TSX:NWI)( today announced that it has re-aligned its management team to better reflect the Company's exploration focus, promoting Paul Jones from Vice-President, Exploration to the position of President, and appointing Chris Wagg as Manager, Canadian Exploration; Laird Tomalty as Logistics Coordinator and Field Manager; and Laura Giroux as Project Geologist and Data Manager.

Mr. Jones has been associated with the Company since 1983, and became Vice-President of Exploration in 2004. Mr. Jones will also remain Vice-President, Exploration of Victory Nickel Inc. (TSX:NI). His appointment will allow Brian Robertson, formerly President of Nuinsco, to focus on advancing the Minago, Lac Rocher and Mel sulphide nickel projects to production in his role as President of Victory Nickel.

"Nuinsco has long been, and remains, one of Canada's premier junior mineral exploration companies. Today's Nuinsco has liquid assets that can be monetized, and our first mine, Corner Bay a 50:50 joint venture with Campbell Resources Inc. is set to begin generating cash flow to our account next year giving us a solid platform from which to finance exploration with minimal dilution going forward," said Rene Galipeau, Vice-Chairman and CEO. "Brian has done an outstanding job of advancing the Minago, Mel and Lac Rocher projects since his appointment as President of Nuinsco in 2005. With the spin-off of these projects to create Victory Nickel earlier this year, Brian has focused on developing these valuable nickel assets and his development and operating experience will become more important as Victory Nickel moves quickly toward production."

Mr. Jones has 25 years experience as an exploration geologist filling various operational and management positions for a number of Canadian-based exploration companies that have operated widely within Canada and internationally. He holds a B.Sc. (Honours Geology) degree from Carleton University and has completed graduate level courses in economic geology/metallic mineral deposits. Other areas of study include economic theory and operations research. He is registered professionally with the Association of Professional Engineers, Geologists, and Geophysicists of the Northwest Territories (NAPEGG) and the Association of Professional Geoscientists of Ontario (APGO) and is a member of the Prospectors and Developers Association of Canada and the Society of Economic Geologists.

Mr. Wagg is a Professional Geoscientist with a B.Sc. in Honours Geology from the University of Western Ontario (1989). He holds professional registration with the APGO, APEGM, and APEGS. Mr. Wagg has served as Nuinsco's principal project geologist, and has supervised the majority of the Company's field programs within North America, since 1996. He is based in rural eastern Ontario, and possesses more than 18 years continuous experience in the exploration field, primarily with metallic mineral deposits in Precambrian aged rocks of east-central and northern Canada.

Laird Tomalty joined Nuinsco in 1983 after completing the Geological Technician program at Sault College. He has been involved in all aspects of the Company's exploration programs, both surface and underground and has wide experience in the organization, logistics, planning and management of programs.

Laura Giroux holds a B.Sc. (Honours Geology/Physics) and a M.Sc. (Earth Sciences) from the University of Ottawa. Ms. Giroux joined Nuinsco in late 2005 and has gained a wide breadth of experience over the past 2 years while working both as a field geologist and maintaining Nuinsco's geological database.

In addition to the above-noted appointments, Normand Lecuyer, P. Eng., has resigned from the positions of Vice-President, Quebec Operations with both Nuinsco and Victory Nickel in order to pursue other interests. The Company wishes him success in his future endeavours.

About Nuinsco Resources

Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on uranium, copper, zinc and gold exploration and development in world-class mineralized belts in Canada and Turkey. In addition to its property holdings, Nuinsco owns approximately 22% of the outstanding common shares of Victory Nickel Inc. (TSX:NI) and approximately 9% of the outstanding common shares of gold and copper producer Campbell Resources Ltd. (TSX:CCH). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historical 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 necessary permits and approvals from government authorities, 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 statements due to the inherent uncertainty therein.

Contact Information

  • Nuinsco Resources Limited
    Rene Galipeau
    (416) 626-0470
    Nuinsco Resources Limited
    Sean Stokes
    (416) 626-0470