Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

January 23, 2008 15:12 ET

Nuinsco Commits to Further Drilling at Prairie Lake Uranium Property

2008 program to focus on southwest part of property

TORONTO, ONTARIO--(Marketwire - Jan. 23, 2008) - Nuinsco Resources Limited ("Nuinsco")(TSX:NWI)(www.nuinsco.ca) today announced positive results from a property-wide surface sampling program at its 100% owned Prairie Lake Project in northwestern Ontario. Based on the strength of these surface results and assays from the 2007 diamond drill program announced earlier this month (see news release dated January 7, 2008), the Company is planning additional drilling in 2008.

"Prairie Lake is a unique and interesting project that hosts both an historic uranium resource and a suite of minerals of economic interest including niobium, tantalum, phosphorous and rare earth elements," said Paul Jones, President. "The surface sampling demonstrates domains of distinctly anomalous rock throughout the entire Prairie Lake Complex with higher concentration of anomalous results in the west and particularly southwest parts. Based on this work, and the recently-reported diamond drilling which returned uranium values in all 15 holes, additional drilling is planned to further assess and characterize the mineralization, with a focus on the southwest quadrant of the Complex."

A total of 870 samples were collected from surface pits and auger holes during July and August, 2007 to provide the most comprehensive surface sampling of the Prairie Lake Complex to date. They reveal the enormous mineral endowment of the intrusion. Fourty-eight of the samples returned assays greater than 50ppm uranium, while the highest value recorded is 886 ppm uranium. Niobium (Nb) and tantalum (Ta) mineralization are associated with the uranium mineralization - 162 samples assayed greater than 500 ppm Nb, peaking at 4,390 ppm Nb, while 30 samples assayed greater than 50 ppm Ta, peaking at 507 ppm Ta. Also of particular note is the widespread distribution of phosphorous, where 548 samples assayed greater than 1% P2O5, peaking at 19.9% P2O5. Analyses were conducted by Activation Laboratories of Ancaster, Ontario, Canada. Paul Jones, President, acts as Nuinsco's Qualified Person under National Instrument 43-101.

About Prairie Lake

Located about 45 kilometres northwest of Marathon, Ontario, Nuinsco's Prairie Lake property covers the entire 2.8 km2 (at surface) Prairie Lake Carbonatite Complex and is easily accessible from the TransCanada Highway. The Prairie Lake Project hosts a near-surface historic (non-NI-43-101-compliant) resource of over 180,000 tonnes grading 0.09% U308 (1.656 lb/tonne) and 0.25% niobium identified in limited exploration dating from the mid-1960s. The Prairie Lake Carbonatite intrusion is made more prospective by the widespread presence of a suite of other minerals of economic interest, including niobium and tantalum mineralization that occurs throughout the intrusion as well as apatite (containing phosphorous with agricultural applications) and rare earth elements.

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.

The resource estimate quoted herein is based on prior data and reports obtained and prepared by previous operators and the Company. The Company has not completed the work necessary to verify the classification of the mineral resource estimate. The Company is not treating the mineral resource estimate as NI 43-101 defined resources verified by a qualified person. The historical estimate should not be relied upon. This property requires considerable further evaluation which Nuinsco's management and consultants intend to carry out in due course.

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
    Paul Jones
    (416) 626-0470
    or
    Nuinsco Resources Limited
    Sean Stokes
    (416) 626-0470
    or
    Nuinsco Resources Limited
    Rene Galipeau
    (416) 626-0470
    Email: admin@nuinsco.ca
    Website: www.nuinsco.ca