Nuinsco Resources Limited

Nuinsco Resources Limited

December 08, 2009 10:55 ET

Nuinsco Resources Names Bob Wardell as Chairman of the Board

W. Warren Holmes to remain a Board member

TORONTO, ONTARIO--(Marketwire - Dec. 8, 2009) - Nuinsco Resources Limited ("Nuinsco") (TSX:NWI)( today announced that current independent director Robert G. ("Bob") Wardell has been elected Chairman of the Board of Directors, replacing W. Warren Holmes in that role. Mr. Holmes' decision to step down as Chairman was motivated by a number of additional recent commitments, including being named as Executive Vice-Chairman of HudBay Minerals Inc. Mr. Holmes remains a board member.

Mr. Wardell is a Chartered Accountant with over 40 years of public company management, accounting and auditing experience. Mr. Wardell, who previously served as Vice-President, Finance and Chief Financial Officer of Victory Nickel Inc., joined the Board in March 2009. Prior to joining Victory Nickel, Mr. Wardell was a Senior Audit Partner with Deloitte & Touche LLP. Mr. Wardell also serves as a Director of Allied Nevada Gold Corp., and as a Director and Chairman of the Audit Committees of Centric Health Corporation, Phoenix Coal Inc. and Katanga Mining Limited.

"On behalf of the Board and employees, I'd like to thank Warren for his hard work as Chairman since mid 2006, and prior to that as Vice-Chairman and CEO of Nuinsco. I look forward to building on Warren's hard work and working with management to implement new initiatives that will enhance Nuinsco's value for all shareholders," said Mr. Wardell.

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.

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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
    416.626.0890 (FAX)
    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    416.868.1079 ext. 228
    416.868.6198 (FAX)
    CHF Investor Relations
    Catarina Cerqueira
    Associate Account Manager
    416.868.1079 ext. 251
    416.868.6198 (FAX)