Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

October 08, 2009 15:03 ET

Nuinsco Enters Bidding for Egyptian Gold Concessions

Underexplored Eastern Desert presents tremendous opportunity for gold discovery

TORONTO, ONTARIO--(Marketwire - Oct. 8, 2009) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca) today announced that it is participating in Egypt's 2009 International Bid Round, an auction of gold exploration concessions administered by the Egyptian Mineral Resources Authority ("EMRA").

Nuinsco's bid has been made in conjunction with Quartz Core Company, an Egyptian company. The bidding procedures being used for these gold concessions are similar to those used successfully for oil and gas properties in Egypt. All the concessions are located in the highly prospective Eastern Desert in central-eastern Egypt between the Red Sea coast and the Nile River. The 2009 International Bid Round covers exploration for gold and associated minerals.

The concessions on which Nuinsco is bidding encompass numerous named gold occurrences. Assuming a positive decision is announced, Nuinsco will prepare work plans to begin the process of systematically evaluating the concessions in the near term.

"Egypt's Eastern Desert is an underexplored region with exciting geology and tremendous potential that is just opening up," said Paul Jones, President. "Gold production dates to at least pharaonic times, virtually no recent exploration has been conducted and more than 95 in-situ occurrences are presently identified in the Eastern Desert. The opportunity to acquire projects in a region such as this doesn't come along every day and we are pleased to have taken the first step toward getting involved in gold exploration in Egypt."

Recent gold discoveries in the Eastern Desert by companies such as Centamin Egypt Limited ("Centamin"), have prompted a fundamental re-examination of the region's gold potential. Centamin's flagship property, the Sukari Gold Project, is located 15 km west of the Red Sea coast in the southern-central Eastern Desert of Egypt. Centamin estimates the current resource at Sukari at 9.91 million ounces of gold in measured and indicated reserves. A further 3.3 million ounces are contained in inferred resources (see Centamin news release dated July 14, 2009). The first gold pour at Sukari took place in June 2009.

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 9% of the outstanding common shares of precious and base metals producer Gold Hawk Resources Inc. (TSX VENTURE:CGK) and an interest in the Corner Bay copper project owned by Campbell Resources Ltd. (TSX:CCH). 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 catarina@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 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 Inc.
    Rene Galipeau or Sean Stokes
    416.626.0470
    Fax: 416.626.0890
    admin@nuinsco.ca
    www.nuinsco.ca

    or

    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    416.868.1079 ext. 228
    Fax: 416.868.6198
    robin@chfir.com

    or

    CHF Investor Relations
    Catarina Cerqueira
    Associate Account Manager
    416.868.1079 ext. 251
    Fax: 416.868.6198
    catarina@chfir.com